जीवन बीमा उत्पाद · NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination
What this chapter covers
Life cover in practice: the elements of a policy (sum assured, bonuses, surrender and paid-up values), estimating cover by the Human Life Value and needs-based methods, term, return-of-premium, endowment, whole-life and unit-linked plans, riders, loans, nomination and assignment, the Married Women's Property Act, multiple policies and how to evaluate products.
जीवन बीमा उत्पाद — HLV व आवश्यकता-आधारित कवर, टर्म, एंडोमेंट, ULIP, राइडर, MWPA और पॉलिसी चुनने के मानदंड।
What to master before the exam
- Minimum sum assured for policy terms over 10 years: 10 times the annual premium below age 45 and 7 times above 45; for terms under 10 years, 5 times for everyone.
- Needs-based cover (Anil): Rs 9,96,000 a year for the family, real rate (1.08 ÷ 1.06) − 1 = 1.89%, PV over 31 years with payments at the start of each year = Rs 2,36,43,984; add the Rs 40 lakh loan, deduct Rs 1 crore of cover and Rs 50 lakh of investments ⇒ Rs 1,26,43,984 more.
- HLV discounts future income at (1 + post-tax return) ÷ (1 + income growth) − 1; when growth equals return, HLV = income × years left (Rs 10 lakh × 27 = Rs 2.70 crore); HLV falls with age and is always at least the needs-based figure.
- Return on the investment part of a plan: the premium above a pure term premium is the PMT and the maturity value the FV in Excel RATE — 4.61% for the workbook's return-of-premium term plan, about 5% for its endowment plan.
- Surrender value after 3 years (2 if the term is under 10 years), at least 30% of premiums paid; paid-up sum assured = sum assured × premiums paid ÷ premiums due (Rs 10 lakh × 10/50 = Rs 2 lakh); an MWPA policy benefits only the spouse and/or children and is beyond creditors.
Exam tip: Module 7 has 25 marks, and this chapter supplies its biggest numericals: needs-based cover with PV at an inflation-adjusted rate, the HLV logic, and the RATE-based return on an insurance-cum-investment plan. Practise them in Excel until they are routine.
Sample questions from this chapter
Five of the 36 questions in our free bank. Open the answer to see the explanation — every question in the mock test has one, in English and Hindi.
Question 1
The insured would get which of the following benefits from investment cum insurance policies?
निवेश-सह-बीमा पॉलिसियों से बीमित व्यक्ति को निम्नलिखित में से कौन-से लाभ मिलेंगे?
- Both death cover and survival benefitsमृत्यु कवर और उत्तरजीविता (survival) लाभ दोनों
- Death cover onlyकेवल मृत्यु कवर
- Survival benefits onlyकेवल उत्तरजीविता लाभ
- Either death cover or survival benefits, never both in the same policyमृत्यु कवर या उत्तरजीविता लाभ में से एक, एक ही पॉलिसी में दोनों कभी नहीं
Show answer & explanation
Answer: A — Both death cover and survival benefits
Term insurance policies provide only the death benefit; investment cum insurance policies provide a combination of death cover and survival benefit.
Term insurance पॉलिसियाँ केवल मृत्यु लाभ देती हैं; निवेश-सह-बीमा पॉलिसियाँ मृत्यु कवर और उत्तरजीविता लाभ का संयोजन देती हैं।
Question 2
Which of the following products is a pure insurance product?
निम्नलिखित में से कौन-सा उत्पाद शुद्ध बीमा उत्पाद है?
- Term insurance policyTerm insurance पॉलिसी
- ULIPULIP (यूलिप)
- Money back policyMoney back पॉलिसी
- Whole life policyWhole life पॉलिसी
Show answer & explanation
Answer: A — Term insurance policy
Term insurance is a pure risk cover product: it pays only if the policyholder dies during the term and has no investment component. ULIPs, money back and whole life policies are investment cum insurance policies.
Term insurance शुद्ध जोखिम कवर उत्पाद है: यह केवल तभी भुगतान करता है जब पॉलिसीधारक की अवधि के दौरान मृत्यु हो, और इसमें कोई निवेश घटक नहीं होता। ULIP, money back और whole life पॉलिसियाँ निवेश-सह-बीमा पॉलिसियाँ हैं।
Question 3
In which of the following situations will the insured NOT have any insurance cover?
निम्नलिखित में से किस स्थिति में बीमित व्यक्ति के पास कोई बीमा कवर नहीं होगा?
- A paid-up investment cum insurance policyएक paid-up निवेश-सह-बीमा पॉलिसी
- A policy that has been surrenderedएक पॉलिसी जिसे surrender कर दिया गया है
- A term policy in force with premiums paidप्रीमियम चुकाई गई चालू term पॉलिसी
- A lapsed policy that has been revived by paying pending premiums with penaltyएक lapse पॉलिसी जिसे बकाया प्रीमियम और दंड चुकाकर पुनर्जीवित कर दिया गया है
Show answer & explanation
Answer: B — A policy that has been surrendered
On surrender, the surrender (cash) value is returned to the policyholder and the contract ends, so there is no cover. A paid-up policy continues with the sum assured reduced in proportion to premiums paid; a revived policy and a term policy in force continue to cover.
Surrender करने पर surrender (cash) मूल्य पॉलिसीधारक को लौटा दिया जाता है और अनुबंध समाप्त हो जाता है, इसलिए कोई कवर नहीं रहता। Paid-up पॉलिसी चुकाए गए प्रीमियम के अनुपात में घटाई गई बीमा राशि के साथ जारी रहती है; पुनर्जीवित पॉलिसी और चालू term पॉलिसी कवर देती रहती हैं।
Question 4
The premium payable on a ULIP is higher than on a term policy for the same sum assured because:
समान बीमा राशि के लिए ULIP पर देय प्रीमियम term पॉलिसी से अधिक होता है, क्योंकि:
- The period of cover is shorterकवर की अवधि छोटी होती है
- The pool of insured is smallerबीमित व्यक्तियों का पूल छोटा होता है
- The mortality risk is higherमृत्यु जोखिम अधिक होता है
- A portion of the premium is used for investmentप्रीमियम का एक हिस्सा निवेश में लगाया जाता है
Show answer & explanation
Answer: D — A portion of the premium is used for investment
In a ULIP the risk cover charges are deducted from the premium and the balance is invested as per the chosen asset allocation; this investment portion makes the premium higher than a pure term premium.
ULIP में प्रीमियम से जोखिम कवर शुल्क काटे जाते हैं और शेष चुने गए asset allocation के अनुसार निवेश किया जाता है; यही निवेश हिस्सा प्रीमियम को शुद्ध term प्रीमियम से अधिक बनाता है।
Question 5
Rohit, aged 35, buys a 20-year life insurance policy with an annual premium of Rs. 60,000. As per the IRDAI requirement in the workbook, the minimum sum assured must be:
रोहित, 35 वर्ष, रु. 60,000 वार्षिक प्रीमियम वाली 20 वर्ष की जीवन बीमा पॉलिसी खरीदते हैं। workbook में दी IRDAI आवश्यकता के अनुसार न्यूनतम बीमा राशि होनी चाहिए:
- Rs. 6,00,000रु. 6,00,000
- Rs. 4,20,000रु. 4,20,000
- Rs. 3,00,000रु. 3,00,000
- Rs. 12,00,000रु. 12,00,000
Show answer & explanation
Answer: A — Rs. 6,00,000
For terms of more than 10 years, the minimum sum assured is 10 times the annual premium for individuals below 45: 10 × 60,000 = Rs. 6,00,000. (7 times applies above 45; 5 times for terms below 10 years.)
10 वर्ष से अधिक अवधि के लिए 45 वर्ष से कम आयु वालों की न्यूनतम बीमा राशि वार्षिक प्रीमियम की 10 गुना है: 10 × 60,000 = रु. 6,00,000। (45 से अधिक पर 7 गुना; 10 वर्ष से कम अवधि पर 5 गुना।)
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