Insurance & FM Awareness Quiz For LIC ADO Mains 2023-12th April

Q1. What is the life insurance cover offered under PMJDY?
(a) Rs. 10,000/-
(b) Rs. 20,000/-
(c) Rs. 30,000/-
(d) Rs. 40,000/-
(e) Rs. 50,000/-
Q2. Who is eligible for life insurance coverage under PMJDY?
(a) All individuals with a bank account
(b) Only those who subscribe to a bank account for the first time during the specified period
(c) Only those who are covered under any social security scheme
(d) Only those who belong to urban areas
(e) None of the above
Q3. What is the aim of the life insurance cover offered under PMJDY?
(a) To provide direct insurance to urban and rural poor
(b) To provide accidental cover to rural poor
(c) To provide security to families who cannot afford direct insurance
(d) To provide social security benefits to the urban poor only
(e) None of the above
Q4. How long is the life cover of Rs. 30,000 valid under the Pradhan Mantri Jan Dhan Yojana?
(a) 1 year
(b) 3 years
(c) 5 years
(d) 10 years
(e) It is valid for the entire lifetime of the person.
Q5. Is a Bio-Metric Card mandatory to avail of the life cover under Pradhan Mantri Jan Dhan Yojana?
(a) Yes, a Bio-Metric Card is mandatory to avail of the life cover.
(b) No, a Bio-Metric Card is not required to avail of the life cover.
(c) A Bio-Metric Card is mandatory only if the person has multiple accounts.
(d) The person needs to have a Bio-Metric Card, but it can be in process of being linked to the bank account.
(e) None of the above.
Q6. Who is eligible for the life cover of Rs. 30,000 under the Pradhan Mantri Jan Dhan Yojana?
(a) Only those who open a bank account during the period from 15-08-14 to 26-01-15
(b) Anyone who opens a bank account with a RuPay Card
(c) The head of the family or an earning member of the family aged between 18 to 59 years
(d) Only those who have a Bio-Metric Card linked to their bank account
(e) Only those who have a small account with the bank
Q7. Which of the following categories of individuals are ineligible for the Pradhan Mantri Jan Dhan Yojana life insurance cover?
(a) Central Government and State Government employees (in service or retired) and their families.
(b) B) Employees (in service or retired) of Public Sector Undertakings, Public Sector Banks, any entity owned by the Central Government, any entity owned by a State Government or any entity jointly owned by the Central Government and any State Government, and their families.
(c) Persons whose income is taxable under I.T. Act 1961 or are filing the yearly Income Tax return or in whose case TDS is being deducted from the income, and their families.
(d) Persons who are included in the Aam Aadmi Bima Yojana covering 48 occupations defined under the Scheme, and their families.
(e) All of the above
Q8. Who is eligible to receive the death benefit of Rs.30,000/- under the Pradhan Mantri Jan Dhan Yojana life insurance cover in case of the death of the account holder?
(a) The account holder themselves
(b) The bank where the account was opened
(c) The government of India
(d) The nominee of the accountholder
(e) The family members of the accountholder
Q9. When will a person exit the Pradhan Mantri Jan Dhan Yojana life insurance scheme?
(a) On the day the person opens a bank account
(b) On the day the person turns 18
(c) On the day the person turns 30
(d) On the day the person turns 50
(e) On the day the person turns 60
Q10. Which of the following statements is true regarding the Pradhan Mantri Suraksha Bima Yojana claim settlement process?
(a) The claim amount will be paid directly to the account holder.
(b) The claim settlement process will be centralized at the head office of LIC.
(c) The claim amount will be credited to the bank account of the accountholder through APBS/NEFT.
(d) The claim papers will be submitted to the District Collector of the concerned district for processing of claims.
(e) The claim amount will be paid to the nominee who is not the nominee in the bank account.

Solutions

S1. Ans. (c)
Sol. The life insurance cover offered under PMJDY is Rs. 30,000/-.
S2. Ans. (b)
Sol. The life insurance cover under PMJDY is offered to all those who subscribe to a bank account for the first time during the period of 15th August 2014 to 26th January 2015.
S3. Ans. (c)
Sol. The aim of the life insurance cover offered under PMJDY is to provide security to those families who cannot afford direct insurance, namely the urban poor and rural poor who are not covered under any social security scheme.
S4. Ans. (c)
Sol. As per the eligibility criteria mentioned, the life cover of Rs. 30,000 under the scheme will be initially for a period of 5 years, i.e. till the close of the financial year 2019-20. Thereafter, the scheme will be reviewed and terms and conditions of its continuation, including the issue of future premium payment by the insured thereafter, would be suitably determined.
S5. Ans. (d)
Sol. The person needs to have a Bio-Metric Card, but it can be in the process of being linked to the bank account.
S6. Ans. (c)
Sol. The person should be the head of the family or an earning member of the family, aged between 18 to 59 years.
S7. Ans. (e)
Sol. The categories of individuals listed in options A to D are explicitly mentioned as ineligible for the PMJDY life insurance cover.
S8. Ans. (d)
Sol. The nominee of the accountholder is entitled to receive the death benefit of Rs.30,000/- in case of the unfortunate death of the account holder due to any cause.
S9. Ans. (e)
Sol. A person will exit the Pradhan Mantri Jan Dhan Yojana life insurance scheme on the day the person turns 60 years old.
S10. Ans. (c)
Sol. The claim settlement process for the Pradhan Mantri Suraksha Bima Yojana involves the collection of claim papers by the District Branch / Nodal Branch of the concerned Bank and submission to the Pension & Group Scheme Units of LIC for processing of claims. The claim amount of Rs.30,000/- will be credited to the bank account of the nominee through APBS/NEFT.