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Questions and Answers
What is the rebate on 12 months advance premium for PLI?
What is the rebate on 12 months advance premium for PLI?
What is the incentive structure for AEA policies with premium paying term up to 15 years?
What is the incentive structure for AEA policies with premium paying term up to 15 years?
What is the renewal incentive for all sales force of PLI?
What is the renewal incentive for all sales force of PLI?
What is the rebate on 6 months advance premium for RPLI?
What is the rebate on 6 months advance premium for RPLI?
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What is the incentive structure for RPLI policies?
What is the incentive structure for RPLI policies?
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What is the incentive for Development Officer on PLI new business premium?
What is the incentive for Development Officer on PLI new business premium?
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What is the rebate on 3 months advance premium for Yugal Suraksha?
What is the rebate on 3 months advance premium for Yugal Suraksha?
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What is the incentive structure for PLI policies with premium paying term above 25 years?
What is the incentive structure for PLI policies with premium paying term above 25 years?
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What is the incentive for Development Officer on RPLI new business premium?
What is the incentive for Development Officer on RPLI new business premium?
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What is the rebate on 12 months advance premium for RPLI?
What is the rebate on 12 months advance premium for RPLI?
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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.
