Latest Insurance and Finance General Knowledge(GK) Questions and answers

1 .

Which company launched 'Dhan Sanchay' life insurance plan?

A)

LIC of India

B)

SBI Life Insurance

C)

Tata AIA Life Insurance

D)

ICICI Prudential Life Insurance

Correct Answer : LIC of India

The Life Insurance Corporation of India (LIC) has launched a Dhan Sanchay Savings scheme, which is a non-linked, non-participating, individual, savings life insurance plan that combines life protection and savings. The plan provides guaranteed income benefit during the pay-out period from the date of maturity and guaranteed terminal benefit.

The Dhan Sanchay plan provides the options of level income benefit, increasing income benefit, single premium level income benefit and single benefit with different calculation of guaranteed income benefit on maturity.

The maturity benefits will be payable in the form of guaranteed income benefit and guaranteed terminal benefit.

Four types of plans have been introduced under the LIC Dhan Sanchay plan. These are options A, B, C and D. The minimum sum assured under the option A & B of the plan is Rs 3,30,000. For option C it is Rs 2,50,000 and for option D it is Rs 22,00,000.

The minimum age at entry is 3 years (complete) and the maximum entry age is as follows :

* Option A & B: 50 years (nearer birthday)

* Option C: 65 years (nearer birthday)

* Option D: 40 years (nearer birthday)

There is no maximum limit on premium contributions. However, the Minimum Annualised / Single Premium limit for different options of the plan are as follows.

* Option A & B: Rs 30,000

* Option C & D: Rs 2,00,000

Maturity period and death benefits :

The Dhan Sanchay plan is available for a term of minimum 5 years to maximum 15 years depending on the option chosen by the policy holder.

* Policy Term for Option A & B: 10 and 15 years

* Policy Term for Option C & D: 5, 10 and 15 years

In case of the unfortunate death of the policyholder during the term policy, after the commencement of the policy, the plan will provide financial support to the family. The death benefits can be paid in a lumpsum and/or in instalments over a period of 5 years, depending on the option chosen by the policyholder. The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted by the policyholder (subject to minimum instalment amount)..

Source : CNBC

2 .

Which Insurance company joins(june 2022) hands with PhonePe to offer vehicle cover?

A)

TATA AIG

B)

Acko General Insurance

C)

Bajaj Allianz General Insurance

D)

Kotak General Insurance

Correct Answer : Kotak General Insurance

* Kotak Mahindra General Insurance Company Limited (Kotak General Insurance) has partnered with PhonePe Insurance Broking Services Pvt. Ltd (PhonePe).

* Aim : To offer motor insurance on the PhonePe platform.

* With the help of this platform, the Kotak General Insurance will provide quick and seamless car and two-wheeler insurance policies to its customers.

* Phonepe HQ : Bengaluru, Karnataka

* Kotak Mahindra General Insurance HQ: Mumbai, Maharashtra.

Source : Mint

3 .

Ather Energy partners with_____for vehicle financing.

A)

ICICI

B)

SBI

C)

HDFC

D)

Tata AIA

Correct Answer : SBI

Electric two-wheeler maker Ather Energy has partnered with the State Bank of India for vehicle financing for its customers.

The collaboration will enable Ather Energy's customers, having pre-approved loan offers from SBI, to avail instant loans at low interest rates starting from 9.55 per cent per annum, depending on customer credit profile.

The vehicle loans can be availed through SBI's mobile app YONO as well as offline..

Source : India Times

4 .

Which is the largest insurance company in India to launch 'Bima Ratna'?

A)

HDFC Life Insurance

B)

Tata AIA Life Insurance

C)

Life Insurance Corporation of India

D)

ICICI Prudential Life Insurance

Correct Answer : Life Insurance Corporation of India

LIC has a new life insurance product called Bima Ratna, a non-linked, non-participating, individual savings life insurance product that combines protection and savings. The policy was launched on May 27, 2022.

Goal of the policy :

* This plan provides financial assistance to the policyholder's family in the event of the policyholder's untimely death during the policy term, as well as periodic payments on the policyholder's survival for predetermined periods of time to meet a variety of financial needs. Through a loan facility, this approach addresses liquidity concerns.

How to buy LIC Bima Ratna :

* This product can be currently purchased through corporate agents, Insurance, marketing firms (IMF), brokers, CPSC-SPV and POSP-LI engaged by these intermediaries viz. corporate agents, insurance marketing firms (IMF) and brokers.

Benefit :

* The key features of the plan include Death benefits, Survival benefits, Maturity benefits, Guaranteed Additions, Settlement Options, Grace Period and Revival solutions among other things.

* The Bima Ratna plan from LIC provides financial assistance to the policyholder’s family in the case of the policyholder’s untimely death during the policy term. It offers for periodic payments for the policyholder’s survival at specified intervals to address various financial demands.

* The plan also addresses liquidity requirements through a loan facility.

* Premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis (monthly premiums can only be paid through the National Automated Clearing House (NACH)) or by deductions from salary.

Source : F T L

5 .

Who is launches robo-advisory platform for mutual fund investments?

A)

HDFC Securities

B)

ICICI Direct

C)

Kotak Securities

D)

Reliance Securities

Correct Answer : HDFC Securities

* HDFC Securities has launched on 24th May 2022, HDFC Money(robo-advisory platform) for all mutual fund investments.

* HDFC Money is a 100% digital platform that doesn’t involve opening or having a Demat Account.

* This also manages other aspects of finances such as accessing, managing, and tracking portfolios, starting goal planning, insurance planning, and managing/filing taxes.

* One can track funds of their choice and get comprehensive reports about the fund performance history..

Source : Mint

6 .

Who launched the first dental health insurance scheme in India in May 2022?

A)

Life Insurance Corporation

B)

HDFC Life Insurance

C)

Max Life Insurance

D)

PNB MetLife

Correct Answer : PNB MetLife

PNB MetLife India Insurance Company has launched a dental health insurance plan.

A dental health insurance plan is the first insurance plan in India that covers fixed-benefit outpatient expenses and provides financial assistance with costs related to overall dental health.

PNB MetLife has tied up with more than 340 dental clinics to help customers to manage their dental health.

PNB MetLife Chairman : Kishore Ponnavolu
MD& CEO : Ashish Kumar Srivastava

Source : Business Standard

7 .

Which govt extends insurance coverage under 'Nethanna Bima' scheme?

A)

Gujarat

B)

Karnataka

C)

Telangana

D)

Andhra Pradesh

Correct Answer : Telangana

Telangana state Government has announced extension of insurance coverage to handloom and power loom weavers under ‘Nethanna Bima’ (Weaver’s Insurance) Scheme. The State Government has issued orders to extend insurance coverage of 5 lakh rupees for weavers under the Insurance Scheme on par with farmers insurance scheme.

Over 29 crore rupees have been sanctioned for implementing the scheme during the current year. The Cabinet Sub Committee had proposed to cover over 55 thousand handloom and power loom and ancillary weavers in the State. The insurance coverage will be extended to weavers in the age group of 18 to 59 years.

Source : News On Air

8 .

Which Company launches 'Pay as you Drive' program?

A)

Reliance General Insurance

B)

HDFC ERGO General Insurance Company

C)

Bajaj Allianz General Insurance

D)

Star Health and Allied Insurance

Correct Answer : HDFC ERGO General Insurance Company

* HDFC ERGO General Insurance Company has announced to launch of its ‘Pay as you Drive’ program, this insurance offers distance-based insurance to reduce upfront costs of premium.

* The program will be available for owners of new Maruti Suzuki cars in selected cities up to May 14, 2022.

* This program is applicable for 10,000 policies or â‚¹50 lacs of premium whichever happens earlier.

* The driving distance will be measured with the help of a telematics device in the vehicle.

Source : Live Mint

9 .

What is the percentage increase in IRDAI investment limit for insurance company in BFSI sector in April 2022?

A)

20% to 25%

B)

25% to 30%

C)

30% to 35%

D)

35% to 40%

Correct Answer : 25% to 30%

The Insurance Regulatory and Development Authority of India (IRDAI) increased insurers’ maximum investment limit in Banking, Financial Services, and Insurance (BFSI) companies from 25% to 30% of their assets. The threshold for financial and insurance actions will now be 30 percent of investment assets for all insurers, according to the most recent modifications to IRDAI’s investment Regulations, 2016. This will include investments in home finance companies and infrastructure finance companies.

Important Points :

* Experts believe that the regulator’s increase will assist insurers in bringing their financial and insurance exposure closer to broader Indian market indexes.

Financial services firms, which include significant banks, Non-Banking Financial Organisations (NBFCs), and insurance companies, have a present weightage of roughly 35 percent.

* The weightage of financial and insurance companies in broader Indian market indices has consistently increased over the last few years, according to Sampath Reddy, chief investment officer, Bajaj Allianz Life Insurance Co. Ltd.

* Insurance companies, according to Reddy, will be able to own a much broader array of varied stocks as a result of IRDAI’s approach.

* The move also comes just before Life Insurance Corp of India's (LIC) Rs 21,000 crore IPO the largest from India.

* The increase in investment asset caps from 25% to 30%, according to Mayank Gupta, co-founder and chief operating officer of Zopper, an insurtech startup, is a significant step for insurance companies.

Source : Economic Times

10 .

Who has collaborated with Bajaj Finance to introduce a fixed deposit feature in 2022?

A)

FinMapp

B)

Shriram

C)

L & T Finance

D)

Agro Tech Foods Ltd

Correct Answer : FinMapp

FinMapp has launched an all-new ‘Fixed Deposit’ feature in the FinMapp application. The Fintech major has updated the app by adding a new icon for an improved customer experience, collaborating with Bajaj Finance.

The fintech firm is offering to provide an interest rate of 7.35 percent on the fixed deposit of app users, which will assist in beating the high inflation rate that is currently prevailing. Investors now have multiple tenures to choose from as they can now make fixed deposits for 15, 18, 22, 30, 33, and 44 months, or opt for tenures of one, three, and five years, respectively.

Source : Express Computer