Insurance & FM Awareness Quiz For LIC ADO Mains 2023-05th April

Q1. What is the duration of the insurance coverage under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme?
(a) 6 months
(b) 1 year
(c) 2 years
(d) 5 years
(e) 10 years
Q2. Who will administer the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme?
(a) Banks
(b) Government agencies
(c) LIC only
(d) Any life insurance company willing to offer the product on similar terms with necessary approvals and tie-ups with Banks
(e) LIC and select government agencies
Q3. What is the coverage provided by Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme?
(a) Accidental death only
(b) Death due to natural causes only
(c) Death due to any reason
(d) Death due to specific illnesses only
(e) Disability due to any reason
Q4. Who is eligible to join Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme?
(a) All individuals above the age of 18
(b) All individuals above the age of 50
(c) All individuals holding savings bank accounts in participating banks between the ages of 18 and 50
(d) All individuals holding savings bank accounts in any bank between the ages of 18 and 50
(e) None of the above
Q5. What is the amount payable on a member’s death under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme?
(a) Rs. 1 lakh
(b) Rs. 2 lakhs
(c) Rs. 3 lakhs
(d) Rs. 5 lakhs
(e) Rs. 10 lakhs
Q6. What is the annual premium per member under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme?
(a) Rs. 100/-
(b) Rs. 200/-
(c) Rs. 300/-
(d) Rs. 436/-
(e) Rs. 500/-
Q7. What are the events that would terminate the life insurance coverage under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme?
(a) On attaining age 55 years, subject to annual renewal up to that date
(b) Closure of account with the Bank
(c) Closure of account with the Bank or insufficiency of balance to keep the insurance in force
(d) All of the above
(e) None of the above
Q8. When was Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) launched?
(a) 9 May 2015
(b) 9 May 2016
(c) 9 June 2015
(d) 9 June 2016
(e) 9 June 2017
Q9. What is the primary KYC for the bank account to join the scheme?
(a) PAN card
(b) Voter ID card
(c) Passport
(d) Aadhaar
(e) Driving license
Q10. Can non-savings bank account holders join the scheme?
(a) Yes, by providing an alternate form of KYC
(b) No, only savings bank account holders in participating banks can join
(c) Yes, by holding a fixed deposit account in participating banks
(d) Yes, by holding a current account in participating banks
(e) None of the above

Solution

S1. Ans. (b)
Sol. The insurance cover offered under this scheme is for one year, and it can be renewed from year to year.
S2. Ans. (d)
Sol. Any life insurance company willing to offer the product on similar terms with necessary approvals and tie-ups with Banks. The scheme will be offered or administered through LIC and other life insurance companies willing to offer the product on similar terms.
S3. Ans. (c)
Sol. The insurance cover provided by this scheme is for death due to any reason.
S4. Ans. (c)
Sol. All individuals holding savings bank accounts in participating banks between the ages of 18 and 50 are eligible to join the scheme.
S5. Ans. (b)
Sol. The scheme offers life insurance cover for death due to any reason and Rs.2 lakhs are payable on the member’s death.
S6. Ans. (d)
Sol. The scheme offers an annual life insurance cover for death due to any reason at a premium of Rs.436/- per annum per member.
S7. Ans. (d)
Sol. The events that would terminate the life insurance coverage under the scheme are:
• On attaining the age of 55 years (subject to annual renewal up to that date, but entry is not possible beyond the age of 50 years),
• Closure of account with the Bank, and
• Insufficiency of balance to keep the insurance in force.
S8. Ans. (a)
Sol. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was launched on 9 May 2015.
S9. Ans. (d)
Sol. Aadhaar would be the primary KYC for the bank account to join the scheme.
S10. Ans. (b)
Sol. No, only savings bank account holders in participating banks can join the scheme.