Insurance Awareness Quiz – Set 44

Insurance Awareness Quiz: We have created quiz questions on Insurance Awareness which are most important for insurance exams. These questions and answers will guide you in all insurance exams like LIC (AAO/ADO), NIACL assistant and AO, UIIC, IRDA and other Bank PO exams and all competitive exams. So attempt these multiple choice questions now based on the exam pattern syllabus.

1. Which among the following insurance entity is not regulated by the IRDAI?
   A) SBI Life Insurance
   B) Postal Life Insurance
   C) Sahara India Life Insurance
   D) IDBI Federal Life Insurance
   
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   Option B
   Explanation: Sec. 44 of the LIC Act describes Postal Life Insurance (PLI) as a “scheme run by the Central Government’. So, PLI is neither a company nor a body corporate, but is part of a department of the Central government and so will not come under the definition of ‘insurer’. Consequently, the IRDA can only advise PLI, and that too not in its capacity as a regulator but just as a well-wisher.
2. When was the Postal Life Insurance (PLI) launched?
   A) 11 March 1896
   B) 31 January 1906
   C) 1 February 1884
   D) 30 April 1986
   
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   Option C
   Explanation: PLI was launched on February 1, 1884, as a welfare measure for employees of the Post & Telegraph department and then extended gradually, over a century, to cover employees of Central and State governments, local bodies, nationalised banks, public sector undertakings and government aided schools.
3. What is the maximum sum assured limit for plans under PLI?
   A) Rs 10 lakhs
   B) Rs 20 lakhs
   C) Rs 30 lakhs
   D) Rs 50 lakhs
   
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   Option D
   Explanation: Minimum ₹ 20,000 and maximum ₹ 50 lakhs for all plans except children policy. 
4. The maximum sum assured limit for the Children Policy under PLI is________
   A) Rs 3 lakhs
   B) Rs 2 lakhs
   C) Rs 5 lakhs
   D) Rs 8 lakhs
   
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   Option A
   Explanation: For Children Policy, maximum sum assured limit is ₹ 3 lakh.
   
5. The Rural Postal Life Insurance (RPLI) was launched on the recommendation of which committee?
   A) Rangarajan Committee
   B) Venkitaramanan Committee
   C) Malhotra Committee
   D) Tagore Committee
   
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   Option C
   Explanation: As per the recommendations of the Malhotra Committee, rural postal life insurance was launched on March 24, 1995 to extend insurance benefits to the rural population.
6. What is the maximum sum assured limit under RPLI Policy?
   A) Rs 5 lakhs
   B) Rs 10 lakhs
   C) Rs 20 lakhs
   D) Rs 30 lakhs
   
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   Option B
   Explanation: Minimum ₹ 10,000 and maximum ₹ 10 lakhs for all the plans except children policy. 
7. What is the maximum sum assured limit for the Children Policy under RPLI?
   A) Rs 1 lakhs
   B) Rs 2 lakhs
   C) Rs 3 lakhs
   D) Rs 5 lakhs
   
   View answer

   Option A
   Explanation: For Children Policy maximum sum assured limit is ₹. 1 lakh.
8. Under PLI/RPLI, the policyholder below the age of ________can take a Children’s Policy for its children.
   A) 50 years
   B) 40 years
   C) 45 years
   D) 35 years
   
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   Option C
   
9. What should be the maximum age of the child for whom Children’s Policy can be undertaken by the policy holder?
   A) 10 years
   B) 18 years
   C) 12 years
   D) 20 years
   
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   Option D
   Explanation: Any PLI/RPLI policy holder who is below the age of 45 years having children between 5 years and 20 years
10. How many children per family are eligible for the Children’s policy of the PLI/RPLI?
    A) One
    B) Two
    C) Three
    D) No limit
    
    View answer

    Option B
    Explanation: Maximum two children in family are eligible to take children policy.

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