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PREMIUM

CALCULATION
Q. 1 On the basis the
following data.
TP Rs. 55
No rebate for mode.
Rebate for SA above Rs.
50000 Rs. 2.00 /1000.
DAB@Rs.1.50 /1000.DAB
granted up to Rs. 8,00,000
only.
Occupation extra Rs. 2.50 /
1000,

Calculate the half yearly


premium for SA Rs.
1,50,000

a) 4025
b) 4175
c) 4275
d) 4350

ANS. C
On the basis of the
following data
S.A. Rs. 1,00,000/- TP. Rs.
33.10

Rebate R. 2/- /1000 for


yearly mode. Re 1/- for half
yearly, none for quarterly.
Rebate Rs. 3/- /1000 for Rs.
1,00,000 and above
DAB Re. 1/- /1000
Occupation extra Rs. 4/- /
1000.
Calculate the yearly
premium

a). 2810
b) 3110
c) 3310
d) 3360

ANS. C
Calculate quarterly
premium
S.A Rs. 50,000/- Date of
maturity 24.12.2036.
Term 30 years.
Date of birth
28.06.1979.,
Mode rebate for yly Rs
1.50 /1000, hly Rs. 1.00,
qly. Nil and mly. 5% extra.
SA. Rebate Rs. 1.50 /1000
for S.A Rs. 50,000/- and
above.

TB. For age nearer birthday


26 Rs. 26.46, 27-Rs.
27.08 28-Rs. 28.15

a) 312
b) 320
c) 331
d) 339

Ans. b
Q. 4 Calculate half yearly
premium
Date of birth 28.06.1978.

Date of maturity
24.12.2041,
SA Rs 1,00,000 term 35
years.
TP for age NEARER
birthday- age 27 Rs. 27.46,
for Age 28, Rs. 27.83 and
for age 29, Rs. 28.37.
5% extra for monthly, less
Rs. 1/- for hly Rs. 1.50 for
yearly,
SA REBATE Rs. 1.50 for SA
Rs. 50000/- and above
a). 1266.50
b) 1267

c) 1293.50
d) 1294
Ans. c

Q. 5 Calculate monthly
premium
S.A Rs. 60,000/-,
endowment 39 years,
date of maturity
28.09.2045,
large sum assured rebate
Rs. 1.50 for
Rs. 50,000 and above.

Date of Birth-26.12.1976
Premium /1000 SA for age
next birthday
29-Rs 27.46, 30-Rs 28.83
31-Rs 29.37

a) 137
b) 140
c) 141
d) 142

Ans. a
Q.6 Calculate monthly

premium
S.A Rs. 30,000/- with DAB
for Rs. 1/- /1000
and occupational extra of
Rs. 1.75 /1000.
Date of Birth 21.10.1980
5% extra for monthly
mode of payment.
TB Rs. 32.81

a) 93.00
b) 93.50
c) 94.00
d) 94.50

Ans. a
Q. 7 A proposal for SA of
Rs. 10 lakhs with DAB for
monthly mode under SSS.
Proposer had a previous
policy of Rs. 5 lakhs with
DAB. Proposal was
accepted with health extra
of Rs. 2.75 /1000 SA
premium for DAB Re 1 /
1000
5% extra for monthly
mode large
SA rebate of Rs. 2/- /1000

for 1 lakh and above.


TP Rs. 48.20. Maximum
total S A on which DAB is
allowed is Rs. 10/- lakhs.
Find monthly (SSS)
premium, rounded off to
the next higher rupee

a) 4102
b) 4121
c) 4183
d) 4195

Ans. b

Q. 8 A policy for Rs. 12


lakhs taken on 14.07.2007
under endowment plan for
20 years with DAB.
Date of Birth is
12.11.1980. Proposal is
accepted with DAB @ Rs.
1.50 /1000 (maximum Rs.
10 lakhs) and occupational
extra of Rs. 2.75 /1000.
No rebates for high SA
However for yearly mode a
rebate of Rs. 2 is given.
Calculate yearly premium
TB for age nearer birthday,
as follows: Age 25-

Rs.48.20 Age 26- Rs.48.40,


Age 27-Rs 49.10, Age 28Rs. 49.80

a) 60480
b) 60980
c) 61320
d) 61380

Ans. c
Q. 9 Calculate half-yearly
premium for an
endowment policy for Rs.

1lakh, on the life of a


person born on
28.06.1974.
Term 35 years, Date of
maturity 24.12.2037
TB for age nearest birthday
27 Rs. 27.46 /1000
TB for age nearest birthday
28 Rs. 27.83 /1000
TB for age nearest birthday
29 Rs. 28.37 /1000
Premium adjustment-5%
extra for monthly mode,
Re. 1 less for half yearly
mode and Rs. 1.50 less for
yearly mode
S.A. rebate Rs. 1.50 less

for Rs. 50000

a) 1266.50
b) 1246.50
c) 1293.50
d) None of the above

Ans. a
Q. 10 What correct
premium to be deducted
from the salary of a person
born on 28.06.1974, who
has taken an endowment
policy on his life.

Sum assured Rs. 40000 ;


Term 35 years
Date of maturity
24.12.2037
TB for age nearest birthday
27 Rs.27.46 /1000
TB for age nearest birthday
28 Rs. 27.83/1000
TB for age nearest birthday
29 Rs.28.37/1000
Premium adjustment 5%
extra for monthly mode,
Re. 1 less for half yearly
mode and Rs. 1.50 less for
yearly mode
SA. Rebate Rs. 1.50 less
for Rs. 50000

a) 87.80
b) 89.60
c) 92.80
d) 97.50

Ans. c
Q. 11 correct annual
premium for an
endowment policy on the
life of a person born on
28.6.1974.
Sum assured Rs. 50000
Policy taken on 3rd March

2003, to be back dated by


three months
TB for age nearest birthday
27 Rs.27.46 /1000
TB for age nearest birthday
28 Rs.27.83 /1000
TB for age nearest birthday
29 Rs.28.37 /1000
Premium adjustment 5%
extra for monthly mode,
Re. 1 less for half yearly
mode and Rs. 1.50 less for
yearly mode
SA. Rebate Rs. 1.50 less
for Rs. 50000

a) 1241.00

b) 1241.50
c) 1242.00
d) None of the above
Ans. B
Q. 12 Calculate monthly
premium to be paid by a
person born on 28.6.1974,
who has taken an
endowment policy on his
life.
Sum Assured Rs. 40000 ;
Term 35 years
Date of maturity
24.12.2037

TB for age nearest birthday


27 Rs.27.46 /1000
TB for age nearest birthday
28 Rs.27.83 /1000
TB for age nearest birthday
29 Rs.28.37 /1000
Premium adjustment 5%
extra for monthly mode,
Re. 1 less for half yearly
mode
and Rs. 1.50 less for Rs.
50000

a) 97.00
b) 97.40
c) 97.50
c) None of the above

ANS. A

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