Paper 11

Question 1
How are perils and hazards normally
distinguished under term insurance policies?
(Chapter 14)
A Perils are medical factors which influence the
risk of dying and hazards are lifestyle activities
which influence the risk of dying.
B Perils are risks that policyholders will die
before a specified date and hazards are factors
which could influence that risk.
C Perils are factors which affect the risk being
insured and hazards are the size of the risk
being insured.

Manish Suryawanshi

D Perils are factors which could influence an

insured event occurring and hazards are the
actual events which will trigger a payout

Question 2
In the context of financial planning, how is the
difference between real needs and perceived
needs best described? - (Chapter 4)
A Real needs are financial needs and perceived
needs are non-financial needs.
B Real needs are actual needs and perceived
needs are based on a clients thoughts and
desires.
C Real needs are identified by the insurance
agent and perceived needs are identified by the
client.
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D Real needs are needs which satisfy an

objective and perceived needs are needs which
do not satisfy an objective.

Question 3
If a person is concentrating more on health
plan and retirement plan then at which stage of
life is he in. (Chapter 8)
A Young unmarried
B Young married
C Young married with Kids
D Pre retirement

Question 4

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The Institute of insurance and risk management

along with insurance education does what
more - (Chapter 1)
A Regulation
B Redressal
C Research
D Repository
Question 5
If the client does not wish to proceed with the
recommendations right at the moment the
agent should - (Chapter 18)
A Insist on taking the product right away
B Should ask for the reason for not going with
the recommendation
C Should ask for a future date from the client
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D Should review once again

Question 6
Suresh has adequate reserve capital with him
and he wishes to protect his income, moreover
he feels that if he does not die then he would
need the amount. What type of plan should he
opt for? - (Chapter 5)
A Term Insurance Plan
B Endowment plan
C Return of premium plan
D Pension plan

Question 7
A claim was paid in a policy and it was
advertised in the newspaper also. This indicates
that the policy was. - (Chapter 11)
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A It was assigned.
B It was paid up.
C It was lost.
D It was surrendered.

Question 8
An indemnity bond was signed in a policy when
the claim was paid. This indicates that the
policy was. - (Chapter 13)
A It was lost.
B It was paid up.
C It was lapsed.
D It was lapsed.

Question 9
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Manish and Manisha is a married couple with

one child. They want to plan for savings, child
education/marriage and their retirement and
protection of income. Which should be their
lowest priority? - (Chapter 5)
A Marriage.
B Savings.
C Education.
D Protection.
Question 10
While calculating HLV along with future
income, no of years of work, increments in
salary what is also to be taken in to account?
(Chapter 9)
A Inflation .
B Interest.
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C Discount rate
D Compounding.

Question 11
If RBI increases the interest rates then what will
be the effect on share prices. (Chapter 16)
A Shares will be more attractive.
B Shares will be less attractive.
C Fixed deposits will be more attractive.
D Fixed deposits will be less attractive.
Question 12
Vishal and sandeep applied for a health plan in
XYZ Life Insurance Company. Vishal is asked to
undergo a medical checkup but Sandeep is not

Manish Suryawanshi

asked to do so. What will be most possible

reason? - (Chapter 8)
A Sandeep has taken another policy from XYZ
Life Insurance Company
B Vishal is older than Sandeep
C Sandeep is earning more then Vishal
D Vishal is working in a MNC

Question 13
During fact finding, What will be the next step
after Identifying clients need - (Chapter 18)
A Quantify clients need
B Priorities Clients Need
C Recommending Product
D Fill up the proposal form
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Question 14
What is purpose of investing money in debt
mutual fund? -(Chapter 4)
A Easy access
B Fixed income
C Tax Benefits
D Liquidity

Question 15
Mr. shailsh has an endowment policy with 30
years policy term, he has paid for eight years.
The
sum
assured
Rs.8,00,000/and
accumulated bonus Rs.60,000/-. What is the
paid up value? -(Chapter 5)
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A 213333
B 229333
C 273333
D 293333

Question 16
What is the similarity between Recurring
Deposits & cumulative deposits in a bank (Chapter 6)
A Guarantees
B Taxation
C Tenure
D Lock in periods

Question 17
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Mrs. Sheela received some amount out of her

husbands death. In such a situation what will
be her prime focus?-(Chapter 4)
A Savings
B Insurance
C Investment management
D Planning for pension

Question 18
Mr. Kunal used to participate in Car race. While
taking up the Insurance policy he disclosed this
information. What kind of hazard does it refers
to -(Chapter 14)
A Physical hazard
B Fraudulent representation
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C Moral hazard
D Moral hazard

Question 19
Which of the following falls under voidable
contract?-(Chapter 3)
A Misrepresentation
B Lack of insurable interest
C Fraud
D None of the above

Question 20
Law of large numbers is worked out by which of
the following?-(Chapter 10)
A Pooling of risk
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B Maintaining insurable interest

C With utmost good faith
D Randomness
Question 21
If a client wants to compare between all
financial products then the best person he can
approach is-(Chapter 12)
A Individual agent
B Corporate agent
C Bank
D Broker

Question 22
If a person want to maintain emergency funds
the best place is a bank or -(Chapter 5)
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A Equity market
B ULIP
C Debt mutual fund
D FD

Question 23
During a fact finding process the need analyzed
were income replacement and childrens
education. But the customer insists on only a
child plan for the time being and asks the agent
to give him a child plan. The agent should.(Chapter 18)
A Do the fact finding exercise again
B Insist with the client to take a term plan
C Give a child plan and revisit the client on a
later date
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D Give the lead to another agent

Question 24
If a case is already before the consumer forum,
then the ombudsman should-(Chapter 20)
A Give a recommendation
B Give a joint decision with the consumer
forum
C Dismiss the case
D Give an award.

Question 25
If the sum assured remains the same, what will
be impact of net premium if the age of the
policyholder increases-(Chapter 10)
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A It rises
B It falls
C It remains constant
D Gross premiums increases

Question 26
What is the advantage of converting physical
gold assets to gold ETFs.-(Chapter 5)
A Liquidity
B More gold in value
C Purity
D More conversion value

Question 27
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For which of the following reasons, the

underwriter should ask beyond agents
confidential report.-(Chapter 14)
A Physical Hazard
B Moral Hazard
C SA is too high
D Pure Risk

Question 28
After doing the need analysis of the client, the
agent advised the client to opt for ROP product.
But the client refused. According to ethical
business practices what will the agent do ?(Chapter 18)
A Enquire about the refusal from the client
B Suggest an alternative plan
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C Pass on to the superior

D Pass on to the other agent

Question 29
Generally insurance companies do not hold the
premium in case of a fraud or
misrepresentation. However, due to which of
the following circumstances the insurer can
retain the premium of the policyholder(Chapter 11)
A Fraudulent claim
B Indisputability clause
C Redressal procedure
D Pending decision from Ombudsman

Manish Suryawanshi

Question 30
According to IRDA agents code of conduct,
what is the best method of showing the
amount of commission earned by the advisor (Chapter 16)
A Signed copy of sales illustration
B Brochure
C Hand written declaration by agent
D Verbal communication to customer

Question 31
With pooling of risks an insurance company
pools the premium collected from several
individuals to insure them against similar risks.
At what circumstances will the insurance
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companies pool the risk of a life insurance and

health insurance together? -(Chapter 5)
A Under no circumstances
B Under conditions of the reinsurer
C Under conditions of the reinsurer
D As per company policy

Question 32
In case the customer has stopped making
payment for the premium of the policy. What
are the two most important things required in
order to reinstate the policy? -(Chapter 10)
A Reinstatement Fee and Proof of continuing
good health
B Premium cheque and health declaration
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C Only health certificate

D Premium cheque with arrears

Question 33
If the customer has invested money in a
pension plan from company A and buys an
annuity from company B, what is the nature of
transaction?-(Chapter 7)
A Life Long Annuity
B Life Long Annuity
C Reinsuring Annuity
D deferred Annuity

Question 34

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If a policy holder buys a policy from the advisor

and lodges a complaint, it should be treated as :
-(Chapter 18)
A Same for all policies sold by advisor
B Same for all policies sold by the advisor
except corporate clients
C Only for policy for which complaint has been
given
D None applicable

Question 35
An investor holds a wide range of shares. If the
Reserve Bank of India announces a series of
significant interest rate increases, the prices of
these shares are most likely to -(Chapter 10)
A Become volatile
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B Decrease
C Increase
D Remain unchanged

Question 36
In life insurance business if a person is working
in calculating premium rates of insurance
products, then he is mostly likely a member of (Chapter 10)
A institutes of actuaries of India
B insurance institute of India
C Charted institute of insurance
D Insurance institute of risk management

Question 37
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In a life insurance policy it is later found that

the person doesnt have insurable interest then
the contract is -(Chapter 14)
A expired
B reviewed
C reviewed
D Valid

Question 38
If both parents of proposer died in their thirties
due to heart attack what is the kind of peril or
hazard the proposer has? -(Chapter 14)
A Insurable hazard
B moral hazard
C non insurable hazard
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D Physical hazard

Question 39
Raunak earns 80,000 per month as salary. He
has taken a House loan of Rs. 500000. What will
be the maximum amount of EMI that can be
charged by the Bank to recover the loan
amount?-(Chapter 5)
A Rs. 32000 per month
B Rs. 24000 per month
C Rs. 40000 per month
D Rs. 48000 per month

Question 40

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Frequent switching is not advisable in ULIP plan

because it increase -(Chapter 15)
A Investment Risk
B Risk of death
C Uncertainty of return
D Chances of lapse

Question 41
According to insurance terminology which of
the following is correct?-(Chapter 14)
A Lung cancer is a hazard whereas smoking is a
peril
B Smoking is a hazard and lung cancer is a peril
C Lung cancer is a peril and smoking is a moral
hazard
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D Smoking is a moral hazard whereas lung

cancer is a peril.

Question 42
An insurance agent sold two policies to two
different persons having the same policy term.
He declares the commission to each of them.
The commission of one of the policy is more
than the other. What should be the reasons for
this difference?-(Chapter 14)
A Risk profile of both the policyholder are
different
B Age of both the candidate are different
C Both have chosen different kind of policies.

Manish Suryawanshi

Question 43
Open market option under Annuity policy
would extend which of the following benefit?(Chapter 4)
A Ensure Better annuity rate
B Increase in the range
C Increase in return
D Switch of Funds

Question 44
Akash is an Unmarried person and employed
with company ABC and drawing a handsome
salary. He has no liabilities. What kind of plan
can be suggested to him?-(Chapter 15)
A Money Back
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B Term Plan
C Endowment Plan
D ULIP

Question 45
What should an agent do in order to
understand the mental state of client in respect
to his investments in saving products-(Chapter
18)
A Fact finding
B Consulting the clients parents
C Consulting the family of the client
D Reviewing his existing investments

Question 46
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Net premium is equal to-(Chapter 10)

A Premium plus interest earning
B Risk premium plus interest earning
C Premium minus interest earning
D Risk premium minus interest earning

Question 47
Pooling of risk in insurance means-(Chapter 5)
A The premium collected & deposited in a pool
B All similar risks are pooled together
C Premium is pool to make claims
D Contribution of insurance company

Question 48
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Principle of utmost good faith will operate in

existing policy-(Chapter 3)
A Every time premium is paid
B If the policy has lapsed and it has to be
revived.
C If the insured person falls sick and is admitted
to hospital.
D If the insured person changes his job.

Question 49
Both the parties to a contract must agree and
understand the same thing and in the same
sense which is called-(Chapter 3)
A Consideration.
B Legality of an object.
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C Consensus ad idem.
D Acceptance.

Question 50
In case of life insurance, Insurable interest must
exist-(Chapter 3)
A At inception of policy
B Not needed
C At the time of claim
D Any time during the contract

Paper 12
Question 2
How riders will help the customer in life
insurance?
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A allows policyholders to customize their

insurance cover with additional benefits
B rider is like a clause
C Operative clause.
D Rider is like Preamble.

Question 3
In Daily hospitalization cash benefit scheme,
A The daily amount paid is fixed and will never
be more or less than the cost of actual
treatment.
B The insurance company may pay an
additional amount on a daily basis if the insured
is admitted to the Intensive Care Unit (ICU).

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C The insurance company will pay for doctor

consultation
fees
incurred
prior
to
hospitalization
D Only surgery expenses are included in daily
hospitalization benefit

Question 4
A lump sum withdrawal allowed
commutation in pension plans is
A 1/3rd of the accumulation fund
B 1/4th of the accumulation fund
C 1/2nd of the accumulation fund
D Full withdrawal is allowed

Question 5
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as

Customer has opted for a 5 yrs guaranteed

annuity option. What will happen to annuity, if
the customer survives for 5 years after the end
of guarantee period?
A paid up to 75 Yrs
B annuity will be continued for next 5 Years
C till he die
D not remembered

Question 6
In term insurance if Critical illness rider claim
happens then what will happen to existing
policy
A CI benefit will cease
B CI benefit reduced from existing sum assured
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C CI benefit continues
D No change in policy.

Question 7
What is the main objective of taking the life
insurance policy?
A Tax benefit
B Savings
C Investment
D Protection

Question 8
If person consumes alcohol- what is the type of
hazard?
A Moral
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B Physical
C Ethical
D Ethical & Moral both

Question 9
Group Insurance can be taken in following
relationship
A employee- employer
B husband-wife
C family members
D society members

Question 10
Where one can approach in case of dispute?
A IRDA
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B Consumer Forum
C District Forum
D National Forum

Question 11
Life insurance is the most important for which
age group
A Young
B Pre- retirement
C Retirement
D children

Question 12

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Where annually increasing flexible premiums

operate under a life insurance policy, what rate
of increase will generally apply?
A 2.5%
B 3.0%
C 5.0%
D 7.5%

Question 13
Kamal is willing to pay 60000/- per annum for
his ULIP policy. What should be the SA in case
he wants to avail the tax benefits?
A 1 lacs
B 3 lacs
C 2 lacs
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D 60 Thousand

Question 14
The regulations issued by the IRDA, require that
the decision on the proposal must be conveyed
to the proposer within
A 15 days of receiving the proposal
B 20 days of receiving the proposal
C 25 days of receiving the proposal
D 30 days of receiving the proposal

Question 15
Family floater health Insurance plan covers
A All members of a Family
B Husband and Wife only
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C Parents only
D Children Only

Question 16
According to IRDA guidelines, how long does an
insurance company have to complete its
investigation of a claim?
A 30 days
B 90 days
C 120 days
D 180 days

Question 17

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How the Daily hospitalization cash benefit will

provide benefits to policyholder who is
hospitalized?
A Entire charges are refunded.
B Entire charges less bed charges will be paid
C A fixed amount on a daily basis is paid
irrespective of the actual cost of treatment
D Only Hospital bill will be paid

Question 18
Who is a regulator, supervisor and monetary
authority of the financial system in India?
A IRDA
B SEBI
C RBI
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D SBI

Question 19
Indisputability clause can be enforced by the
insurance company during the
A First five years of policy
B First Two years of policy
C Claim
D Inception of the policy

Question 20
To ensure that the premiums are paid out of a
legitimate source of funds cash is accepted
A Up to 50000
B Up to 99990
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C Up to 100000
D Without any limit

Question 21
If there is no claim in a year than what will be
the benefit to the customer as NO CLAIM
BONUS
A Discount in next year premium
B Increase in Sum Assured next year
C Loans facility
D No benefit

Question 22
An individual is said to be competent to enter
into a contract if they are
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A 18 year old
B 21 year old
C 23 year old
D 25 year old

Question 23
Maximum time for investigation in disputed
claim?
A 1 month
B 2 months
C 3 months
D 6 months

Question 24
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The Ombudsmans powers are restricted to

insurance contracts of value not exceeding?
A 50 lakhs
B 30 lakhs
C 25 lakhs

Question 25
In which section of Policy document,
Information about the location of the insurance
Ombudsman had written?
A Operative clause
B Attestation
C Information statement
D Endorsements

Manish Suryawanshi

Question 26
In Cumulative bank deposit the interest that in
normally compounded on what basis.
A Monthly
B Quarterly
C Half Yearly
D Annually

Question 27
The premium for accidental death benefit rider
must not exceed
A 15% of base policy premium
B 25% of base policy premium
C 30% of base policy premium
D 40% of base policy premium
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Question 28
If the annual premium for a plan is 32000 and a
frequency loading of 4% is added in a quarterly
premium what is the amount that needs to be
paid.
A 8000
B 8320
C 9456
D 9240

Question 29
What amount of insurable interest does an
individual have in his own life?
A 20,000
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B 50,000
C Up to the sum assured taken in the plan
D Unlimited

Question 30
Ombudsman passes an award within which
time
A 1 month
B 2 months
C 3 months
D 6 months

Question 31
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If the license of an agent has been disqualified

by a designated authority in 2010 then the
person can apply for a license in which year.
A 2013
B 2015
C 2017
D 2020

Question 32
Under the hospital care rider what is the
payout made
A 10% of the sum assured
B Specified amount multiplied by the number
of days the policyholder is hospitalized

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C expenses incurred per day multiplied by no.

of days stay in the hospital
D 100% of Sum Assured

Question 33
If the agent recommends the client to
terminate an endowment plan and take a
whole life in order to earn higher commission
its termed as
A Switching
B Doing a financial planning
C Churning
D Fact Finding

Manish Suryawanshi

Question 34
Mr. Denny is married and has 2 children and his
parents are alive. He has taken a family floater
plan. Under the plan who all will be covered.
A Denny
B Denny and his wife
C Denny, his wife and children
D Denny, his wife, his children and his parents

Question 35
Amit has taken a G-Sec and has parted with it
mid way as he required the money with the
intention of not getting the interest. What will
he get?
A Discounted Value
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B Principle amount
C Discounted Value with persistency bonus
D Principle with persistency bonus

Question 36
If bonus is given under a plan the additional
premium added is known as
A Loading
B Investment
C Frequency
D Interest

Question 37
Nomination can be in favor of how many
people?
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A One person
B Two persons
C Three persons
D It can be any number
Question 38
Suresh is suffering from Asthma and the policy
is been done on joint life basis and the need for
nomination under the plan will be as
A Joint life policy
B Not Possible
C 50:50
D Not Applicable

Question 39
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What key impact will the agent have in low

persistency
A Increase more business
B Increase in the agents earning
C Will improve reputation
D Will have impact in his commission.

Question 40
Within how many days will the underwriter
needs to inform the policyholder regarding the
status of the policy.
A 10 days
B 15 days
C 30 days
D 45 days
Manish Suryawanshi

Question 41
Certificate from the village panchayat
A Will be considered as standard age proof
B Will be considered as non standard age proof
C Will not be accepted
D Will be verified first

Question 42
What is the maximum sum assured under a
micro insurance
A 10000
B 25000
C 50000
D 100000
Manish Suryawanshi

Question 43
Varun wishes to pursue a career in insurance
and wishes to be in a department which
calculates the level of premium. In which
department should he join?
A Actuary
B Underwriter
C Claim Department
D Accounts

Question 44
If Naresh wishes to take the tax benefit of the
full premium paid which is 60000, what amount
of sum assured should he avail in a ULIP plan.
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A 2 lacs
B 3 lacs
C 5 lacs
D 6 lacs

Question 45
Ashish is looking at different plans of insurance
for protection at the lowest premium. Which is
the best plan for him?
A Term plan
B Endowment plan
C Whole life plan
D Money back plan.

Question 46
Manish Suryawanshi

The insurance act of 1938 created which of

these.
A IRDA
B Tariff Advisory Committee
C Tariff Advisory Committee
D LIC

Question 47
Ashu is an illiterate person and his proposal
form was filled by Nishu, then what is the
additional requirement to be taken along with
the documents.
A The policy needs to be advertised in the
newspaper.
B Nishu has to sign an indemnity bond.
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C Thumb impression of Ashu has to be taken.

D Ashu needs to be medically examined.

Question 48
Harshs policy matured, however he was paid
only 25% of the sum insured in spite of all his
premiums been paid on time. This indicates
that his policy is a
A Term plan.
B Endowment plan.
C Money back plan.
D Wholelife plan.

Question 49

Manish Suryawanshi

The Authority of COPA is limited to what

amount at the district level.
A 10,00,000.
B 20,00,000.
C 50,00,000
D 1,00,00,000.

Question 50
In case of a term plan the maximum premium
of the accidental rider can be.
A 100% of basic premium.
B 50% of basic premium.
C 30% of basic premium.
D 35% of basic premium.
Manish Suryawanshi

=======================================
===================
English IC 33 Paper 13 (2014-New Syllabus )

Question 1
In case of a term plan the maximum premium
of the accidental rider can be.
A 100% of basic premium.
B 50% of basic premium.
C 30% of basic premium.
D 35% of basic premium.

Question 2
With reference to the principle of indemnity a
life insurance policy is a.
Manish Suryawanshi

A Insurance contract.
B Indemnity contract.
C Value contract.
D Major life contract.

Question 3
In the personal statement, Harish declares that
he consumes alcohol twice every week. This is a
A Moral hazard.
B Moral peril.
C Physical hazard.
D Physical peril.

Question 4
Manish Suryawanshi

Micro insurance is made specifically for people

from.
A High income.
B Middle class.
C Low income.
D Affluent class.

Question 5
The reduction in the benefit illustration shows
what.
A Charges.
B Mortality.
C Interest.
D Inflation.
Manish Suryawanshi

Question 6
If Insurable interest does not exists at the time
of inception of the life insurance policy then,
life insurance contract is
A Voidable
B Invalid
C Valid
D Null & voidable

Question 7
If a contract is signed by a 15 years old boy, this
contract will be
A Null and void
B Invalid
C Voidable
Manish Suryawanshi

D Valid

Question 8
If a life insurance policy is issued with a lien, it
will be mention in
A Proviso
B Schedule
C Terms & conditions
D Endorsement

Question 9
Available Loan amount under a life Insurance
policy is generally based ona
A Total paid premium
B Sum Assured
Manish Suryawanshi

C Surrender value
D Paid up value

Question 10
De- tarrification is a process by which pricing of
Insurance
A Rises
B Decreases
C Reaches at a level as per industry trends
D Insurance can price their product on their self
past experiences.

Question 11

Manish Suryawanshi

As per Regulation for protection of

Policyholders interest 2002 (IRDA), Which
insurer will have a grievance redressal System
A Some Specific Insurer
B Those Insurer who did not created Insurance
Ombudsman System
C All insurer
D It is optional

Question 12
Which body has created a call center for
logging a complaint
A Life Insurance Council
B IRDA
C Insurance Association
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D Insurance Institute of India

Question 13
What is the key function of NIA
A Provide suggestion for Premium calculation
B To be an active link between Global market &
Indian Life Insurance Industry
C Design, implement and operate an insurance
training
D Regulate the investment of funds by Life
Insurance company

Question 14
After maturity In a Unit Linked Life Insurance
Policy, customer does not get received Maturity
Manish Suryawanshi

in a lump sum. What is the possibility of

receiving it in installments if it is not a annuity
plan
A He has switched his fund
B He has opted for Settlement option
C He has he has redirected his past premium.
D Policy was lapsed on the time of maturity

Question 15
Gautam wants to purchase a Kisan Vikas Patra.
What is the most suitable place to purchase it
A Bank
B Insurance Company
C Post Office
D Share Market
Manish Suryawanshi

Question 16
Anand received post taxation 5% return on his
fixed deposit in a bank. If his net return is 3%,
what can be the reason
A Administrative charge
B Inflation
C Interest rate
D Market Risk

Question 17
During Fact finding, rating is mentioned 3. This
Indicates
A Risk apatite of client
B His future aspiration
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C Commitment to need
D Willingness to pay

Question 18
Raunak wants to purchase a cheapest plan
which can provide financial security to his
dependent. Which plan should be offered
A Term Plan
B Term Plan with return of premium
C Pure Endowment plan
D Unit Linked Plan

Question 19
For tax Saving Someone wants to fixed deposit
in bank. What duration is required for it?
Manish Suryawanshi

A 3 years
B 5 years
C 7 years
D 2 years

Question 20
Incase of presumption of death
A Not necessary to pay premium until court
decree
B Necessary to pay premium until court decree
C Claim not admissible
D Depends on case to case

Question 21
Manish Suryawanshi

If insured gets the two advance payment in the

5yrs and in the maturity he gets rest of sum
assured. What type of policy it is
A Money back policy
B Convertible plan
C Term plan
D Endowment policy

Question 22
Which is correct in relation to Insurance
Broker?
A Insurance broker is represents insurance
buyer and remunerated by the insurance
company
B Insurance broker is represents insurance
buyer and remunerated by the Client
Manish Suryawanshi

C Insurance Broker gets money from both

Insurance company as well as from Client fo
selling Insurance
D None are correct

Question 23
Shailesh and ankit want to retire in the age of
65yrs. But shailesh pays more monthly
payment than ankit for same amount of policy.
Why?
A Shailesh is older than ankit.
B Shaileshs income is more than Ankits
income
C Shailesh & Ankit want it that way
D Option 1 & 3 are correct
Manish Suryawanshi

Question 24
What will be lien amount in 3rd year as
compared to the 4th year of lien.
A It is higher
B Decrease
C Slightly higher
D Slightly lower

Question 25
Within how many years a complaint can be
made through consumer protection act.
A One year
B Two years
C Three years
D Five years
Manish Suryawanshi

Question 26
In which plan weekly premium payments are
accepted.
A Health Insurance
B Group Insurance
C Micro Insurance
D Macro Insurance

Question 27
One person wants to take term plan for 20 lakh
and wants to take ADB rider, he is not sure of
how much sum assured he needs to take for
ADB rider. What is your suggestion?
A Needs to take experts suggestion
Manish Suryawanshi

B Equal to base cover

C Any Amount he can take if he is ready to pay
premium
D 50% of SA max.

Question 28
Basing on which criteria the qualification of
Agent is determined?
A Address of the agent
B Domicile status
C Qualification of Agent
D DOB of Agent

Question 29
Manish Suryawanshi

Which tax rate is applicable, in case of Client

pays the premium of 5000/- and suffers illness
before maturity?
A Nil
B 10%
C 20%
D 30%

Question 30
A customer surrenders his policy on Feb 2010
As per Agents code of conduct, an agent can
get a new policy from this customer from Feb
which year
A 2011
B 2012
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C 2013
D 2014

Question 31
If we hold 100 units in gold ETF, It means that
how much grams we have in physical
A 5 or 10 grams
B 10 or 15 grams
C 15 or 25 grams
D 50 or 100 grams

Question 32
In case of life insurance, the insurable interest
should exist
A At the time of taking the policy
Manish Suryawanshi

B At the time of claim

C At the time policy matures
D At the time of taking the policy & claim

Question 33
Pooling of insurance applies to
A all types insurance
B All types of insurance except Motor insurance
C Only life insurance
D Only Non-life insurance

Question 34
Insurance companies are required to honor the
awards passed by the Insurance Ombudsman
within how may days
Manish Suryawanshi

A 10 days
B 15 days
C 20 days
D 25 days

Question 35
If IRDA is unable to discharge its functions or
duties, Central Government
A Has the power to supersede the IRDA by
issuing notification.
B Has the power to supersede the IRDA by
issuing a bill in parliament
C Has the power to supersede the IRDA by
issuing draft
D Can make changes in IRDA law
Manish Suryawanshi

Question 36
An elderly person wants to use tax efficient
investment and invests in senior citizen saving
scheme. Its the impact in his taxation
A He will get tax benefit up to 5000
B He will get tax benefit up to 25%
C He will get a reduction in tax slab
D His investment would be deducted from
taxable income

Question 37
What are the benefits to the policyholder
Under Surgical care rider?

Manish Suryawanshi

A Number of days admitted in hospital &

surgery expenses in full
B Number of days admitted in hospital &
surgery expenses in partial
C Treatment cost of surgery subject to terms &
conditions
D Lump sum amount what he has incurred

Question 38
Health insurance policy holder takes treatment
in a hospital which doesnt have cashless
facility. How the policy holder will get benefited
A Need to spend and Get claim from the insurer
B Need to add that hospital as TPA
C Need not to claim
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D Need to switch to the another insurer

Question 39
During financial planning session if the agent
finds out the following needs, which one should
be given the top priority. Needs: Income
protection, Childs education, marriage and
emergency funds.
A Childs education
B Marriage
C Emergency funds
D Income protection

Question 40

Manish Suryawanshi

National insurance academy has the following

main functions
A Calculating premium
B Interact with the government
C Training
D Mortality assumptions

Question 41
Health insurance rider and critical illness rider
in classified under
A Life and non life respectively
B Both life insurance
C Both non life insurance
D Nonlife and life respectively.
Manish Suryawanshi

Question 42
Pure risk is classified under
A Economic risk
B Speculative risk
C Financial risk
D Insurable risk

Question 43
If a valid claim is delayed by the insurer then
the interest for the same will have to be paid by
the insurance after how many days from the
date of admission of the claim?
A 10 days
B 20days
C 30 days
Manish Suryawanshi

D 60 days

Question 44
As per IRDA regulations IGMS should be
mandatory set up by
A Only by few selected insurers
B Only by non life
C Some life and non life
D By all insurers.

Question 45
If a customer has mentioned he is a drinker in
the proposal form, the insurance company can
exclude this hazard and mention it in which
part of the policy document?
Manish Suryawanshi

A Provisio
B Endorsements
C Operative clause
D Terms and Conditions

Question 46
When can an insurance company give more
than 35% first year commission?
A When the insurance company is in the first 10
years of operation
B If the agent has worked with the company for
more than 5 years
C If the agent has worked with the company for
more than 10 years

Manish Suryawanshi

D If the agent is doing more than 3 policies in a

month.

Question 47
When should an agent disclose the commission
which he will earn from the product which he is
going to sell
A When the customer asks him
B After the fact finding process
C After quantifying the need
D After the product is recommended to the
client

Question 48

Manish Suryawanshi

In a pension plan illustration what are the parts

which shows the benefit for an annuitant.
A Insurance coverage
B Annuity part
C Guaranteed and non guaranteed part
D Vesting age

Question 49
Mr. shailsh has an endowment policy with 30
years policy term, he has paid for eight years.
The
sum
assured
Rs.8,00,000/and
accumulated bonus Rs.60,000/-. What is the
paid up value if bonus accumulated and if not
bonus accumulated?
A 213333 & 273333
B 213333 & 229333
Manish Suryawanshi

C 229333 & 273333

D 229333 & 293333

Question 50
The consequences of these risks which will
affect specific individuals or local communities
in nature is called as
A Pure risk
B Financial risk
C Particular risk
D Physical hazard
=======================================
===================
English IC 33 Paper 14 (2014-New Syllabus )
Question 1
Manish Suryawanshi

What is the disadvantage to the insurer in case

the persistency falls
A Lower profits
B Higher profits
C Increased Liability
D Decreased Life fund

Question 2
For the customer whose claim has been refused
by the company, the three places where he/she
should follow up are Ombudsman, IRDA
Customer Grievance Cell and ..
A Consumer Forum
B COPA
C Sebi
Manish Suryawanshi

D Life Insurance Council

Question 3
If a policy with premium of Rs 5000 has
matured, how much will be deducted when the
maturity claim arises
A Nil
B 1%
C 5%
D 5%

Question 4
When a person is investing in Debt Mutual
Fund, what is the primary objective
A Good Returns
Manish Suryawanshi

B Regular Income
C Safety
D Liquidity

Question 5
If the employer has insurable interest in the life
of an employee, what kind of policy is this?
A Surety insurance
B Keyman Insurance
C Partnership Insurance
D Debtor Insurance

Question 6

Manish Suryawanshi

In the sales illustration, the reduction of the

actual benefit amount is mainly due to
deduction of
A Commission
B Charges
C Non guaranteed benefits
D Reversionary Bonus

Question 7
The concept of indemnity is based on the key
principle that policyholders should be
prevented from
A Insuring existing losses.
B Making false insurance claims.
C Paying excessively for insurance cover.
Manish Suryawanshi

D Profiting from insurance.

Question 8
The client of reinsurer are
A Insurance companies
B Banks
C Asset Management Companies
D Brokers

Question 9
A customer gets periodic benefits without any
claim and then when he dies during the term of
the policy, his nominees gets the sum insured.
What type of policy is this ?
A Endowment
Manish Suryawanshi

B Term
C Money Back
D Whole of Life

Question 10
For assessing the risk of a group health
insurance policy, which of the following
information is the most critical
A Group lifestyle
B Employees
C Age of the group
D Medical history of group

Question 11
Manish Suryawanshi

According to Insurance Brokers Association of

India, what is the most appropriate relationship
between Insurer and Broker?
A Insurance broker represent the client and the
insurer remunerate the broker
B The client represent the broker and the
insurer remunerate the broker
C Insurer represent both client and broker
remuneration
D Broker only service the client

Question 12
A low persistency ratio for the insurance
company means that:
A The customers are satisfied with the products
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B The company is acquiring more business and

new customers
C A large numbers of policies have lapsed /
surrendered resulting in loss of profit
D The company will not declare bonus

Question 13
For
annuity
plans,
before
receiving
regular/periodic annuity payments, the
individual can make a lump sum withdrawal.
This is known as commutation. Up to what
proportion of the accumulated fund can be
withdrawn?
A The entire fund can be withdrawn
B Only half of the fund can be withdrawn
C Only one third of the fund can be withdrawn
Manish Suryawanshi

D Only one fourth of the fund can be

withdrawn

Question 14
What is the stipulated time frame within which
an insurer is supposed to respond after
receiving any communication from its
policyholders?
A 24 hours
B 1 day
C 10 days
D 30 days

Question 15

Manish Suryawanshi

For an insurance agent, a low persistency ratio

means :
A Loss of renewal commission
B High client satisfaction
C Higher reputation
D More earning of First Year Commission

Question 16
The proposer can withdraw from the contract,
if they disagree with the terms and conditions
of the Policy, within a free look-in period of
A 15 days from the date of receipt of the policy
document
B 20 days from the date of receipt of the policy
document
Manish Suryawanshi

C 25 days from the date of receipt of the policy

document
D 30 days from the date of receipt of the policy
document

Question 17
In the case of life insurance, insurable interest
should exist
A At the inception of the policy
B At the time of a claim
C At the time of every renewal premium
payment
D All the above occasion

Question 18
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In which of the following plan remaining part of

the Sum Assured is paid on maturity?
A Endowment Plan
B Convertible Plan
C Money Back plan
D Term Plan

Question 19
Rakesh wants to buy a policy primarily for Risk
Cover but at the end of the term he wants to
get at least some return. Under which policy he
will get these benefits
A Endowment plan
B ROP plan
C Whole life plan
Manish Suryawanshi

D Ulip

Question 20
Payment/Investments in Kishan Vikash Patra
under post office schemes is done
A Regularly with no fixed term
B Lump Sum with no fixed term
C Lump Sum for fixed period of time
D Regularly for fixed period of time

Question 21
Prashant buys an Endowment Plan with a sum
assured of Re. 100000 and wants to make use
of tax benefit under the policy for whole SA.

Manish Suryawanshi

How much premium would help him avail this

benefit
A Less than 10000
B More than 10000
C Less than 20000
D More than 20000

Question 22
Under the IRDA guidelines for Claim
settlement, any queries or additional
documents can asked from the claimant within
A 5 days from the receipt
B 10 days from the receipt
C 15 days from the receipt
D 20 days from the receipt
Manish Suryawanshi

Question 23
Law of Large number helps the insures to
A Calculate the premium
B Increase the profitability
C Increase the profitability
D Declare the bonus

Question 24
A person with a criminal background due to
Financial fraud would come under which hazard
A Physical
B Moral
C Occupation
D Not applicable
Manish Suryawanshi

Question 25
Whose signature is required on attestation of
the policy?
A Agent
B Policy holder
C Authorized officials of insurer
D Proposer

Question 26
What is the ceiling of tax exemption under 80 c.
A 1 lakh
B 1.5 lakhs
C 2 lakhs
D 3 lakhs
Manish Suryawanshi

Question 27
What is the limit of tax benefit that can be
availed of under Section 80C.?
A 75K
B 1L
C 1.5 L
D 50K

Question 28
Mr. Shyam is having 9 year old child. Which
product is not to be given priority?
A Health plan
B Child Plan
C Life Insurance
Manish Suryawanshi

D Retirement Plan

Question 29
Mr. Raj is married and having 2 children. Which
plan can he take that can cover his whole
family?
A Health Insurance
B Family floater
C Life Insurance
D Retirement

Question 30
Which is the best option to manage risk?
A Retain
B Transfer
Manish Suryawanshi

C Avoid
D None

Question 31
What is the major reason for self employed to
take insurance.
A Save Tax
B Fluctuating income
C High Returns
D Protection

Question 32
What is the major reason for conducting fact
finding exercise?
A Need analysis
Manish Suryawanshi

B Understand about company

C Introduction of agent
D Understanding the Customer

Question 33
If 5% bonus is given every year then for a SA of
1 lakh, what will be the payout after 15 years in
a simple revisionary bonus system?
A 60000
B 75000
C 100000
D 5000

Question 34
Manish Suryawanshi

The guidelines for annual assumed growth rate

are given by
A Life Insurance Council
B IRDA
C Actuaries
D Underwriter

Question 35
Pricing element is done by
A IRDA
B Insurance Company
C Life Insurance Council
D CII

Question 36
Manish Suryawanshi

AML Program of every insurer to include

_______________, apart from Procedure,
Training and audit.
A Inspection by IRDA
B Audit by Finance Ministry
C Appointment of Principal Compliance Officer
D Inspection by Auditor General

Question 37
Payment of premiums by cash cannot exceed
____________ .
A Rs. 1, 00,000
B Rs. 50,000
C Rs. 25,000
D Rs. 60,000
Manish Suryawanshi

Question 38
Ravi was expecting a claim amount of Rs. 12,
00,000 from insurer. But it was rejected. He
feels that it is repudiated on wrong reasons.
Which consumer forum can he approach?
A National Commission
B District Level
C State Level
D Mandal Level

Question 39
Under section 80C the maximum tax deduction
that can be gained for premium paid is _______
in a financial year.
Manish Suryawanshi

A Rs. 75,000
B Rs. 1, 10,000
C Rs. 1, 20,000
D Rs. 1, 50,000

Question 40
Vijay received his policy bond on 11th June, 201
Due to some personal problems he has decided
to cancel the policy on 8th July, 201 Can he
cancel or return the policy?
A No, as 15 days period is over
B Yes, as it is within 1 year
C No, as 20 days period is over
D Yes, as it is within 3 months

Manish Suryawanshi

Question 41
Naresh is married and his daughter Sneha is 3
years old. Which plan can he take?
A Term & Children Plan
B Annuity Plan
C Whole Life Plan
D Health Plan

Question 42
Vinay doesnt want to take insurance on
himself. He feels that his family will survive with
the funds available in the bank and monthly
rentals received from village. This comes under
Risk ______
A Transfer
Manish Suryawanshi

B Control
C Retaining
D Avoidance

Question 43
Naveen, aged 32 years, has taken money back
plan. He is a teacher by profession. Naveen
referred Prasad to Ram. Prasad is also teacher.
Ram who is an agent advised Prasad to take
money back plan as he is of same age (33
years). Is it the right advice? Why?
A Yes, as Naveen and Ram are of same age.
B No, customers needs are different
C Yes, as both are teachers
D No, as there is an age difference.
Manish Suryawanshi

Question 44
Ajay has bought an endowment insurance plan
with a cover of Rs. 10, 00,000 for a term of 15
years. Ajay died after 4 years. Insurance
company will not treat this claim as ________
claim.
A Normal
B Fraudulent
C Early
D General.

Question 45
Rajesh is 34 years old and having 2 sons,
Vineeth and Sumith. The level of risk appetite,
Rajesh belongs is _______.
Manish Suryawanshi

A Middle Level
B Top Level
C Low Level
D High Level

Question 46
What is the minimum Sum Assured allowed for
Micro Insurance?
A 5000
B 10000
C 15000
D 20000

Question 47
How many days does the Free Look Period last?
Manish Suryawanshi

A 15 days
B 30 Days
C 45 days
D 60 Days

Question 48
The Ombudsmans powers are restricted to
insurance contracts of what value?
A 1Lakh
B 10 Lakhs
C 15Lakhs
D 20 Lakhs

Question 49
Manish Suryawanshi

Under current regulations what is the

maximum stake that the Foreign Partner in
Insurance Company hold?
A 49%
B 50%
C 60%
D 26%

Question 50
What does MDRT Stand for?
A Million Dollar Round Table
B Major Double Rupees Tag
C Major Dollar Round Tag
D Mean Disposition Residence Time
Manish Suryawanshi

=======================================
===================
English IC 33 Paper 15 (2014-New Syllabus )

Question 1
Where would you have to go if you wanted to
buy a Kisan Vikas Patra?
A Any Nationalized Bank
B Insurance Company
C Post Office
D Mutual Fund Company

Question 2
What is the limit of tax benefit that can be
availed of under Section 80C?
Manish Suryawanshi

A 50,000/B 15,000/C 10,000/D 150,000/-

Question 3
Ombudsman has to give his decision within
how many days?
A 15 Days
B 30 Days
C 2 Months
D 3 Months

Question 4
Manish Suryawanshi

In a case, the underwriter felt that the risk

associated with the person would decrease
with time, then he would accept the case with
A A clause
B A Lien
C A Loading
D A Loading

Question 5
A person suffering from lung cancer is a
smoker. Here smoking can be termed as
A Peril
B Hazard
C Risk
D Uncertainty
Manish Suryawanshi

Question 6
Which of the following is a Non Standard Age
Proof
A PAN Card
B Certificate of Baptism
C Certificate from Village Panchayat
D Certificate from School or College

Question 7
Venu, aged, 32, had a Insurance cover of 10,
00,000/- . He was approached by an advisor
who made some analysis and told him that his
Insurance need is higher than 10, 00,000 and
suggested that he surrenders the existing policy
and buys a new one. This is an example of
Manish Suryawanshi

A Churning
B Proposing
C Underwriting
D Switching

Question 8
If the recommendation of the agent has been
rejected by the client, the agent should:
A Ask the client to fill the proposal form
B Find out the reasons for refusal
C Must try to convince the client to follow his
recommendation
D Must try to force the client to follow his
recommendation

Manish Suryawanshi

Question 9
Which of the following is true regarding Family
Floater Health Insurance Plan?
A A Family Floater Plan is the same as a
Individual Plan
B Only self and spouse can be covered in this
plan
C Any number of people may be covered in this
plan.
D The insurance cover is shared amongst the
family members in no fixed Proportion.

Question 10
In what proportion is the cover in a Family
Floater Plan shared?
A 25% each
Manish Suryawanshi

B 15% each
C 50% each
D No Proportion

Question 11
To identify suitable products their main
features and their tax treatments is the role of:
A Agent
B Insured
C Policy Holder
D Insured person

Question 12
In Cumulative Deposits the interest is normally
compounded in a
Manish Suryawanshi

A Annually
B Semi Annually
C Quarterly
D Monthly

Question 13
The rider which is given by the Insurance
company pays for the treatment costs in the
event of hospitalization of the insured person is
called
A Critical Illness Rider
B Hospitalization Care Rider
C Accidental Benefit Rider
D Surgical Care Rider

Manish Suryawanshi

Question 14
Age proof submitted from Village Panchayat is:
A Standard and accepted
B Not standard but accept
C Not at all accepted
D Accepted with SSLC book/mark list

Question 15
Mr. X is married with wife, 2 children and aged
parents Health premium is allowed for
A X only
B X with wife
C X with wife and kids
D X with all
Manish Suryawanshi

Question 16
Maximum Life cover
A 20 times annual salary
B 500000
C 1500000
D 4000000.

Question 17
As per AML regulation, it allows cash premium
not over than
A Rs.20000
B Rs.25000
C Rs.5000
D Rs.50000
Manish Suryawanshi

Question 18
Bank interest is accumulated
A Monthly
B Yearly
C Quarterly
D Once in 6 months

Question 19
_____ controls monetary system in India
A RBI
B IRDA
C SEBI
D Constitution

Manish Suryawanshi

Question 20
Hospitalization rider has the following benefit:
A Person receives fixed amt daily for no of days
in hospital
B Person receives an amount equal to the
expense.
C Person receives a fixed amount of 1000 daily.
D Person receives benefit only if he is
hospitalized for 3 days minimum.

Question 21
Total annual premium Rs 32000 quarterly
loading done 4 %. Hence actual quarterly
premium will be
A 7680
Manish Suryawanshi

B 9320
C 8320
D 6600

Question 22
License of an agent was withdrawn in June
2010 due to malpractice. He can reapply for his
license in
A 2015
B 2014
C 2013
D 2017

Question 23
A Professional insurance market carries..
Manish Suryawanshi

A Need Based Selling

B Product Based Selling
C Commission Based Selling
D Company Based Selling.

Question 24
Insurance Market divided into
A Endowment and Money Back Insurance
B Life and General (non-life) Insurance
C Government and Private Insurance Markets
D Health and Saving Insurance Markets

Question 25
What is Bancassurance?
Manish Suryawanshi

A Giving insurance policies to Banks.

B Selling insurance policies through Banks.
C Giving guarantee to policies by Banks.
D None of the above.

Question 26
The Risk contains.
A Peril and Hazard
B Level
C Uncertainty
D All of the above.
Question 27
Grouping the similar risks by Insurance
Company is called as.
A Grouping of Risk
Manish Suryawanshi

B Risk Grading
C Risk Assessment
D Pooling of Risk

Question 28
The function of Insurance works on..
A Risk Transfer
B Risk avoid
C Risk retention.
D All of the above.

Question 29
A contract comes into existence when
A One party makes an offer which the other
party accepts unconditionally.
Manish Suryawanshi

B One party makes an offer which the other

party put extra conditions.
C One party makes an offer where other party
gives counter offer.
D One party makes an offer which the other
party receives the offer.

Question 30
Mr. Kumars wife is suffering from blood
cancer. Doctors lost their hope on her live. Mr.
Kumar would like to take Life Insurance policy
on wifes name in order to get monitory
benefit. Insurance company rejects this
proposal on the grounds of.
A Anti Money Laundry
B Legality of object or purpose
Manish Suryawanshi

C Capacity of paying future premiums.

D All of the above

Question 31
Under this situation may leads to breach of the
duty of utmost good faith.
A Non disclosure of material facts.
B Concealment of a material fact
C Fraudulent misrepresentation of facts.
D All of the above.

Question 32
Principle of Indemnity denotes..
A Insurance can not be used to make a profit
Manish Suryawanshi

B Insurance should not taken by high risk

people.
C Insurance can not taken by politicians.
D All of the above.

Question 33
The principle of utmost good faith is not
applicable to
A Facts of common knowledge
B Facts of law
C Facts those are not material.
D All of the above.

Question 34
Manish Suryawanshi

What is the main source for insurance company

to get information of proposer?
A Advertisements.
B Proposal form.
C Conducting interviews.
D Telephonic conversations.

Question 35
What are the factors involved in calculating
Surrender Value of the Policy?
A Number of years premium paid.
B Number of premiums payable.
C Sum Assured
D All of the above.
Manish Suryawanshi

Question 36
What are the different types of Assignments?
A Full Assignment and Partial Assignment
B Conditional and Absolute Assignment.
C Life Assignment and General Assignment.
D Standard Assignment and Non-Standard
Assignment.

Question 37
Mr. Kumar is taken one life insurance policy
with ABC Company. But he is not satisfied with
the policy benefits. What Mr. Kumar can do
under this situation?
A He can not do any thing, because be received
the policy bond.
Manish Suryawanshi

B He can file a complaint against insurance

company in court.
C He can send back the policy document to
insurance company with in 15 days from policy
receiving date.
D Serve notice to insurance company on policy
benefits.

Question 38
Moral Hazard reflects the .
A Intentions and attitude of Proposer.
B Habits and Hobbies of Proposer.
C Occupation and Residence of Proposer.
D Medical and Personal History of Proposer.

Manish Suryawanshi

Question 39
Income replacement methods equates Human
Life Value (HLV) to
A Future value of Present earnings.
B Present value of future earnings.
C Present value of previous earnings.
D Future value of previous earnings.

Question 40
Agent will be called as..
A Primary Underwriter
B Main Underwriter
C Chief Underwriter.
D Information Underwriter.
Manish Suryawanshi

Question 41
Mr. Rajesh has taken policy from ABC insurance
company for Rs. 500000 Sum Assured by paying
Rs. 50,000 premium per year. Company
declared 5% Simple Reversionary bonus, what
is bonus amount?
A Rs. 2500/B Rs. 25000/C Rs. 250000/D Rs. 5000/-

Question 42
The two basic elements of most life insurance
plans are
A Guaranteed Benefit and Non-guaranteed
Benefit.
Manish Suryawanshi

B Interest Benefit and Bonus Benefit.

C Death Benefit and Maturity Benefit.
D Bonus Benefit and Tax Benefit.

Question 43
Term Insurance Plan will give.
A Only Death Benefit.
B Only Maturity Benefit.
C Only Bonus Benefit.
D Only Tax Benefit.

Question 44
Low risk products give..
A High Returns
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B Low Returns
C Moderate Returns
D Good Returns

Question 45
Who will maintain Mutual Fund Schemes?
A Mutual Fund Management Societies
B Mutual Fund Management Systems.
C Asset Management Companies.
D Asset Maintenance Company Limite4.

Question 46
Which is the primary saving need among all
saving needs?
A Insurance
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B Purchasing House
C Investment.
D Contingency/ Emergency Fun4.

Question 47
Mr. Rao has Rs. 10, 00,000 cash with him. He
would like to use this amount for his daughters
marriage which is going to happen with in Nine
months. He would like to get some returns
from this money in these 9 months period.
What is the best option to park his money?
A Insurance
B Shares
C Fixed Deposit in Bank
D Mutual Funds.
Manish Suryawanshi

Question 48
Which of the following product not comes
under Section 80 ( C ), income tax act 196
A National Saving Certificates.
B Equity Linked Saving Schemes.
C Principle component of home loan.
D Premium paid for Health Insurance Plan.

Question 49
Mr. Suresh purchase one pension plan and
accumulated Rs. 9,00,000 amount in his
pension fund. He would like to utilize
commutation benefit before taking pension.
What is amount Mr. Suresh can withdraw as
commutation?
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A Rs. 3, 00,000/B Rs. 4, 50,000/C Rs. 90,000/D Rs, 4, 85, 468/-

Question 50
Customer has to pay the amount in regular
intervals to create purchase price or Pension
Fund. We call this phase as..
A Collection Phase.
B Accumulation Phase
C Pension Phase.
D Primary Phase.
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Manish Suryawanshi