Insurance Products
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Indian Economy and Indian Financial System — JAIIB.
One-liners from this chapter
Free sample — 8 of 49 rapid-fire Q&A cards.
LIFE Insurance — Sub-types / Regulator?
Sub-types: Term, Whole Life, Endowment, Money-Back, ULIP, Annuity (Pension); Regulator: IRDAI
GENERAL Insurance (non-life) — Sub-types / Regulator?
Sub-types: Health, Motor, Fire, Marine, Travel, Property, Burglary, Liability, Crop, Aviation; Regulator: IRDAI
Statutory micro-cover — Sub-types / Regulator?
Sub-types: PMJJBY (life), PMSBY (accident); Regulator: GoI / IRDAI
Immediate Annuity — Premium payment / Pay-out start?
Premium payment: Lump sum, in one instalment; Pay-out start: Payments start immediately
Deferred Annuity — Premium payment / Pay-out start?
Premium payment: Lump sum OR regular premiums; Pay-out start: Income / lump sum starts at a future date
Third-Party Insurance — Covers / Statutorily required?
Covers: Injury / death / property damage caused to a third party by the insured vehicle; Statutorily required?: Mandatory (Motor Vehicles Act, 1988)
Comprehensive Insurance Policy — Covers / Statutorily required?
Covers: Third-party cover + Own Damage cover + theft of vehicle; Statutorily required?: Optional but recommended
Nature?
Pure term life insurance scheme
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