IC83 GROUP INSURANCE - 01
| Q1.A plan that is funded on a _____ basis means that no money is invested for the plan, as retiree benefits become due the plan sponsor makes the payments directly. |
| a) Pay as you go Pension Schemes |
| b) Fully Funded Pension Schemes |
| Q2.As per the Employees Pension Scheme, 1995, members on attaining the age of fifty-eight years and having rendered a minimum of __ years of contributory service qualify for a superannuation fund. |
| a) 5 |
| b) 10 |
| c) 15 |
| d) 20 |
| Q3.Bank of India is functioning as NP __ and it would manage the banking of the Pension fund in accordance with applicable provisions of the NPS Lite, the schemes the guidelines/notifications, issued by PFRDA, Ministry of Finance. |
| a) NPS Trust |
| b) Trustee Bank |
| c) CRA |
| d) IRDA |
| Q4.The premium guaranteed interest rate applicable to the discontinued fund/ discontinued policy account shall be at an interest rate of____per annum. |
| a) 2% |
| b) 4% |
| c) Rate applicable to saving bank account |
| d) Rate applicable to a postal bank account |
| Q5.Under Government Employees scheme Pension is calculated by |
| a) As 1/66th of the average final salary for the total number of years service employee has to put in |
| b) AS 1/66th of the average final salary for each year of pensionable service subject to a maximum of 50% |
| c) 50% of the final salary irrespective of the number of years’ service |
| d) None of the above |
| Q6.For unit-linked products, which is a charge levied on the unit fund at the time of part withdrawal of the fund during the contract period? |
| a) Partial withdrawal charge |
| b) Rider charge |
| c) Premium Payment charge |
| d) Switching charge |
| Q7.Which of the following is not a defined contribution scheme? |
| a) Gratuity |
| b) National Pension scheme |
| c) Provident Fund |
| d) All of the above |
| Q8.Since FY 2015-16 an additional deduction on investment up to the extent of Rs.50,000 is allowed for investments in NPS under____ |
| a) section 80 CCC |
| b) Section 80 CCD (1B) . |
| c) Section 80 C |
| d) Section 80 CCD (1) . |
| Q9.Which is the contract of insurance wherein the Insurance Risk appraisal is done taking a group of lives as one single unit? |
| a) Individual insurance |
| b) Group insurance |
| Q10.A Subscriber can decide on the frequency of the contributions across the year as per his/her convenience. Say True or False. |
| a) True |
| b) False |