HOW SMART ARE YOU?
How much do you know about the basics of life insurance? Find out if you are as smart as you think you are
BEGINNER
Q1. What is the goal of life insurance?
a) Make your family wealthy
b) Financial security for your family
c) Pay for emergency medical expenses
Q2. LIC of India is?
a) Life Insurance Company
b) Life Insurance Corporation
c) Life Insurance Committee
Q3. Premium is?
a) The bonus from the policy
b) What you get from the insurance company
c) What you pay for the policy
Q4. Life insurance came to India from
a) USA
b) Singapore
c) United Kingdom
d) Russia
Q5. Insured is the person who is?
a) Employed by the insurer
b) The person whose name is in the policy
c) The nominee in the policy
Q6. When can insurance premiums be paid?
a) One time at the time of purchase
b) Annually/Half-yearly/Quarterly/ Monthly/ One-time
c) As and when you feel like
INTERMEDIATE
Q1. Life insurance can be taken by?
a) Men;
b) Womenc
c) Both
Q2. Life insurance is regulated by?
a) CII;
b) IRDAI;
c) IRDA
Q3. You can buy life insurance
a) Online only
b) Offline only
c) Online and Offline
Q4. The cost of life insurance depends on
a) Your age
b) Health condition
c) The type of policy
d) All the above
Q5. In case of death, the policy proceeds go to
a) Your neighbour
b) Your financial dependants
c) The nominee(s) mentioned in your policy
Q6. Insurance premiums qualify for?
a) Tax deduction under Section 80D
b) Tax deduction under Section 80C
c) No tax savings
EXPERT
Q1. Life insurance premium can go up in case of?
a) Being healthy
b) Living in a metro
c) Being unhealthy
Q2. The word Assurance is used for
a) Life insurance
b) Medical insurance
c) Fire insurance
Q3. Insurance regulator IRDAI is headquartered in?
a) Delhi;
b) Hyderabad
c) Mumbai
Q4. LIC policy is backed by?
a) Premium collected
b) Paid-up capital
c) Sovereign Guarantee
Q5. A term insurance is a must because
a) It is purest form of life insurance
b) Costs less
c) Both a) and b)
Q6. How many nominees can you have on your insurance policy?
a) As many as you wish
b) One;
c) Two