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GA Topper Series: 11th May 2022 (Special Quiz on LIC)

GA Topper Series: 11th May 2022 (Special Quiz on LIC): Hello Students, all those students who have cleared their prelims exams in the banking sector must be prepared with every topic in the General Awareness Section for the mains examinations. Bankersadda team has brought you up a new series in which we will come up with 10 questions with the correct answer and the detailed solution to the question.

Q1. LIC is formulated under which act?

(a) Companies act, 2013

(b) LIC act, 1956

(c) Insurance Act, 1956

(d) RBI Act,1932

Ans.1(b)

the Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956. The Life Insurance Corporation of India was created on 1st September 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reaching all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

Q2. How many zonal offices does LIC have?

(a)5

(b)10

(c)8

(d)12

Ans2.(c)

Today LIC functions with 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381 satellite offices, and the Corporate office

Q3. Which is the first Indian Insurance company?

(a) Oriental Life Insurance Company

(b) Bombay Mutual Life Assurance Society

(c) The Indian Mercantile Insurance Ltd

(d)  National Insurance Company Ltd

Ans.3(b)

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.

Q4. How much percent stake of LIC is being sold by the government at a valuation of?

(a)1.5 %, 21000 crore

(b) 2.5%, 45000crore

(c) 5%, 60000 crore

(d)3.5%, 21000crore

Ans.4(d)

The government would sell 3.5% of its stakes in LIC. The total value of LIC IPO is set at Rs 21,000 crore, making it India’s biggest public issue to date.

The government has fixed the LIC IPO price band at Rs 902 to Rs 949 per equity share and has announced a discount to the policyholders and LIC employees applying for the public issue.

Q5. What is the total number of shares listed under LIC IPO?

(a) 22.13 crore

(b)35.13 crore

(c)2.213 crore

(d)3.513 crore

Ans.5(a)

22.13 crore (22,13,74,920) shares that is equivalent to 3.5 % stake of LIC.

Q6. Who is the chairman of LIC?

(a) Raj Kumar

(b) Siddharth Mohanty

(c)M R Kumar

(d) Smt. Ipe Mini

Ans.6(c)

M R Kumar is the chairman.

  • B C Patniak (Managing Director)
  • Smt. Ipe Mini(Managing Director)
  • Siddharth Mohanty(Managing Director)
  • Raj Kumar (Managing Director)
  • Pankaj Jain- government nominee director

Q7. In which company does LIC hold the largest share?

(a) ITC

(b) Oil India 

(c) Larsen and Toubro

(d) IDBI

Ans.7(d)

  • IDBI Bank was LIC’s most significant holding at 49.24 percent as of December 31. LIC Housing Finance, it owns a 45.24 percent stake.
  • ITC (16.21 percent), Hindustan Copper (14.22 percent), NMDC (14.16 percent), MTNL (13.12 percent), Larsen & Toubro (12 percent) and Oil India (11.85 percent) were some of the companies where LIC has the highest shareholdings in percentage terms.

Q8. Around what percent of life insurance penetration is in India?

(a) 3.2% 

(b) 10.88%

(c) 15.9%

(d) 1.6%

Ans.8(a)

According to the Economic Survey 2021-2022, life insurance penetration rose to 3.2% in the year 2020.

Q9. Which of the following is not systematically important insurance company by IRDA?

(a) LIC

(b) General Insurance Corporation of India

(c) New India Assurance Co. Ltd.

(d) Oriental Insurance Company Ltd.

Ans.9(d)

The list of D-SIIs for the year 2021-22 is as follows:

  1. Life Insurance Corporation of India;
  2. General Insurance Corporation of India; and
  3. New India Assurance Co. Ltd.

Note:  The General Insurance Business (Nationalisation) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973.
107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd., and the United India Insurance Company Ltd. GIC incorporated as a company.

Q10. What is the slogan of LIC?

(a) Satyamev Jayate

(b) Yogakshemam Vahamyaham

(c) Dharmo Rakshiti Rakshita

(d) Har Samay Vijay

Ans.10(b)

LIC’s slogan योगक्षेमम् वहाम्यहम (yogakshemam vahamyaham) is in Sanskrit which loosely translates into English as “Your welfare is our responsibility”. This is derived from the 22nd verse of the Bhagavad Gita‘s 9th chapter.

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