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Insurance and Pension: Turning Big Risks into Small Payments
Insurance is a contract in which a person pays a small regular amount, called the premium, and the insurer promises a large payment, the sum assured, if a specified loss occurs. Thousands of people share the risk, so no single family is ruined by one accident or death. Pension is the other half of financial security: a regular income after retirement. Life insurance pays on death or maturity; general insurance covers health, motor, fire and crop losses. Key words are policyholder, nominee (the person who receives the money), premium and sum assured. India's system has regulators, public insurers and low-cost government schemes for the poor. These cards give you the institutions, the dates and the numbers that SSC, Railway, UPSC and teacher-recruitment papers keep asking.
1. Which body regulates the insurance sector in India?
2. The National Pension System (NPS) is regulated by:
3. The Life Insurance Corporation of India (LIC) was formed in the year:
4. Atal Pension Yojana accepts subscribers in which age group?
5. Which scheme gives ₹2 lakh cover on accidental death or total disability for a premium of ₹20 a year?
6. Which statement about the National Pension System is correct?
7. Under the EPF scheme, what percentage of basic pay plus dearness allowance does the employee contribute?
8. An insurance contract on property that pays only the actual loss suffered is called a contract of: