Life Insurance Policy Options
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Questions and Answers

What is the rebate on 12 months advance premium for PLI?

  • 5% of Total Premium
  • 2% of Total Premium (correct)
  • 3% of Total Premium
  • 1% of Total Premium
  • What is the incentive structure for AEA policies with premium paying term up to 15 years?

  • 6% of first premium
  • 3% of first premium
  • 5% of first premium (correct)
  • 4% of first premium
  • What is the renewal incentive for all sales force of PLI?

  • 2% of renewal premium
  • 0.5% of renewal premium
  • 5% of renewal premium
  • 1% of renewal premium (correct)
  • What is the rebate on 6 months advance premium for RPLI?

    <p>10% of Monthly Premium</p> Signup and view all the answers

    What is the incentive structure for RPLI policies?

    <p>10% of procurement premium</p> Signup and view all the answers

    What is the incentive for Development Officer on PLI new business premium?

    <p>1% of total PLI new business premium</p> Signup and view all the answers

    What is the rebate on 3 months advance premium for Yugal Suraksha?

    <p>2% of Monthly Premium</p> Signup and view all the answers

    What is the incentive structure for PLI policies with premium paying term above 25 years?

    <p>20% of first premium</p> Signup and view all the answers

    What is the incentive for Development Officer on RPLI new business premium?

    <p>1% of total RPLI new business premium</p> Signup and view all the answers

    What is the rebate on 12 months advance premium for RPLI?

    <p>2% of Total Premium</p> Signup and view all the answers

    Study Notes

    Convertible Whole Life Insurance Policy

    • Can be converted into an endowment assurance policy after taking the policy for 3 years.
    • Minimum age limit for entry is 19 years.
    • Maximum age limit for entry is 55 years.

    Children Policy in PLI

    • The maximum sum assured under the children policy in PLI is not specified.
    • Options for the policy include joint life insurance, children insurance, endowment insurance, and convertible whole life insurance.

    Gram Suvidha Policy

    • Minimum age limit for entry is 19 years.
    • Maximum age limit for entry is 45 years.
    • After conversion, the bonus will be payable from the Gram Suraksha policy.

    Gram Priya Policy

    • Survival benefits are given by paying 4.5% of the gross premium during the first year and 2.25% for the subsequent years.

    Non-Medical Scheme

    • Conditions for exemption of medical examination:
      • PLI: age on next birthday does not exceed 40 years, aggregate sum assured does not exceed Rs 500000/-, or a PLI policy up to Rs 2 lakh sum assured.
      • RPLI: age on next birthday does not exceed 35 years, aggregate sum assured does not exceed Rs 100000/-, or aggregate sum assured does not exceed Rs 25000/- for non-standard age proof.

    Premature Claim

    • Payment restrictions in case of claim before maturity:
      • Before completion of 1 year: 35% of the sum assured along with the accrued bonus.
      • After completion of 1 year but before completion of 2 years: 60% of the sum assured along with the accrued bonus.
      • After completion of 2 years but before completion of 3 years: 90% of the sum assured along with the accrued bonus.
      • After completion of 4 years: full sum assured with accrued bonus.

    Rebate on Advance Premium

    • Incentives for paying premia in advance:
      • 12 months: 2% of total premium for PLI and RPLI, 50% of monthly premium for Yugal Suraksha.
      • 6 months: 1% of total premium for PLI and RPLI, 10% of monthly premium for Yugal Suraksha.
      • 3 months: nil for PLI, 0.5% of total premium for RPLI, 2% of monthly premium for Yugal Suraksha.

    Incentive Structure

    • PLI incentive structure:
      • Premium paying term up to 15 years: 4% incentive for all schemes except AEA, 5% for AEA policies.
      • Premium paying term 15-25 years: 10% incentive for all schemes except AEA, 7% for AEA policies.
      • Premium paying term above 25 years: 20% incentive.
    • RPLI incentive structure:
      • Procurement incentive @ 10% of procurement premium for all types of RPLI policies.
      • Development Officer will be paid procurement incentive @ 1% of total RPLI new business premium.

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    Description

    This quiz tests your understanding of different life insurance policy options, including convertible whole life insurance. Choose the correct Hindi translation for each option.

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