Employees of Co-operative Societies and Educational Institutes Quiz
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Questions and Answers

What is the minimum sum assured for PLI policies according to the text?

  • Rs. 30,000
  • Rs. 40,000
  • Rs. 20,000 (correct)
  • Rs. 10,000

    • Who is eligible to procure PLI/RPLI business according to the text?

  • Bank employees
  • Gramin Dak Sevak (GDS) (correct)
  • Healthcare professionals
  • PLI Development Office

    • What happens if the sales force does not procure the minimum number of PLI Policies in a Financial Year?

  • They receive a bonus
  • They face termination of their license (correct)
  • They get promoted
  • Their licenses are renewed automatically

    • What is the maximum sum assured for PLI policies for individuals aged 40 or below at entry, with a sum assured greater than 20 Lakhs?

    <p>10 times Annual income</p> Signup and view all the answers

    Who is not eligible to procure direct business for PLI policies according to the text?

    <p>PLI Development Office</p> Signup and view all the answers

    Is there an upper age limit for Retired Central/State Govt. employees/Gramin Dak Sevak (GDS) to apply for PLI policies?

    <p>No, there is no upper age limit</p> Signup and view all the answers

    Who is eligible to take a policy under Postal Life Insurance?

    <p>Resident Doctors employed on contract in any hospital</p> Signup and view all the answers

    What is the minimum age at entry for the Anticipated Endowment policy?

    <p>19 years</p> Signup and view all the answers

    Which employees are eligible for policy under Postal Life Insurance?

    <p>Employees of recognized educational institutions affiliated to Boards</p> Signup and view all the answers

    Which policy allows for loan and surrender facilities?

    <p>Anticipated Endowment (SUMANGAL)</p> Signup and view all the answers

    Which professionals are NOT eligible for policy under Postal Life Insurance?

    <p>Engineers pursuing Master's degree after passing GATE</p> Signup and view all the answers

    What is the bonus rate per thousand for the Anticipated Endowment policy?

    <p>Rs.52</p> Signup and view all the answers

    Who among the following is eligible for Postal Life Insurance?

    <p>Doctors working in private hospitals</p> Signup and view all the answers

    Under what conditions will the nominee receive the full sum assured with accrued bonus in the event of death?

    <p>In case of unexpected death of the insurant</p> Signup and view all the answers

    Which group of professionals are eligible for taking a policy under Postal Life Insurance?

    <p>Bankers working in Foreign Banks</p> Signup and view all the answers

    For which policy is medical examination compulsory if the age is 40 years or less?

    <p>Anticipated Endowment (SUMANGAL)</p> Signup and view all the answers

    Who is eligible for Postal Life Insurance among the following?

    <p>Engineers pursuing Master’s degree after passing GATE entrance test</p> Signup and view all the answers

    What happens to eligibility for bonus if a policy is surrendered or assigned for loan before 5 years?

    <p>Eligibility is lost</p> Signup and view all the answers

    What does 'Free Look Period' refer to in insurance policies?

    <p>A period where insurants can cancel their policy within 15 days of receiving the policy bond</p> Signup and view all the answers

    What is the Grace Period in insurance policies?

    <p>A specified time period after premium payment is due for an insurance policy</p> Signup and view all the answers

    When does Early Death Claim apply in insurance policies?

    <p>When there is a death within 3 years of policy acceptance or revival</p> Signup and view all the answers

    What is required if there is no nomination in a death claim up to Rs 3,00,000?

    <p>Production of succession certificate may be waived by the Head of Circle</p> Signup and view all the answers

    What action can the insurant take during the Grace Period?

    <p>Pay the premium without any penalty</p> Signup and view all the answers

    What happens if the last day of the Grace Period is a holiday or Sunday?

    <p>The Grace Period is extended up to the previous working day</p> Signup and view all the answers

    What is the condition for reinstating a policy less than 3 years old?

    <p>Premium can be accepted within 6 months with interest @12%</p> Signup and view all the answers

    When can premium be accepted for a policy more than 3 years old for reinstatement?

    <p>Within 12 months from the date first premium was due with interest @12%</p> Signup and view all the answers

    What does revival of an insurance policy mean?

    <p>Activating a lapsed policy</p> Signup and view all the answers

    What is commutation in the context of insurance?

    <p>Altering the amount of premium in a contract</p> Signup and view all the answers

    What is the condition for receiving revival amount in convenient installments?

    <p>Maximum 12 installments allowed for revival amount, with life risk covered from payment of 1st installment</p> Signup and view all the answers

    What determines the paid-up value of an insurance policy?

    <p>The total premiums paid compared to the maximum period for which premiums were originally payable</p> Signup and view all the answers

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