Traditional Insurance Policies: Quiz!

The initial premium amount to be collected from the customer in the case of monthly mode would be the 3 months instalment premium. This means that the customer would need to pay the premium for the first three months upfront before the coverage starts.

The correct answer is Hindu Undivided Family. HUF is the abbreviation for Hindu Undivided Family, which is a legal term used in India to describe a specific type of family arrangement where all members of a joint family are treated as a single unit for legal and tax purposes. This term is commonly used in financial and taxation contexts in India.

When the premium amount is more than Rs. 1,00,000 per annum, it is necessary to take all the mentioned documents from the customer. Identity proof is required to verify the customer's identity, residence proof is needed to confirm their address, income proof is necessary to assess their financial capability, and Pan card is required for tax purposes. Taking all these documents ensures compliance with regulatory requirements and helps in conducting thorough due diligence on the customer.

All of the above products require age-proof as a mandatory document because age is an important factor in determining the eligibility and premium rates for life insurance policies. Age-proof is necessary to verify the age of the policyholder and ensure that they fall within the acceptable age range for the respective plans. This helps the insurance company assess the risk and calculate the appropriate premium for the policy.

The correct answer is "Waiver of premium." The abbreviation for WOP stands for Waiver of premium, which refers to an insurance policy provision that allows the policyholder to stop paying premiums if they become disabled or seriously ill. This provision ensures that the policy remains in force even if the policyholder is unable to pay the premiums due to their health condition.

A driving licence can be considered as a non-standard age proof for individuals who have not completed their education up to the 10th grade. This means that individuals who have not completed their high school education can still use their driving licence as a form of age verification in certain situations. However, it may not be accepted as a valid age proof for individuals who have completed their education up to the 12th grade, have a graduate degree, or hold a diploma.

The LIC policy kit cannot be accepted as STD age proof because it does not provide any information about the individual's age. It is a document related to a life insurance policy and does not contain any details about the person's date of birth or age. Therefore, it cannot be considered as a valid age proof.

IndiaFirst Simple Benefit Plan has all of the mentioned features. It offers easy and flexible saving options, provides life cover to protect the policyholder's family, guarantees a payout at the end of the term, and also offers additional returns in the form of annual bonuses.

The correct answer is "All of the above". This means that all the options mentioned (a, b, c, and d) are correct explanations for the importance of having a life insurance cover and for pitching the IndiaFirst Maha Jeevan Plan to Mr. Ravi Kumar. Option a explains that life insurance is important for the financial protection of dependent family members. Option b suggests that the IndiaFirst Maha Jeevan Plan is a suitable product for someone who hasn't invested in any insurance plan and wants to avoid investment risks. Option c highlights that the plan is a secured investment option with systematic premium contributions. Option d explains the benefits of the plan, including a lump sum payment to the nominee in case of death and a lump sum amount of sum assured plus accrued bonuses on maturity.

If the client has agricultural income and does not have a PAN Card, underwriting will accept a declaration in lieu of a PAN card along with a copy of the bank statement. This means that the client can provide a written statement stating that they do not have a PAN card and submit it along with their bank statement as proof of their income. This allows the client to proceed with the issuance of the policy, even without a PAN card.

Tier 2 medical includes multiple tests and evaluations. Specifically, it includes the following: MER (Medical Examination Report), RUA (Routine Urinalysis), FBS (Fasting Blood Sugar), and Lipids (Lipid Profile). These tests are commonly performed to assess overall health, detect any underlying medical conditions, and evaluate various aspects of the body's functioning. The inclusion of these specific tests in Tier 2 medical suggests that they are considered important and necessary for a comprehensive medical evaluation.

If a client does not have any evidence of age, the suggestion would be to collect a self declaration of age proof in the form of an affidavit with age extra consent. This means that the client would need to provide a written statement declaring their age, along with an additional consent form confirming that they understand the importance of providing accurate age information. This approach helps to ensure that the client takes responsibility for providing accurate age information, even if they do not have any official documents to prove their age.

The minimum amount payable to the customer in case he/she surrenders IndiaFirst Maha Jeevan Plan on the last plan year is 90% of the total premiums paid. This means that if the customer decides to surrender the plan, they will receive at least 90% of the total amount of premiums they have paid towards the plan.

According to the given information, the minimum age at entry for the IndiaFirst Simple Benefit Plan is 18 years. Therefore, a minor cannot be a life assured under this plan.

The minimum and maximum age at entry under IndiaFirst Maha Jeevan Plan is 5 years and 55 years. This means that individuals must be at least 5 years old and no older than 55 years old to be eligible for this plan.

Life insurance is designed to provide financial protection for individuals in the event of certain risks that they may face throughout their lives. Option a, b, c, e includes risks that are commonly covered under life insurance policies. The risk of illness, premature death, accidents, and living too long are all potential risks that individuals may face, and life insurance can help mitigate the financial impact of these risks. Option d, which is the risk of unemployment, is not typically covered under life insurance policies as it is a different type of risk that is often addressed through other forms of insurance or government programs.

The maximum age at the end of the plan term is 70 years (48 years old + 25 year plan term). Since Mr. Mahesh Raj is currently 48 years old, the maximum plan term that can be offered to him is 22 years (70 years - 48 years old). This ensures that he will not exceed the maximum age limit at the end of the plan term.

The Aviation Questionnaire can be used to gather detailed information about clients employed in Indian Air Lines. This questionnaire is specifically designed to address the unique needs and requirements of individuals working in the aviation industry. It aims to gather information about their employment history, qualifications, training, and any specific regulations or guidelines they need to adhere to. By using the Aviation Questionnaire, the company can obtain comprehensive information about its clients who are employed in Indian Air Lines, enabling them to better understand their needs and provide tailored services.

If a customer stops paying renewal premiums before the completion of 3 plan years under IndiaFirst Maha Jeevan Plan, the effects on the plan benefits are as follows: the plan does not acquire any value, the plan lapses and no benefits are payable during the period until the plan is revived, and no benefits will be payable during this period. Therefore, all of the above options are correct.

The term "illiterate" refers to someone who is unable to read or write. In this scenario, the customer is described as having never undergone any schooling and lacking the ability to read or write. Therefore, the correct answer is "Illiterate."

The given answer, Option a, d, is correct because statement a is incorrect as there is a maturity or survival benefit payable under the IndiaFirst Simple Benefit Plan. Statement d is also incorrect as the plan does not offer a settlement option for a period of 5 years on maturity. Therefore, Option a, d is the correct answer.

The minimum and maximum monthly premium contributions under the IndiaFirst Simple Benefit Plan that make the plan attractive for small investors are a minimum premium of Rs. 174/- per month and a maximum premium of Rs. 2814/- per month. This range allows small investors to choose a premium amount that is affordable for them while still being able to benefit from the plan.

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The Underwriting department functions in the Goregaon Office.

The maximum age at entry for a Term Plan is 60 years. This means that individuals who are 60 years old or younger can apply for a Term Plan. Term Plans are life insurance policies that provide coverage for a specific period of time, typically ranging from 10 to 30 years. It is important to note that the age at entry refers to the age at which the policyholder applies for the plan, not the age at which the coverage starts.

The correct answer is "It's a real time update." This means that the Application tracker updates the status of an application instantly, without any delay. There is no specific time frame or waiting period involved, as the update happens immediately.

The IndiaFirst Simple Benefit Plan offers two options for reviving a lapsed plan. Option a states that the plan can be revived by paying the pending premium amount from the due date of the first unpaid premium. Option d states that the plan can be revived within 2 years from the due date of the first unpaid premium, but it is subject to satisfactory medical and underwriting guidelines. Therefore, the correct answer is option a, d.

If the life assured commits suicide within 12 months from the date of revival/re-instatement, the insurance company will pay the higher of surrender value or 80% of the total premium paid to the nominee/appointee/legal heir. This means that if the policyholder has reinstated the policy after a lapse or surrender, the company will consider the surrender value and the total premium paid to determine the payout amount.

The follow-up code KY2 specifies that AML-Identity proof is required. This means that in order to proceed with the specified action or process, the individual or entity must provide proof of their identity as per Anti-Money Laundering (AML) regulations.

The LA/Proposer concept is not allowed as per the Underwriting features of Term Plan. This means that the life assured (LA) and the proposer cannot be the same person. In other words, the person who is being insured and the person who is applying for the insurance cannot be the same individual. This is because the proposer may have a vested interest in the life assured's death, which goes against the principles of insurance.

The underwriting action in this case would be to give staff discount. This is because the client has mentioned his occupation as a cash receiver at Bank of Baroda, which indicates that he is an employee of the bank. As a staff member, he would be eligible for certain discounts or benefits, including a staff discount on the sum assured. Therefore, the underwriting decision would be to provide the staff discount to the client.

The maximum Sum Assured offered under IndiaFirst Simple Benefit Plan is Rs. 20,00,00,000/-.

Interim bonus refers to a bonus that is paid out for insurance plans that mature or result in a death claim between two bonus declaration dates. It is also known as a persistency bonus and is calculated as a percentage of the sum assured and all previously accrued bonuses. This bonus serves as an indicator of the overall performance of a participating plan and is paid out at the time of maturity or death of the life assured.