Insurance & FM Awareness Quiz For LIC ADO Mains 2023-06th April

Q1. What is the duration of the insurance coverage under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme?
(a) 6 months
(b) 1 year
(c) 2 years
(d) 5 years
(e) 10 years
Q2. Who will administer the Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme?
(a) Banks
(b) Government agencies
(c) LIC only
(d) Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose.
(e) LIC and select government agencies
Q3. What is the coverage provided by Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme?
(a) Accidental death only
(b) Death due to natural causes only
(c) Accidental death and disability cover for death or disability on account of an accident
(d) Death due to specific illnesses only
(e) Disability due to any reason
Q4. Who is eligible to join Pradhan Mantri Suraksha Bima Yojana (PMSBY) 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 70
(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 Suraksha Bima Yojana (PMSBY) 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 Suraksha Bima Yojana (PMSBY) scheme?
(a) Rs. 100/-
(b) Rs. 200/-
(c) Rs. 300/-
(d) Rs. 12/-
(e) Rs. 500/-
Q7. What are the events that would terminate the life insurance coverage under Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme?
(a) On attaining age 70 years (age nearest birth day).
(b) In case a member is covered through more than one account and a premium is received by the Insurance Company inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
(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 Suraksha Bima Yojana (PMSBY) 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. The scheme would be offered/administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose.
S3. Ans. (c)
Sol. The insurance cover provided by this scheme is for accidental death and disability cover for death or disability on account of an accident.
S4. Ans. (c)
Sol. All individuals holding savings bank accounts in participating banks between the ages of 18 and 70 are eligible to join the scheme.
S5. Ans. (b)
Sol. The amount payable on a member’s death under Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme is Rs. 2 lakhs.
S6. Ans. (d)
Sol. The annual premium per member under Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme is Rs. 12.
S7. Ans. (d)
Sol. The events that would terminate the life insurance coverage under the scheme are:
• On attaining age 70 years (age nearest birth day),
• Closure of account with the Bank or insufficiency of balance to keep the insurance in force, and
• In case a member is covered through more than one account and a premium is received by the Insurance Company inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
S8. Ans. (a)
Sol. Pradhan Mantri Suraksha Bima Yojana (PMSBY) 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.