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Category: IC83 GROUP INSURANCE – 01

IC83 GROUP INSURANCE – 01

Que. 1 : Q1) A plan that is funded on a ___________ basis means that no money is invested for the plan, as retiree benefits become due the plan sponsor makes the payments directly.

   1.  a) Pay as you go Pension Schemes

   2.  b) Fully Funded Pension Schemes

   3.  

   4.  

Que. 2 : Q2) As per the Employees Pension Scheme, 1995, members on attaining the age of fifty-eight years and having rendered minimum of _____ years of contributory service qualify for superannuation fund.

   1.  a) 5

   2.  b) 10

   3.  c) 15

   4.  d) 20

Que. 3 : Q3) Bank of India is functioning as NP ________ and it would manage the banking of the Pension fund in accordance with applicable provisions of the Nps Lite, the schemes the guidelines/notifications, issued by PFRDA, Ministry of Finance.

   1.  a) NPS Trust

   2.  b) Trustee Bank

   3.  c) CRA

   4.  d) IRDA

Que. 4 : Q4) The premium guaranteed interest rate applicable to the discontinued fund/ discontinued policy account shall be at an interest rate of__________per annum.

   1.  a) 2%

   2.  b) 4%

   3.  c) Rate applicable to saving bank account

   4.  d) Rate applicable to postal bank account

Que. 5 : Q5) Under Government Employees scheme Pension is calculated by

   1.  a) As 1/66th of the average final salary for total number of years service employee has to put in

   2.  b) AS 1/66th of the average final salary for each year of pensionable service subject to a maximum of 50%

   3.  c) 50% of the final salary irrespective of number of years’ service

   4.  d) None of the above