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Questions and Answers

What plays a significant part in an individuals's life journey and helps to provide security for us at all stages?

Wealth

The Human Life Value concept considers human life as a type of property or asset that earns an income.

True (A)

What does 'Net earnings' mean in the context of Human Life Value?

Income a person expects to earn each year, less the amount they would spend on themselves

What is the usual recommended range for life insurance in relation to an individuals' annual income?

<p>10 to 12 times</p> Signup and view all the answers

What is the primary purpose of health insurance? (Select all that apply)

<p>Protecting an individual's savings which may otherwise be wiped out due to illness (B), Providing financial assistance to pay for medical facilities in case of any illness (D)</p> Signup and view all the answers

What are the two leading Stand Alone Health Insurance companies that Bank of Baroda has corporate agreements with? (Select all that apply)

<p>Star Health and Allied Insurance Co Ltd (B), Niva Bupa Health Insurance Co Ltd (C)</p> Signup and view all the answers

What type of insurance falls under the category of General Insurance, and covers property against theft and other perils, as well as covers legal liabilities?

<p>Non-life insurance</p> Signup and view all the answers

What are the benefits of investing in Mutual Funds? (Select all that apply)

<p>Facilitating economic development by offering employment to people, promoting the purchase of goods and services by employees and regulating the mutual fund in India. (C), Offering diverse schemes to cater to the needs of diverse investors, governments, companies and other entities. (D), Assisting investors in earning an income or building their wealth (E)</p> Signup and view all the answers

What is the primary regulatory body that monitors all Mutual Funds in India?

<p>SEBI</p> Signup and view all the answers

Which of the following are essential requirements for selling Mutual Funds in India? (Select all that apply)

<p>Obtain a certificate from Mutual Funds Institute of Securities Management (NISM) (C), Register with Association of Mutual Funds in India (AMFI) and obtain AMFI registration number (D), Obtain a unique identification Number (EUIN) (E)</p> Signup and view all the answers

What is the name of the mobile based app that Bank of Baroda has created for investing in mutual funds?

<p>Baroda m-invest</p> Signup and view all the answers

What are the objectives of Baroda m-invest? (Select all that apply)

<p>Leveraging technology for distribution of mutual funds (A), Increase the fee-based income of the bank (C), Offer more investment options to customers (D)</p> Signup and view all the answers

The 'Smart Invest' platform is integrated with the 'bob World' Internet banking app, making it easier for customers to access digital mutual funds.

<p>True (A)</p> Signup and view all the answers

What are the two primary types of insurance products offered by Chola MS?

<p>Individual Insurance and Corporate Insurance</p> Signup and view all the answers

What is the name of the new Group Health Policy that Chola MS has introduced for Bank of Baroda customers?

<p>Group Health Insurance</p> Signup and view all the answers

What are the two categories of general insurance offered by Tata AIG?

<p>Travel insurance and Motor insurance</p> Signup and view all the answers

What is referred to as a pool of money managed by a professional Fund Manager, where a number of investors share a common investment objective, and the same is invested in equities, bonds, and money markets?

<p>Mutual Fund</p> Signup and view all the answers

Which of the following are types of Mutual Funds? (Select all that apply).

<p>Balanced Fund (A), Index Fund (B), GILT Fund (C), Open-ended Fund (D), Money Market Fund (E), Income/ Debt Oriented Scheme (F), Growth/ Equity Oriented Scheme (G), Closed-ended Fund (H)</p> Signup and view all the answers

What is the name of the new platform introduced by Bank of Baroda to streamline the insurance booking process for both Life and Non-life insurance?

<p>BoB World Smart Insure Platform</p> Signup and view all the answers

What is the name of the digital platform introduced by Bank of Baroda to provide a comprehensive investment management platform?

<p>bob World SmartInvest</p> Signup and view all the answers

The Bank of Baroda offers Mutual Funds as a part of its wealth management proposition, with the aim of providing convenient and seamless experiences for its customers.

<p>True (A)</p> Signup and view all the answers

Bank of Baroda is required to provide a physical form for mutual funds transactions for new first-time customers as per regulations.

<p>False (B)</p> Signup and view all the answers

What is the name of the new digital platform specifically for staff members, enabling them to digitally on-board clients, initiate transactions, and review portfolios for Mutual Funds?

<p>bob World SmartInvest (Employee Assisted Platform)</p> Signup and view all the answers

Transactions through multiple separate transactions for a single customer on the same day, with the intention of increasing transaction charges, is considered a violation of SEBI and AMFI regulations?

<p>True (A)</p> Signup and view all the answers

What are the steps involved in selling Wealth Management Products (Select all that apply)?

<p>Obtain a premium debit consent from the customer. (A), Offer a product that is best suited to the client's financial, personal, and family circumstances, taking into account the client's specific needs and risk profile. (B), Ensure a mandatory collection of Application form, along with relevant supporting documents. (C), Ensure that any sales of Wealth Management Products are done by personnel who are IRDAI or NISM certified. (D), Provide a copy of the Corporate Agency License, where applicable. (E)</p> Signup and view all the answers

What is the name of the new platform launched by Bank of Baroda to replace multiple digital platforms used for mutual fund transactions?

<p>bob World SmartInvest platform</p> Signup and view all the answers

Bank of Baroda allows its staff to personally transact with Wealth Tie-up partners.

<p>False (B)</p> Signup and view all the answers

What is the name of the circular issued by WEALTH MANAGEMENT SERVICES DEPARTMENT, that guides branches to refrain from accepting cash or self-cheques from customers?

<p>BCC:BR:116:317</p> Signup and view all the answers

What is the name of the circular that outlines the guidelines for celebrating Life Insurance Awareness Week, which is to be observed during the first week of every month starting from June 2024?

<p>BCC:BR:116:337</p> Signup and view all the answers

What is the minimum number of leads that need to be generated for Active Branch to qualify for the Brand and Individual Category?

<p>10</p> Signup and view all the answers

What is the minimum number of leads that needs to be generated for Active LG to qualify for the Brand and Individual Category?

<p>5</p> Signup and view all the answers

Bank of Baroda restricts its Wealth Tie-up partners from having access to the Bank's stationery including but not restricted to Bank Stamp / Seal, Encashment of any self / bearer cheque presented by Wealth Tie-up partner on behalf of any third party (including existing and /or proposed customers' account, or any other bank account provided by such representative – except the pool account of concerned Tie-up partner.

<p>True (A)</p> Signup and view all the answers

Bank of Baroda mandates that its Wealth Tie-up partners should not accept cash for any transaction, whether it is for new business or renewal premium.

<p>True (A)</p> Signup and view all the answers

Study Notes

Reference study material for promotion exercise of Officers 2025-26

  • This booklet supplements the learning efforts of the promotion aspirants.
  • Topics incorporated are indicative in nature and Apex Academy advises the readers to refer to Book of Instructions, SOPs, Circulars, Master Circulars, Policy guidelines, etc. for updated information.
  • This booklet focuses mainly on the promotion exam within the Bank (based on previous trends) and should not be considered as an instruction manual.
  • Employees should update by reading Bank's circulars, guidelines, and latest banking industry/other general awareness related news.

Wealth Management Services

  • Wealth plays a significant part in an individual's life journey.
  • It helps in providing sufficient resources to meet our goals at each stage of life.
  • The bank has tied up with leading partners to provide a bouquet of investment/insurance products.

Life Insurance

  • Life insurance is a contract between the insurer and the insured wherein the insurer promises to pay a beneficiary a sum of money in exchange for a premium on the death of an insured person or policyholder.
  • The HLV (Human Life Value) concept is mostly used to determine the amount of life insurance to be recommended to an individual.

HLV Concept

  • The HLV concept considers the human life as a kind of property or an asset that earns an income.
  • It measures the value of human life based on expected net future earnings.
  • Net earnings means income a person expects to earn each year in the future less the amount he would spend on self.
  • These earnings are capitalized, generally using fixed deposit interest rate to discount them.

Example

  • Mr. Joseph earns Rs. 5,00,000 a year. Mr Joseph spends Rs. 1,00,000 on himself. If Mr. Joseph were to die prematurely, his family stands to lose (Rs. 5,00,000 - Rs. 1,00,000) = Rs. 4,00,000 per year. If the prevailing Fixed Deposit rate is 8%, then HLV can be calculated as
  • HLV =4,00,000/0.08 = Rs. 50,00,000
  • In general, we can say that amount of insurance should be around 10 to 12 times one's annual income.

Life Insurance at Bank of Baroda

  • Bank offers life insurance products through India First Life Insurance Company (IFLIC).
  • IFLIC is a joint venture between Bank of Baroda, Union Bank of India, and Carmel Point Investments India Private Limited.
  • Bank of Baroda offers various life insurance products.

Standalone Health Insurance

  • Health insurance helps with financial assistance to pay for medical facilities in case of any illness.
  • It also helps to preserve the savings of an individual which may otherwise be wiped out due to illness
  • Various health insurance products are available from Niva Bupa Health Insurance Co Ltd. & Star Health and Allied Insurance Co Ltd.

General Insurance

  • General insurance, other than life insurance, is a category of insurance for property (fire, burglary, etc), personal (accident, health), and liability (errors and omissions, credit, etc).
  • Non-life insurance covers perils (flood, storm, earthquake, etc), property (burglary, theft), and vehicles (machinery, ship, or marine).

Mutual Funds

  • A mutual fund is a pool of money managed by a professional fund manager.
  • It invests in equities, bonds, and other securities.
  • The income or gains are distributed proportionately amongst the investors.
  • Mutual funds assist investors in building wealth, by participating in various investment opportunities.
  • There are different types of mutual fund schemes based on their maturity period (open-ended or closed-ended) and investment objective (growth, income, balanced).

Various Types of General Insurance Products offered by National Insurance

  • The company offers a range of insurance products: Motor, Health, Fire, House Holders, Overseas, and Micro insurance.

Other Important Information

  • Bank of Baroda offers a range of services and products that assist customers.
  • A mobile-based investment app (Baroda m-invest) is available to widen customer reach.
  • Various guidelines and circulars are released regarding policies, procedures, and standards.

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