Podcast
Questions and Answers
Which type of health insurance is specifically designed for individuals aged 60 years and beyond?
Which type of health insurance is specifically designed for individuals aged 60 years and beyond?
- Senior Citizen Health Insurance (correct)
- Individual Health Insurance
- Family Floater Insurance
- Critical Illness Cover
Family Floater Insurance requires separate plans for each family member.
Family Floater Insurance requires separate plans for each family member.
False (B)
What type of insurance provides a lump-sum payout upon diagnosis of specific chronic illnesses?
What type of insurance provides a lump-sum payout upon diagnosis of specific chronic illnesses?
Critical Illness Cover
Group Health Insurance policies are typically offered to _____ of an organization.
Group Health Insurance policies are typically offered to _____ of an organization.
Match the following health insurance types with their descriptions:
Match the following health insurance types with their descriptions:
Which type of insurance covers medical expenses during pre-natal and post-natal stages?
Which type of insurance covers medical expenses during pre-natal and post-natal stages?
Motor insurance provides coverage for health expenses related to medical emergencies.
Motor insurance provides coverage for health expenses related to medical emergencies.
What health insurance type allows for the addition and removal of beneficiaries based on employee retention capabilities?
What health insurance type allows for the addition and removal of beneficiaries based on employee retention capabilities?
What was the first life insurance company set up in India?
What was the first life insurance company set up in India?
The first general insurance company in India was specifically for insuring indigenous peoples' assets.
The first general insurance company in India was specifically for insuring indigenous peoples' assets.
What significant movement in 1905 influenced the formation of indigenous insurance companies in India?
What significant movement in 1905 influenced the formation of indigenous insurance companies in India?
The Insurance Act was enacted in the year ______.
The Insurance Act was enacted in the year ______.
Match the following companies with their establishment years:
Match the following companies with their establishment years:
Which of the following best describes 'Mediclaim – Group' insurance?
Which of the following best describes 'Mediclaim – Group' insurance?
Before 1938, the insurance business in India was highly regulated.
Before 1938, the insurance business in India was highly regulated.
Identify one feature of 'Mediclaim – Individual' insurance.
Identify one feature of 'Mediclaim – Individual' insurance.
In what year was the Insurance Act passed?
In what year was the Insurance Act passed?
The Life Insurance Corporation (LIC) of India was established in 1956 to promote competition among private insurers.
The Life Insurance Corporation (LIC) of India was established in 1956 to promote competition among private insurers.
What is the primary purpose of insurance?
What is the primary purpose of insurance?
Life insurance business was nationalized on __________.
Life insurance business was nationalized on __________.
Match the following terms with their definitions:
Match the following terms with their definitions:
How many Indian life insurance companies were there at the time of nationalization in 1956?
How many Indian life insurance companies were there at the time of nationalization in 1956?
Insurance is a contract between the insured and the insurer in which losses are agreed upon in exchange for a lump sum payment.
Insurance is a contract between the insured and the insurer in which losses are agreed upon in exchange for a lump sum payment.
What was one major effect of the nationalization of the life insurance business in India?
What was one major effect of the nationalization of the life insurance business in India?
Study Notes
Types of Health Insurance Policies
- Eight main types of health insurance policies exist in India.
- Individual Health Insurance: Offers medical coverage to a single policyholder.
- Family Floater Insurance: Provides health insurance for an entire family under one plan, typically covering spouses and two children.
- Critical Illness Cover: Specialised plans providing financial assistance upon diagnosis of specific chronic illnesses, offering a lump-sum payout.
- Senior Citizen Health Insurance: Specifically designed for individuals aged 60 years and above.
- Group Health Insurance: Offered to employees by organizations, allowing for the addition and removal of beneficiaries based on employment status.
- Maternity Health Insurance: Covers medical expenses related to pregnancy, including pre-natal, post-natal, and delivery care for both mother and newborn.
- Personal Accident Insurance: Focuses on financial liability arising from injuries, disabilities, or death due to accidents.
History of India's Insurance Business
- The concept of community insurance dates back to around 1000 BC, as indicated in "Rigiveda".
- The first life insurance company in India, the Oriental Life Insurance Company, was established in 1818, followed by several others mainly insuring Europeans.
- Indigenous insurance companies emerged during the Swadeshi Movement in 1905, leading to the establishment of many life insurance firms and provident fund companies.
- The Indian Mercantile Insurance Company Limited was the first indigenous general insurance company, founded in 1907.
Birth of the Insurance Act of 1938
- In 1937, a consultative committee was established to address the insurance sector, leading to the Insurance Act being passed in 1938 after extensive discussions.
Nationalization of Insurance in India
- In 1956, the Indian government nationalized life insurance businesses, forming the Life Insurance Corporation (LIC) of India.
- At the time of nationalization, there were 154 Indian life insurance companies, 16 non-Indian companies, and 75 provident societies mainly active in major metropolitan areas.
Definition and Function of Insurance
- Insurance is a contract providing financial protection or reimbursement against potential future losses from an insurance company.
- It operates by pooling clients' risks to offer affordable payments for the insured.
- The policy creates a contract between the insured and insurer, with agreed premiums leading to compensation for specified events.
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Description
This quiz covers the eight main types of health insurance policies available in India. Learn about individual health insurance, family floater insurance, and more. Test your knowledge on the different plans and their features.
