IC83 GROUP INSURANCE - 04
| Q1.Which of the following is an advantage of Contributions to the Group scheme? |
| a) Increased administration |
| b) Encourage members to save more for their retirement |
| c) Some employees will be unable to make significant contributions |
| d) None of these |
| Q2.The sum of all the rider premiums attached to the pension product shall not exceed ____ of the premium paid for the pension policy. |
| a) 10% |
| b) 15% |
| c) 20% |
| d) 25% |
| Q3.An employer's contribution of at least ___ of total contributions is a mandatory requirement of an exempt approved occupational pension scheme, except where the scheme is overfunded. |
| a) 10% |
| b) 15% |
| c) 20% |
| d) 35% |
| Q4.Tier 1 Account of NPS is called |
| a) Pension Account |
| b) Savings Account |
| c) Life Account |
| Q5.What means the cancellation of the units at the prevailing unit price of the segregated funds offered in the products, in case of partial withdrawals, switches, surrender, etc.,? |
| a) Premium re-direction |
| b) Fund value |
| c) Switches |
| d) Redemption |
| Q6.Which of the following refers to Annual pension accrual for each year of qualifying service will be equal to a fraction-say 1/60th of salary earned? |
| a) Flat Rate |
| b) Graded Schedule |
| c) Average Salary |
| d) Final salary |
| Q7.Under a defined benefit occupational pension scheme, the communication amount is_____. |
| a) Tax free |
| b) Fully-taxable |
| c) Taxable up to 50% if the amount commuted is half of the maximum allowed limit |
| d) Taxable up to 35%, if the amount commuted, is half of the maximum allowed limit |
| Q8.Investment return guarantees can be |
| a) Real and Nominal |
| b) Fixed and Indexed |
| c) Real, Normal, and Fixed |
| d) Real, Normal, Fixed and Indexed |
| Q9.The prospective method is driven by the ____. |
| a) Flat rate |
| b) Contribution rate |
| c) Funds |
| d) Investment |
| Q10.In an establishment covered under the EPF Act, can an employee/employees remain uncovered if so desired by the Employer and/or by the employee? |
| a) No because all employees are statutorily to be covered for the benefits |
| b) Yes, because the employees getting salary more than Rs 15,000 p.m may be excluded by the employer |
| c) Yes, because the coverage depends upon the will of the employee and the employer |
| d) Yes, because the employer may include or exclude any number of employees as per his choice. |