pg.

INSURANCE

(Insurance is risk transfer through risk pooling)

Events in life are unpredictable and hence sometimes they may be the cause of economic loss and grief.
HISTORY OF INSURANCE IN INDIA

The Oriental Life Insurance Co. Ltd was the first life insurance company in India. It was
an English company.
Triton Insurance Co. Ltd. - The first non-life insurer to be established in India.
Bombay Mutual Assurance Society Ltd.-The first Indian insurance company was formed in 1870 in Mumbai.
National Insurance Company Ltd. is the oldest insurance company (existing) in India founded in 1906. The
Insurance Act 1938 was the first legislation enacted to regulate the conduct of insurance companies in
India.
Nationalisation of life insurance: Life insurance business was nationalised on 1st September 1956 and
the Life Insurance Corporation of India (LIC) was formed.
Nationalisation of non-life insurance: With the enactment of General Insurance Business
Nationalisation Act (GIBNA) in 1972, the non-life insurance business was also nationalised and the
General Insurance Corporation of India (GIC) and its four subsidiaries were set up.
GIBNA- General Insurance Business Nationalisation Act 1972.
The Employees State Insurance Act, 1948 provides for Employees State Insurance Corporation to pay
for the expenses of sickness, disablement, maternity and death for the benefit of industrial employees and
their families, who are insured persons.

pg. 2

 The Malhotra Committee (1993) recommended the privatisation as well as formation of regulatory
body in its report in 1994.
As a result, Insurance Regulatory Authority (IRA) was established in 1997. The passing of the
Insurance Regulatory& Development Act, 1999(IRDA) led to the formation of Insurance Regulatory
and Development Authority (IRDA) in April 2000 as a statutory regulatory body both for life and nonlife insurance industry.
There are 24 insurance companies registered as Life Insurance companies.
o Life Insurance Corporation (LIC) of India is a public sector company.
o There are 23 life insurance companies in the private sector.
o The Indian Postal Department provides Postal Life Insurance (exempt from the purview of the
regulator)
There are 28 insurance companies registered as General Insurance companies.
There are 5 standalone Health Insurance companies.
INSURANCE AND ASSURANCE

Assurance refers to protection against an event that will happen e.g. death. Assurance policies are associated
with life cover.
Insurance refers to protection against an event that might happen. It provides cover against a risk. Burden of
risk refers to the costs, losses and disabilities one has to bear as a result of being exposed to a given loss
situation/event.
Insurance is only one of the methods of risk transfer. Burden of risk can be of two types namely primary
(occurrence of an event like fire) and secondary (feeling of insecurity due to uncertainty).
HUMAN LIFE VALUE
The HLV concept considers human life as a kind of property or asset that earns an income. It thus measures the
value of human life based on an individuals expected net future earnings.
(Net earnings means income a person expects to earn each year in the future, less the amount he would spend on
self.)
HLV = Net future earnings / Rate of interest
(The concept of HLV was given by Prof. Hubener)

pg. 3

SPECIAL FEATURES OF INSURANCE:

Uberrima Fides means that every party to the contract must disclose all material facts relating to
the subject matter of insurance. It is also termed as Utmost Good Faith
Insurable interest" in something is when loss or damage to it would cause to suffer a financial loss
or certain other kinds of losses.
Proximate cause is concerned with how the loss or damage actually occurred and whether it is
indeed a result of an insured peril.
TERMS USED IN INSURANCE INDUSTRY.
An asset or human life value (HLV) can be tangible (e.g. building), intangible (e.g. goodwill) or
personal (e.g. body parts including health). It is believed that a human would earn a certain amount
after meeting all his personal expenses in his life.
Reinstatement (revival) of a lapsed policy is the process by which a life insurance company puts it
back into force.
Grace Period is an additional period of time to pay the premium after it has become due. The
standard length of the grace period is one month or 31 days.
Policy document is the evidence of the contract between the assured and the insurance company.
The FPR (first premium receipt) is the evidence that the policy contract has begun.
The RPRs (renewal premium receipts) act as proofs of payment in the event of any disputes related
to premium payment
Policy lapse is a term used for discontinuing premium payment for a policy by a policyholder.
Risk is the chance of loss in the value of an asset on the happening of a certain event.
Peril is any event which may cause a risk (like a fire, flood, earthquake or an accident or illness)
Pooling is the collection of numerous individual contributions (known as premiums) from various
persons. These persons have more or less similar assets which are exposed to similar risks. This pool of
funds is used to compensate those who might suffer from the losses caused by a peril.
Premium is the contribution made by the insured in order to participate in the scheme/plans offered by
the insurer. An insurance companys strength lies in the amount of premium collected.
Risk Avoidance is controlling risk by avoiding a loss situation.
Risk Retention includes managing the impact, deciding to bear the risk and its effects by oneself. It is
also known as self-insurance.
Risk transfer is transferring the burden of losses to another party.
Loss Prevention includes steps to reduce chance of occurrence of loss.
Loss Reduction includes steps to reduce degree of loss.
Indemnity means that after the occurrence of an event like fire, the insurer can assess the exact
amount of loss that has occurred and pays compensation only to the amount of loss no more, no less.
Insurer is an institution which pools funds and compensates those who might suffer from losses caused
by a peril.
Insured is the person that seeks to participate in the scheme/plans offered by the insurer and enters an
insurance contract.

pg. 4

 Life insurance is a contract (Indian Contract Act, 1872) that pledges payment of an amount to the
person assured (or his nominee) on the happening of an event insured against. The contract is valid for
payment of the insured amount during:
o The date of maturity, or
o Specified dates at periodic intervals, or
o Unfortunate death, if it occurs earlier.
Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm
against financial losses, which may occur due to the premature demise of the Keyman.
Minors are not eligible to contract a life insurance contract. A proposal on the life of a minor
has to be submitted by another person who is related to the minor in the capacity of a parent or legal
guardian.
Adhesion contracts are ones in which insurance company has all the bargaining power on terms and
conditions.
Free-look period cooling period is a duration within which a policyholder, has an option of
cancelling the policy, in case of disagreement. Free-look period is a duration within 15 days of
receiving the policy document.
Sum assured is the amount paid to the nominees or beneficiaries of the insured when he dies. This
amount is guaranteed by the insurance contract.
A claim is a demand that the insurer makes as promised in the insurance contract. It can be of two
types: survival claims and death claim .Queries or requirement of any kind, shall be raised all at once
within a period of 15 days of the receipt of the claim. A claim shall be paid or disputed within 30 days
from the date of receipt of all required. {IRDA (Protection of Policyholders Interests) Regulations,
2002}.
Maturity claim is when the policyholder (insured) survives the plans entire term.
Reserve is the amount collected from the policyholder in the early years of the insurance contract.
Life Fund is an excess amount left with an insurer after covering all the risks promised to the insured.
Life insurers invest this fund and earn an interest.
Consensus ad-idem means both the parties should agree to the same thing in the same sense.
Caveat Emptor which means Buyer Beware.
Material fact has been defined as a fact that would affect the judgment of an insurance underwriter in
deciding whether to accept the risk and if so, the rate of premium and the terms and conditions.
A rider is an addition of supplementary benefits in the base policy to increase the maturity benefits of
an insurance policy.
Subrogation means the transfer of all rights and remedies, with respect to the subject matter of
insurance, from the insured to the insurer.
Arbitration is a method of settling disputes arising out of contracts
Term insurance is valid only during a certain time period that has been specified in the contract.
There is no savings or cash value element accruing to the insured.
Whole life insurance is a permanent life insurance policy which has no fixed term of cover but the
insurer offers to pay the agreed upon death benefit when the insured dies, no matter whenever the death
might occur.
Endowment assurance is a combination of term insurance along with a survival benefit component.
pg. 5

 Money back plan is an endowment plan with periodical returns and lump sum value at the end of the
term.
IRDAs new guidelines for traditional products-

pg. 6

o Death cover to be
i. 125% for single premium (for upto 45 years of age) and 110% for others.
ii. 10 times of annual premium (for upto 45 years of age) and 7 times for others.
o Minimum death benefit to be sum assured plus additional benefits (if any).
o Bonus / additional benefits to become payable on death if not paid earlier.
i. For participating polices, bonus once announced becomes a guarantee called reversionary
bonus.
ii. For non-participating policies, the return on the policy is disclosed in the beginning of the
policy itself.
Universal Life products are known as Variable Insurance Products (VIP).
Non-traditional life insurance products.
o Variable insurance plans were first introduced in the United States in 1977
o Unit linked insurance plans, are also known as ULI. These plans were introduced in UK.
Net Asset Value (NAV), is the market value of assets in which the fund is invested. It is generally of
three types,
o Equity Fund Debt Fund, Balanced Fund and Money Market Fund.
Pension Plans are ones in which investment is made during working life which later provides financial
security post retirement. Generally there are three types of pension schemes.
o Public pensions (provided by the State).
o Occupational pensions (set up by employers).
o Personal pensions (by market providers).
The premium paid for health insurance policy qualifies for tax benefit under Section 80D of Income
Tax Act.
MRI- Mortgage Redemption Insurance is an insurance policy that provides financial protection for
home loan borrowers.

 Insurance Ombudsman (Redressal of Public Grievances Rules, 1998) - The Ombudsman, by mutual
agreement of the insured and the insurer can act as a mediator and counsellor within the terms of
reference. The decision of the Ombudsman, whether to accept or reject the complaint, is final. At present
there are 17 centres operating all over the country.
o Complaint made to the Ombudsman should be in writing, signed by the insured or his legal
heirs.
o Recommendations made within one month of the receipt of such a complaint and to be accepted
by complainant within15 days.
o Award should be made within a period of 3 months limited to maximum amount of 20 lacs.
Claim Review Committee is to ensure that claims are not paid to fraudulent persons at the cost of honest
policyholders.
The claims which have arisen after a period of three years are treated as non-early claims and settled
within 30 days from the date of receipt of all requirements.
The claims that have arisen within a period of two years from the date of commencement of the policy,
are treated as early claims and investigation is compulsory in such cases.
TPA refers to Third Party Administrator.
EMI refers to equated monthly instalment.
PAYG refers to Pay As You Go.
PEDs refers to Pre-existing diseases.
MWP Act refers to Married Womens Property Act, 1874.
PAC refers to policy allocation charge.
KYC refers to Know Your Customer.
PMLA refers to Prevention of Money Laundering Act.
GSV refers to guaranteed surrender value.
ROP refers to Return on premium.
AIC refers to Agriculture Insurance Corporation of India.
GIPSA refers to General Insurers' (Public Sector) Association of India.
III refers to Insurance Institute of India.
MDRT refers to Million Dollar Round Table.
LAPAC refers to Listen, Acknowledge, Probe, Answer and Confirm.
TAT refers to turnaround times.
IGMS refers to Integrated Grievance Management System.
ESIC refers to Employees State Insurance Corporation.
IVRS refers to INTERACTIVE VOICE RESPONSE SYSTEMS

pg. 7

THE LIFE INSURANCE COMPANY OF INDIA

Life Insurance Corporation of India was created on 1st September, 1956, with an objective of spreading life
insurance much more widely and in particular to the rural areas with a view to reaching all the insurable
persons in the country, providing them adequate financial cover at a reasonable cost. LIC of India enjoys the
status of being the only public sector Life Insurance company commanding more than 70% market share even
after more than a decade of opening up of the insurance industry. Government of India being its only stake
holder, LIC policies come with sovereign guarantee. LIC functions with 2048 fully computerized branch
offices, 113 divisional offices, 8 Zonal offices, 1381 Satellite offices and the corporate office. LICs Wide Area
Network covers 113 Divisional offices and connects all the branches through a Metro Area Network. LIC has
launched SATELLITE SAMPARKoffices (smaller, leaner and closer to the customer). LIC of India started the
Bancassurance & Alternate Channel in 2001. As on date, we have 11 PSU banks and 46 regional rural, private
and co-operative banks and 72 corporate agents as our Bancassurance and alternate channel partners. Total
6114 agents from LIC of India qualified for MDRT 2012.
MEMBERS ON THE BOARD OF THE CORPORATION
Shri S. K. Roy (Chairman, LIC of India)
Shri S.B. Mainak (Managing Director, LIC of India)
Shri V K Sharma (Managing Director, LIC of India)
Smt Usha Sangwan (Managing Director, LIC of India)
Shri Shaktikanta Das

pg. 8

Smt. Snehlata Shrivastava

Shri Ashwani Kumar (CMD, Dena Bank)
Smt Manjari Kackar (Non-Official Member)
Shri Sanjay Kallapur (Non-Official Member)

RECENT AWARDS RECEIVED

Child Magazine Most Popular awards 2014

Lokmat BFSI Awards 2014 - Best Life

Pitch Top 50 Brands 2014

Insurance Company

Indian Insurance Awards 2014 - Claims

Asia BFSI Best CSR Practices

Leader

Asia BFSI Best Life Insurance Company

Indian Insurance Awards 2014 Underserved

Skoch Order of Merit CSR Excellence

Market Penetration

Indira Gandhi Award from President of India

Indian Insurance awards 2014 - Life

NASEOH - Sri Vijay Merchant Memorial

Insurance Company of the year
Award

Lokmat BFSI Awards 2014 - Highest Claim

Greentech CSR Award

Settlement
LIC also ranked among Top -10 Most Trusted Brands in India and was voted as Most Trusted Insurance
Brand in the ET Brand Equity-Nielsen Survey-2013.
LICS INSURANCE PRODUCTS
ENDOWMENT PLANS

LICS JEEVAN PRAGATI

LICS JEEVAN SHIKHAR
LICS JEEVAN LABH
LICS SINGLE PREMIUM ENDOWMENT PLAN
LICS NEW ENDOWMENT PLAN
LICS NEW JEEVAN ANAND
LICS JEEVAN RAKSHAK
LICS LIMITED PREMIUM ENDOWMENT PLAN
LICS JEEVAN LAKSHYA

MONEY BACK PLANS

LICS NEW MONEY BACK PLAN - 20 YEARS

LICS NEW MONEY BACK PLAN - 25 YEARS
LICS NEW BIMA BACHAT
LICS NEW CHILDREN'S MONEY BACK PLAN
LICS JEEVAN TARUN

TERM ASSURANCE PLANS

pg. 9

LICS ANMOL JEEVAN II

LICS AMULYA JEEVAN II
LICS E-TERM
LICS NEW TERM ASSURANCE RIDER

PENSION PLANS

JEEVAN AKSHAY-VI
LICS NEW JEEVAN NIDHI
UNIT PLAN
LICs NEW ENDOWMENT PLUS

MICRO INSURANCE PLANS

LICS NEW JEEVAN MANGAL

MICRO - INSURANCE FORMS
LICS BHAGYA LAKSHMI PLAN

GROUP INSURANCE

LICS GROUP CREDIT LIFE INSURANCE

LICS SINGLE PREMIUM GROUP INSURANCE
LICS NEW GROUP LEAVE ENCASHMENT PLAN
LICS NEW GROUP SUPERANNUATION CASH ACCUMULATION PLAN
LICS NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN I
LICS NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II
LICS NEW GROUP GRATUITY CASH ACCUMULATION PLAN

SOCIAL SECURITY SCHEME

AAM ADMI BIMA YOJANA

HEALTH PLAN

LICS JEEVAN AROGYA

pg. 10

INTERNATIONAL OPERATIONS / ASSOCIATES

INTERNATIONAL OPERATIONS

LIC FIJI
LIC MAURITIUS
LIC UNITED KINGDOM
LIC (INTERNATIONAL) B.S.C (C), BAHRAIN
LIC (NEPAL) LTD
LIC (LANKA) LTD
SAUDI INDIAN COMPANY FOR CO-OP. INSURANCE, KSA.
KEN-INDIA ASSURANCE CO. LTD., KENYA.
LIC CO-ORDINATING OFFICE IN INDIA

ASSOCIATES

LIC HFL FINANCIAL SERVICES LTD

LIC HOUSING FINANCE LTD.
LICHFL CARE HOMES LTD.
LIC MUTUAL FUND AMC LTD.
LIC CARDS SERVICES LTD.
LIC PENSION FUND LIMITED

GOLDEN JUBILEE FOUNDATION CORPORATE SOCIAL RESPONSIBILITY

LIC Golden Jubilee Foundation was established on 20.10.2006, and registered with Charity Commissioner
under Bombay Public Trust Act 1950 with the objective of promoting education, health, relief of poverty or
distress and advancement of other objects of general public utility.
CURRENT AFFAIRS FOR LIC EXAM
1. Japan and South Korea are on the list of 113 countries whose citizens can arrive in India through an
electronic tourist visa on arrival (e-TV) platform.
2. Retired judge of the Allahabad High Court Justice Sanjay Mishra was sworn in as the new Lokayukta
of Uttar Pradesh.
3. Vaccines manufacturer Bharat Biotech announced a breakthrough in developing the worlds first
Zika vaccine.
4. Former Lok Sabha Speaker and veteran Congress leader Balram Jakhar passed away.
5. Nana Patekar will get the 'Godavari Gaurav' award, Kusumagraj Prathishthan'
6. IFR, in its second edition, was held from February 4, 2016 to February 8, 2016 at Visakhapatnam.
7. The website ifr16.indiannavy.gov.in and the mobile app IFR-16 Indian Navy which will serve as the
single window interface for interaction with the public and the participants have been launched.
8. The theme of the event is 'United through Oceans' and the mascot is Dolphin.
9. President Pranab Mukherjee, Supreme Commander of the Armed Forces, reviewed the fleet on
the Presidential Yacht INS Sumitra, accompanied by Prime Minister Narendra Modi,
10. Well-known cartoonist Sudhir Tailang, who was suffering from a brain tumour, passed away. He was
awarded Padma Shri in 2004 for his contribution to the art of cartooning.
11. The Rajasthan Government organised a one-day start-up (Start-up Oasis) fest at Udaipur, promoting
entrepreneurship and giving a boost to start-ups in the state.

pg. 11

12. The 14-day Indo-Nepal military exercise 'Surya Kiran' focusing on jungle warfare and counter
terrorism has begun at Pithoragarh in Uttarakhand.
13. This is the 9th such exercise between the two countries
14. India's economy is forecasted to grow by 7.6% in 2016-17 (CSO)
15. Reserve Bank of India (RBI) has cancelled the certificate of registration of four non-banking
financial companies (NBFCs).
16. Goyal Commercial Pvt Ltd and First Debt Management Co. of India Ltd are the NBFCs belonging to
Kolkata, while Nostalgia Finvest Private Limited and Narad Realtors Private Limited belong to
Mumbai.
17. Film actor Kajol is likely to be appointed as a part-time member of the Prasar Bharati board.
18. Artificial Intelligence pioneer Marvin Minsky died.
19. World champion India held its nerve impressively , defeated Pakistan by 45 runs and lifted the
first T20 Asia Cup for the Blind at the Nehru Stadium in Kochi.
20. Noted Malayalam and Tamil actor Kalpana, 51, who is remembered for her roles in films
Sathileelavathy, Chinna Veedu and Dum Dum Dum, died in Hyderabad.
21. The government is considering the recommendations of the Parthasarathi Shome committee aimed at
simplifying tax administration. Other recommendations were for the CBDT and the CBEC to be
merged and for the use of Permanent Account Number (PAN) to be widened.
22. Mayank Mehta, who was a general manager at Union Bank of India, has been elevated as ED of
Bank of Baroda.
23. Vinod Kumar Kathuria, who was a general manager in Punjab National Bank, has been appointed as
ED of Union Bank of India.
24. Nageswara Rao Y has been appointed as ED of Vijaya Bank.
25. Rajkiran Rai G has taken charge of Gurgaon-based Oriental Bank of Commerce.
26. Veteran actor Rekha was honoured with the Yash Chopra Memorial Award evening in Mumbai for
her contribution to the film industry.
27. According to Transparency Internationals International Corruption Perceptions Index 2015, India is
placed at 76th position. Denmark the least corrupt country.
28. The Human Resource Development Ministry appointed Ashok K. Roopanwal, a former judge of the
Allahabad High Court, as the one-man commission of enquiry into the circumstances that led to the
January 17 suicide of Hyderabad University research scholar Rohit Vemula.
29. A maximum of six tickets can be booked in a month by a single user ID on IRCTC website from 15
February.
30. Indias voting rights increase to 2.6 per cent from the current 2.3 per cent, and Chinas to six per
cent from 3.8 in the IMF.
31. The former Army chief General K. V. Krishna Rao, who was the Governor of Jammu and Kashmir
for two terms when militancy flared up has passed away.
32. Renowned poet and lyricist Nida Fazli, who penned several soulful compositions like 'Kabhie kisi ko
mukamil jahan nahi milta', passed away.
33. Brendon McCullum retires from ODI cricket (The Indian Express)
34. Former Nepal PM Sushil Koirala dies at 78 (Indian Express)
35. Swedish Prime Minister Stefan Lofven to visit India (Business Standard)
36. Heath Streak all set to become Gujarat Lions bowling coach (Indian Express)
37. Aditya L-1 is the nations third big extra-terrestrial outing after Moon and Mars, all conceived and
designed by ADCOS, the multi-faculty body of the Indian Space Research Organisation.
38. India ranks 37/38 in new US Chamber IP 'Infinite Possibilities' index(Business Standard)
39. J&K set to host 10th edition of SaMaPa music fest (Business Standard)
40. Centre plans workshop for 23 cities to improve Smart city proposals
41. Australia has appointed Harinder Sidhu as its next High Commissioner to India

pg. 12

42. Appointments Committee of the Cabinet has approved extension in service to Ratan P Watal, Finance
Secretary and Secretary, Department of Expenditure, Ministry of Finance for a period of two months
up to April 30, 2016.
43. Amitabh Kant, will head Niti Aayog
44. Former Forwards Markets Commission (FMC) chairman Ramesh Abhishek has been appointed
secretary in the department of industrial policy and promotion (DIPP),
45. Net neutrality debate: Facebook shuts down Free Basics in India (Economic times)
46. Former Competition Commission of India chief Ashok Chawla was appointed the chairman of Teri
(The Energy and Resources Institute)
47. BCCI bans Pakistani umpire Asad Rauf for 5 years (The Hindu)
48. India's Anirban Lahiri has been voted as the Hilton Asian Tour Golfer of Year by fans in an online
poll.
49. Swachh Sarvekshan is a survey commissioned by the Ministry of Urban Development, that will be
conducted by the Quality Council of India (QCI) to assess sanitation and hygiene conditions of 75
major cities, including 53 cities with a population of above 10 lakh each and the State Capitals.
50. Music maestro Ilaiyaraja has been selected for Kerala Tourisms Nishagandhi Puraskaram 2016 for
his artistic excellence and contribution to the Indian film music industry.
51. The Union government and the World Bank signed a $50-million credit agreement for a project
aimed at helping young people from minority communities complete their education and improve
their employment opportunities.
52. Mr. Adnan Sami has become an Indian citizen on 1st January.
53. Shyam Benegal to head CBFC revamp panel
54. The Union Information and Broadcasting Ministry constituted a committee, headed by film-maker
Shyam Benegal.
55. Javed Ahmed, new Director General of Police, Uttar Pradesh
56. Arunima Sinha, the amputee mountaineer who set a record by conquering Mount Everest, has
added another feather to her cap by conquering Mount Aconcagua in Argentina.
57. The latest edition of Sahyog-Kaijin, the Indo-Japan Coast Guard Joint Exercise, will begin in the
Bay of Bengal off the Chennai coast on January 12.
58. R.M. Lodha Committee report said that government servants and ministers should be banned from
holding posts in the BCCI.
59. Abidali Neemuchwala, 48, group president of Indias third largest software exporter, Wipro,
has been appointed as the companys Chief Executive Officer
60. Sarosh Homi Kapadia, the 38th Chief Justice of India, bade farewell to the world in Mumbai
61. BCCI president, Shashank Manohar, presented the BCCI International Cricketer-of-the-Year Award
2014-15 to Test captain Virat Kohli at the ninth BCCI annual awards
62. Polly Umrigar Trophy for International Cricketer-of-the-Year: Virat Kohli.
63. Col. C.K. Nayudu Lifetime Achievement Award: Syed Kirmani.
64. Lala Amarnath Awards: for Best All-rounder in Ranji Trophy: Jalaj Saxena (Madhya Pradesh)
65. For Best all-rounder in domestic limited-over competitions: Deepak Hooda (Baroda).
66. Madhavrao Scindia Awards: for Highest scorer in Ranji Trophy: Robin Uthappa (Karnataka)
67. Indian shooter Apurvi Chandela broke the world record on way to winning gold in the womens 10
metre air rifle event at the Swedish Cup Grand Prix.
68. In order to avoid duplication of work and to improve efficiency, the government merged the Ministry
of Overseas Indian Affairs (MOIA) with the Ministry of External Affairs.
69. Urjit Patel, Deputy Governor of Reserve Bank of India (RBI) in-charge of the monetary policy
department, has been re-appointed for a term of three years.
70. Nobel Peace Prize winner Kailash Satyarthi launched his book Azad Bachpan Ki or, dedicated to
all the child labourers he has come across so far.
71. Telangana has become the first State to introduce compulsory gender education at the graduate level.
72. Devender Kumar Sikri has taken over as the Chairman of Competition Commission of India (CCI).

pg. 13

73. Barcelona forward Lionel Messi won his fifth world player of the year crown at the FIFA Ballon
dOr ceremony.
74. The Revenant and Mozart in the Jungle emerged as the top winners at the star-studded 73rd edition
of the Golden Globe awards.
75. The Revenant, a biographical Western film set in 1823 Montana and South Dakota, bagged three
awards best drama film, best actor in a drama for Leonardo DiCaprio and best director for
Alejandro G. Inarritu
76. Pradhan Mantri Fasal Bima Yojana will bring about a huge change in the lives of farmers.
Government liability on premium subsidy would be shared by the Central and State governments on a
50:50 basis.
77. The scheme will have a uniform premium of only two per cent to be paid by the farmers for all kharif
crops and 1.5 per cent for all Rabi crops.
78. There is no upper limit on government subsidy.
79. Lieutenant-General J.F.R. Jacob, who died in New Delhi, was one of the heroes of the 1971 war with
Pakistan.
80. In the WIPO's Global Innovation Index 2015 that surveyed 141 economies in the world, India was
ranked 81. WIPO (World Intellectual Property Organisation) director Ms Louise Van Greunen.
81. Facebook COO Sheryl Sandberg has decided to donate $ 31 million in Facebook stock to charity.
82. The Reserve Bank of India (RBI) has infused 1,000 crore of additional capital in National Housing
Bank (NHB), a wholly owned entity of the central bank.
83. The government will set up a fund with an initial corpus of 2,500 crore and a total corpus of
10,000 crore over a period of four- year funds for start-ups
84. A Grand Challenge program called NIDHI (National Initiative for Developing and Harnessing
Innovations) shall be instituted through Innovation and Entrepreneurship Development Centres
(IEDCs) to support and award INR 10 lakhs to 20 student innovations.
85. Eastertime Kire, poet, novelist and childrens writer from Nagaland, won The Hindu Prize, 2015, for
her novel When the River Sleeps, a book about a lone hunter seeking a faraway river, to take from
it a stone that will give him untold powers.
86. Taiwans independence-leaning opposition leader Tsai Ing-wen won a convincing victory in
presidential election
87. Author Anuradha Roy won the DSC Prize for South Asian Literature, 2016, for her novel sleeping
on Jupiter, which deals with violence against women.
88. State Bank of India announced the introduction of SBI e-Smart SME to offer easy working capital to
online e-commerce players.
89. EPFO has been awarded the national award on e-Governance for the year 2015-16.
90. The Indian Space Research Organisation (ISRO) launched IRNSS-1E, the fifth of the seven-satellite
Indian Regional Navigation Satellite System (IRNSS) into space.
91. Veteran dancer and Padma Bhushan recipient Mrinalini Sarabhai passed away at her residence in
Ahmedabad.
92. Senior Indian Revenue Service official Atulesh Jindal has been appointed the Chairman of the
Central Board of Direct Taxes (CBDT), Indias apex tax body.
93. Lance Naik Mohan Nath Goswami from the Armys elite Para Special Forces has been awarded the
Ashok Chakra, the countrys highest peacetime gallantry award, posthumously for his role in saving
two colleagues during an encounter with militants in Kashmir last year.
94. The Mysuru-Varanasi Express will become the countrys first Braille-embedded train.

pg. 14

pg. 15