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Insurance and Finance - General Knowledge Questions
A)
SBI Life Insurance
B)
Tata AIA Life Insurance
C)
United India Insurance (UII)
D)
Life Insurance Corporation (LIC)

Correct Answer : Option (D) - Life Insurance Corporation (LIC)

Life Insurance Corporation (LIC) of India has inaugurated “Digi Zone”, at Bandra Kurla Complex, Mumbai, as part of its effort to enhance its digital footprint. LIC’s Digi Zone can be used by the customers to purchase policies online, pay the premium and avail of other services. As a part of its efforts to become a tech-driven life insurer, LIC will offer information related to its products and services through kiosks installed on the Digi Zone premises.

A)
SEBI
B)
AMFI
C)
PFRDA
D)
IRDAI

Correct Answer : Option (D) - IRDAI

Insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI) has stated that LIC, GIC Re and New India continue to be identified as Domestic Systemically Important Insurers (D-SIIs) for 2021-22. D-SIIs refer to insurers of such size, market importance and domestic and global interconnectedness, whose distress or failure would cause significant dislocation in the domestic financial system.
 
The continued functioning of D-SIIs is critical for the availability of insurance services. D-SIIs are insurers that are perceived to be ‘too big or too important to fail’. The three insurers “have to carry forward their efforts” to raise the level of corporate governance, and identify all relevant risks and promote a sound risk management framework and culture.

A)
Max Life Insurance
B)
HDFC Life Insurance
C)
SBI Life Insurance
D)
Life Insurance Corporation

Correct Answer : Option (B) - HDFC Life Insurance

HDFC Life on Monday(27th Dec 2021) announced a bancassurance tie-up with South Indian Bank that will enable customers of the bank to avail a range of life insurance products of the insurer that include solutions for protection, savings and investment, retirement and critical illness.
 
This bancassurance partnership will strengthen HDFC Life’s business across India, as per a press release. The company is one of the largest life insurance players with a market share of 22.3% (in terms of overall new business premium as on September 30, 2021), the release said. "The insurer has a wide range of products which offer customers the dual benefits of protection as well long term savings based on their life stage requirements."..

A)
Axis Bank
B)
HDFC Bank
C)
ICICI Bank
D)
Indian Bank

Correct Answer : Option (A) - Axis Bank

Axis Bank has announced the approval to reclassify Oriental Insurance Company Ltd (OICL) from promoter category to public category shareholder in the bank. In October, applications were made to BSE and NSE for reclassification of The New Oriental Insurance Co to the public category from the promoter category.
 
At present, OICL holds a 0.16 per cent stake in Axis Bank. Currently, BSE & NSE gave approval for the reclassification of New Oriental Insurance Company to the public category from the promoter category.

A)
Max Life Insurance
B)
Reliance General Insurance Co.Ltd
C)
Life Insurance Corporation of India
D)
Bajaj Allianz General Insurance Co. Ltd

Correct Answer : Option (C) - Life Insurance Corporation of India

The Life Insurance Corporation of India has launched a new non-linked, non-participating, individual savings life insurance plan. Called Dhan Rekha, it offers special premium rates for female lives.
 
“The plan is also allowed for the third gender,” LIC said in a statement on Monday(13-12-2021), adding that all benefits under the plan are fully guaranteed.
 
The minimum sum assured under this plan is ₹2 lakh and there is no limit for maximum sum assured.
 
The minimum age at entry ranges from 90 days to eight years and the maximum age at entry ranges from 35 years to 55 years depending upon the chosen policy term. This plan also takes care of liquidity needs through loan facility.

A)
#Care4Hockey
B)
#CaresMyHockey
C)
#CaringlySports
D)
#CaringlyYours

Correct Answer : Option (A) - #Care4Hockey

A leading private general insurer in India, Bajaj Allianz General Insurance has started its ‘#Care4Hockey’ Campaign to elevate field Hockey’s recognition in India. The company has partnered with Padma Shri (2020) Rani Rampal, Indian Women’s Hockey Team Captain, who will be the face of the campaign. ‘#Care4Hockey’ is a one of its kind campaign which aims to support the development of Hockey in India from the grass-root level.

A)
SBI Life Insurance
B)
HDFC Life Insurance
C)
Bajaj Allianz General Insurance Co. Ltd
D)
Life Insurance Corporation of India

Correct Answer : Option (D) - Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) has received approval from the Reserve Bank of India to increase its stake to 99% in IndusInd Bank of the total issued and paid-up capital of the private sector lender. The approval will be valid for 1 year i.e., up to December 8, 2022. At present, LIC holds a 4.95% stake in the IndusInd Bank. Recently, LIC had also received a similar kind of approval from RBI to increase its stake in Kotak Mahindra Bank to 9.99%.

A)
Bharti AXA General Insurance Co. Ltd.
B)
Bajaj Allianz General Insurance Co. Ltd
C)
Aditya Birla Health Insurance Co. Ltd
D)
Reliance General Insurance Co.Ltd

Correct Answer : Option (B) - Bajaj Allianz General Insurance

Bajaj Allianz General Insurance announced its partnership with deep-tech startup TropoGo for the distribution of a drone Insurance product. With this Bajaj Allianz General Insurance becomes the 4th insurer to offer drone cover. HDFC Ergo was the first insurer to launch a drone insurance cover in June 2020, followed by ICICI Lombard in August 2021, and Tata AIG last month.
 
About the drone Insurance : The drone insurance product will cover Damage to the Drone and Payload it carries Third Party Liability, BVLOS (Beyond Visual Line of Sight) Endorsement, and Night Flying Endorsement.

A)
SBI Life Insurance
B)
Max Life Insurance
C)
HDFC Life Insurance
D)
ICICI Prudential Life Insurance

Correct Answer : Option (C) - HDFC Life Insurance

The Competition Commission of India (CCI) has approved the accquisition of 100% shareholding in Exide Life Insurance Company Limited by HDFC Life Insurance Company. The acquisition has been approved under Section 31(1) of the Competition Act, 2002.

A)
EIB, IDB
B)
AIIB, ADB
C)
WB, IMF
D)
EDB, EBRD

Correct Answer : Option (B) - AIIB, ADB

Beijing-based multilateral development bank Asian Infrastructure Investment Bank (AIIB) and the Asian Development (ADB) will co-finance a USD 2 billion loan for India to procure COVID-19 vaccines under ADB’s Asia Pacific Vaccine Access Facility (APVAX).