1. The Insurance Regulatory and Development Authority (IRDA) was formed on the recommendation of which committee?
In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance. Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry.
2. The Life Insurance Business in India was nationalized in which year?
19th January 1956. All 245 insurance companies operating then in the country were merged into one entity, the Life Insurance Corporation of India.
3. How many insurance companies were merged to form the Life Insurance Corporation of India?
245 insurance companies operating in the country were merged into one entity, the Life Insurance Corporation of India.
4. What should be the minimum paid up capital of an entity to start re-insurance business in India?
The minimum equity capital requirement is Rs 100 crore for life insurance or general insurance and Rs 200 crore for a person exclusively in the business of re-insurance
5. How many Insurance Ombudsman are functional in India?
There are at present 17 Insurance Ombudsman in different locations
6. How many companies were merged to form the United India Insurance Company (UIIC)?
Twelve Indian insurance companies, four co-operative insurance societies, five foreign insurers with Indian operations and the general insurance operations of the southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited to form the company
7. What is the name of Satellite offices of Life Insurance Corporation of India (LIC)?
With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.
8. What is the slogan of Life Insurance Corporation of India (LIC)?
Yogakshemam Vahaamyaham which means “Your welfare is our responsibility.
9. What percentage of annual profit does Life Insurance Corporation of India (LIC) pays its policy holder?
95% to Policy holder; 5% to government
10. Which among the following is an accidental insurance scheme?
Pradhan Mantri Surakhsa Beema Yojana (PMSBY); Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY); Pradhan Mantri Fasal Bima Yojana; Pradhanmantri Vaya Vandana Yojana (PMVVY).
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