Insurance Awareness 2019 PDF (Jan - Dec 13)

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INSURANCE AWARENESS 2019 PDF – (Jan to Dec 13)
Table of Contents
INSURANCE AWARENESS 2019 NEWS ......................................................................................................................... 2
INSURANCE AWARENESS 2019 Q&A .......................................................................................................................... 42
INSURANCE AWARENESS 2019 NEWS

December 2019
IRDAI frames 10-member group headed by T. L. Alamelu to study loss prevention
On December 12, 2019, IRDAI (Insurance Regulatory and Development Authority of India), an
autonomous body constituted to regulate and develop insurance business in India, has constituted a 10-
member working group (WG) headed by IRDAI member (non-life) T. L. Alamelu to make recommendations
for loss prevention & minimization in the general insurance industry. It should submit its report within 12
weeks.
Key Points:
i.Terms of Reference(TOR): The group will examine current practices followed by insurance industry in the
area of Loss Prevention and suggest segment-wise ways to coordinate all stakeholders towards a common end
on a common platform.
The group also mandates to give recommendations for promoting research, education and services related to
Loss Prevention & Mitigation. Group shall submit a report containing its recommendations of the date of this
order.
ii.The WG have the members include National Insurance Academy Director G.Srinivasan; General Insurance
Council Secretary General M.Nagaraja Sarma; Insurance Brokers Association of India Vice President S.K.Jain as
well as officials from both public & private general insurers.
About IRDAI:
Founded– 1999
Headquarters– Hyderabad, Telangana
Chairman– Subhash Chandra Khuntia
HDFC ERGO general insurance launches ‘my:health woman suraksha policy’

On December 4, 2019, HDFC ERGO General Insurance Company, India’s third-largest non-life insurance
provider in the private sector, has launched “my:health Woman Suraksha policy”, a comprehensive medical
insurance scheme specially designed for women.
Key Points:
i.Women aged 18–65 years are eligible for the policy & they offered a sum insured ranging from Rs. 1 lakh to
1 crore.
ii.The policy is designed to provide financial support during medical emergencies and sicknesses in women’s
lives. The policy provides for a reduction in women’s fitness (physical and mental fitness) during the course of
the renewal.
iii.This policy covers numerous types of cancers & related surgeries, pregnancy and neonatal (newborn baby)
complications, assaults, burns & also cover women from critical illnesses like Cardiac ailments, Rheumatoid
Arthritis, and others along with post-diagnosis support, etc.
About HDFC ERGO:
Founded– 2002
Headquarters– Mumbai, Maharashtra
MD & CEO– Ritesh Kumar
It is a joint venture firm between HDFC(Housing Development Finance Corporation) and ERGO International
AG, one of the insurance entity of the Munich Re Group in Germany operating in the insurance field under the
BFSI (Banking, financial services and insurance)sector.
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KVGB inks MoU with Canara HSBC OBC for bancassurance

On December 2, 2019, Karnataka Vikas Grameen Bank (KVGB), an Indian Regional Rural Bank(RRB), has
entered into an MoU (memorandum of understanding) with Canara HSBC OBC ( Oriental Bank of
Commerce) Life Insurance Company Ltd for bancassurance (selling of life assurance and other insurance
products and services by bank).
Key Points:
i.As per the pact, KVGB will market wide range insurance products of the Canara HSBC through its 636
branches in 9 districts of Karnataka.
ii.KVGB is focused to increase its portfolio through third party distribution and also aims to meet the diverse
financial needs of its customers.
iii.The MoU was signed by I.G. Kumar Goud ,KVGB general manager and Anuj Mathur ,Canara HSBC CEO(Chief
Executive Officer).
About KVGB:
Founded– September 12, 2005
Headquarters- Dharwad, Karnataka
Chairman– Puttaganti Gopi Krishna
Sponsored by– Syndicate Bank
About Canara HSBC OBC:
Headquarters- Gurugram ,Haryana
Founded- 2007
It is a Joint Venture between Canara Bank, HSBC-Hongkong and Shanghai Banking Corporation Limited
Insurance (Asia Pacific) Holding Ltd and Oriental Bank of Commerce (OBC). In this venture, Canara Bank owns
51% equity while HSBC Insurance and OBC own 26% and 23% equity respectively.
Aditya Birla health insurance teams up with MobiKwik to offer affordable health insurance plans
On December 2, 2019, Aditya Birla Health Insurance Co. Limited (ABHICL), a subsidiary of Aditya Birla
Capital Ltd has partnered with MobiKwik, a fin-tech platform to offer affordable health insurance plans to
mobile-first middle-class Indian consumers who have previously never had access to insurance solutions.
They have jointly launched the first product called “Cancer Protect Cover” Plan as part of their contract. The
users will benefit from this comprehensive protection plan as it applies to all diagnostic stages of cancer.
Key Points:
i.The Cancer Protection Plan can be taken by people aged 18 to 60 years. The starting price of the policy
is Rs125, for a sum insured of Rs 1.5 lakh. The policy can also be purchased for Rs 4.5 lakhs with the annual
premium of Rs 375, while a policy for Rs 7.5 lakhs comeup with a premium of Rs 625.
ii.The policy offers cover for breast, cervical, oral cavity, lung, and colorectal cancers which accounts for 47.2%
of all cancers in India. A person can take two policies with maximum coverage of Rs 15 lakhs.
iii.ABHICL will also offer special covers such as heart secure, and accidental hospitalization, using MobiKwik as
a platform. There is also a guaranteed cash value & other value-added services are available.
iv.The tie-up aim to expand their operations & to make insurance services available to the general public at an
affordable cost.
About Aditya Birla Health Insurance:
Formation– October 2016
Headquarters– Bengaluru, Karnataka
CEO– Mayank Bathwal
About MobiKwik:
Founded– April 2009
CEO & Director– Bipin Preet Singh
Headquarters– Gurgaon, Haryana
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November 2019
RBI constitutes a three-member advisory committee for DHFL
On November 22, 2019, In exercise of powers conferred under section 45 IE 5(a) of the RBI Act 1934, India
central bank, the Reserve Bank of India(RBI) has set up a 3-member committee consisting of IDFC First Bank
non-executive chairman Rajiv Lall, ICICI Prudential Life Insurance chief executive NS Kannan and the mutual
funds body AMFI (Association of Mutual Funds in India) chief executive NS Venkatesh, before formally sending
the case of the troubled deposit-taking housing finance company- Dewan Housing Finance Limited (DHFL) for
bankruptcy proceedings.
This committee will serve as advisor to the DHFL administrator.
Key Points:
i. Earlier on November 20, 2019, The RBI had dissolved the board of DHFL and placed it under the
administrator, R Subramaniakumar, former managing director (MD) & chief executive of Indian Overseas
Bank (IOB).
ii.The home loan company is the first non-banking financial company (NBFC) to go through the insolvency
process under the IBC, 2016 read with the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings
of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.
iii.DHFL has a total debt of ₹83,873 crore, of which ₹38,342 crore was owed to banks.
About DHFL:
Founded -11 April 1984
Headquarters –Mumbai
Chairman &Managing director -Kapil Wadhawan
About RBI:
Headquarters -Mumbai, Maharashtra
Established -1 April 1935
Governor- Shaktikanta Das
Bajaj Allianz General Insurance Launches ‘Farmitra’ – a mobile app for farmers
Bajaj Allianz General Insurance has introduced new mobile app called ‘Farmitra’ for the ease of farmers.This
app intends to help the farmers needs and address their worries. It also resolves with relevant information,
which they can use in optimizing their farming practices.
i.Motto of Farmitra- It was the first mobile app that cater to the specific needs of farmers and resolve the day
to day farming needs.
ii.Features of the App-Users can regularly see the weather forecast,the market price of crops, and news
related to agriculture development.
iii.The application is currently implemented in 6 states, namely Rajasthan, Madhya Pradesh, Uttar Pradesh,
Karnataka, Maharashtra and Haryana. In future, the company intends to add more States and services for a
larger geographical outreach.
About Bajaj Allianz
Headquartered-Pune
Managing Director- Tapan Singhel
IRDAI prevents Reliance health insurance from selling new insurance policy
On November 7, 2019, IRDAI (Insurance Regulatory and Development Authority of India ), an
autonomous, statutory body tasked with regulating insurance and re-insurance, has barred Anil Ambani’s
company Reliance Health Insurance Ltd (RHICL) from selling new insurance policies due its poor financial
condition and only they can provide service to old policies.
Key Points:
i.Mandate: RHICL has also required to transfer its entire financial assets including current insurance liabilities
to to sister concern Reliance General Insurance Co Ltd (RGICL), which will settle claims of existing insurance
holders.
ii.Restriction: RHICL will stop selling insurance from November 15,2019 and will display it with clarity on its
website and all branches.
iii. Background: On June 30,2019, RHICL had reported a solvency ratio (the financial ability of an insurer to
service its obligations, including payment to claims)of 106 %. It was below 150 %, which is the control level of
solvency.It was asked to restore the required level of solvency margin by September 30,2019.
About RHICL:
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Formation– 2017
Parent organization– Reliance Capital
Executive Director & CEO– Mr. Ravi Vishwanath
About IRDAI:
Formation– 1999
Headquarters– Hyderabad, Telangana
Chairman– Subhash Chandra Khuntia
ICICI Lombard & Fino payments bank tie up to offer sachet based insurance products
On November 18, 2019, ICICI (Industrial Credit and Investment Corporation of India) Lombard has announced
its partnership with Fino Payments Bank to offer several sachet based insurance products to its customers.
Some of the offerings include Hospicash which provides customers the solution to cover loss of their income.
This product will specially benefit migrant workers,when they are hospitalized.
Dengue and Malaria policy: ICICI Lombard and Fino also launched Dengue and Malaria policy which covers
treatment to Dengue and Malarial diseases upto Rs. 10,000 at a premium as low as Rs. 49.
Key Points:
i.2-wheeler insurance: Comprehensive insurance for bikes and scooters, providing the customers of the Fino
Payments banks to access ICICI Lombard’s motor insurance solutions were introduced.
ii.ICICI Lombard has been partnering with Fino Payments Bank since 2017 offering non-life insurance. Apart
from that, these new insurance products which have now been introduced is based on innovative insurance
solutions complement Fino’s technology-enabled platforms.
iii.Apart from the insurance products introduced, the insurance purchasing process has also been simplified.
The Fino Payments Bank provide only 5-7 minutes of total time to complete the customer enrolment process.
About Fino Payment Bank:
Fact – The bank was incorporated on 4th April, 2017 with the name Fino Payments Bank Limited.
Chairman- Mahendra Kumar Chouhan; Headoffice – Mumbai
Managing Director (MD) & Chief Executive Director (CEO)- Rishi Gupta.
IndiaFirst life insurance join hands with Spice money for ‘Insurance Khata’ product
On November 23, 2019, IndiaFirst Life Insurance, a leading life insurance company in India has partnered
with Spice Money, a tech-led financial services provider, for distribution and marketing of ‘insurance khata’, a
micro-insurance plan aims at the informal sector & agricultural labourers with seasonal incomes.
Key Points:
i.Under this partnership, Spice Money will work for IndiaFirst Life &market of ‘insurance khata’ products to its
customers base of over three lakh in semi-urban and rural India.
ii.The new insurance product will allow a customer to create and increase protection cover while also having
certain amount of return of premium. It enables consumers to actually putting the money when they have it
rather than committing to premium payments when they don’t have committed flow of income
iii.Through this tie-up, Spice Money will deepen the penetration of its product offers and enable more
customers to access their risk solutions.
About IndiaFirst Life Insurance:
Founded -2009
Headquarters -Mumbai, Maharashtra
MD & CEO -Ms.R.M.Vishakha
About Spice Money:
Headquarters- Noida, Uttar Pradesh.
Chairman -Dilip Modi
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October 2019
Bajaj Allianz Life launches first of its kind video calling service in the insurance industry called ‘i-SERV’
Bajaj Allianz Life Insurance launched a first-of-its-kind video calling service within the life insurance industry
called i-SERV to enhance the customer experience and provide resolutions to the queries of its customers.
Key Points:
i. This service is available to customers across 125 Bajaj Allianz Life branches in 112 cities.
ii. i-SERV solutions is available in English and five Indian languages- Hindi, Bengali, Assamese, Tamil and
Gujarati.
About Bajaj Allianz Life Insurance:
It is a joint venture between Bajaj Finserv Limited (formerly part of Bajaj Auto Limited) owned by the Bajaj
Group of India and Allianz SE, a European financial services company.
Founded: 2001
Headquarters: Pune, Maharashtra
MD & CEO: Tarun Chugh
Star health insurance join hands with Paytm to sell comprehensive health insurance solutions
On September 30, 2019, Indian life insurance provider, Star Health Insurance has joined hands with Paytm,
an Indian e-commerce payment system to offer comprehensive life insurance products.
Key points:
i. As per this partnership, Paytm will distribute Star Health Insurance products to its customers. The product
portfolio comprises Health Insurance, Overseas Mediclaim Policy and Personal Accident propositions.
ii. Through this partnership, Star health insurance will deepen the penetration of its product offers and enable
more policy holders to access their risk solutions.
IRDAI sets up 12-member working group to review the product structure of title insurance
On October 3, 2019, The Insurance Regulatory and Development Authority of India (IRDAI) has
constituted a 12-member working group (WG) chaired by T.L. Alamelu to review the product structure of
title insurance, which covers any loss caused due to a defect in the ‘title’ of the property arising out of third-
party challenges. WG will submit its report in 12 weeks’ time from the date of the order.
Key points:
i. Issues: The move comes after the backdrop of a less than intended response to title insurance products as
the total number of title insurance policies sold is minimal, despite availability for the last one and a half years .
ii. About title insurance: It is an insurance to provide indemnity to developers and the subsequent home
owners of the property against losses and risks related to defects in the title of the property. It even covers
issues which are not discovered prior to the commencement date of the policy.
iii. RERA: The RERA act , 2016 ( Real Estate Regulation and Development) directs insurers to offer title
insurance products with the objective to safeguard the interest of the owners, investors & lenders against
defects in the title of the property caused by forgery, fraud, undue influence, duress.
iv. TOR: The terms of reference (TOR) of the working group are as under:
• The group is to examine legal and regulatory framework, study the structure, analyse the reasons for
sluggish demand for title insurance products available in the Indian market and also recommend measures
to spur the demand for the product.
• To develop a standard title insurance product suitable to Indian market and.
• To suggest augmentation of reinsurance capacity within the domestic market.
• To examine any other aspect relating to title insurance products in India.
Reliance Nippon Life AMC to be rebranded Nippon India Mutual Fund

On October 7, 2019, The largest Japanese life insurance company, Nippon Life Insurance has
renamed Reliance Nippon Life Asset Management (RNAM) as Nippon India Mutual Fund (NIMF) after
acquiring 75 % stake in RNAM from Reliance Capital for around Rs 6,000 crore.
Key points:
i. With the help of a 130 year old Nippon Life’s international network, it will be helpful in expanding the
company in the tier-II and -III cities to offer a range of products suited to the investors’ need on the debt side of
the mutual fund industry.
ii. It will also help to collect a share of foreign inflows into India.As of now, nearly 50 % of flows in the mutual
fund business come from metro cities, and 25 % from high networth investors.
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iii. In 2011, Nippon Life Insurance had initially invested in the Indian life insurance business and in 2012, it
invested in Indian asset management business .
iv. NIMF runs as an advisor for India focused equity and fixed income funds in Japan (launched by Nissay Asset
Management), Korea (launched by Samsung Asset Management) and in Thailand (launched by BBL Asset
Management) & controls offshore funds through its subsidiaries in Singapore and Mauritius, and also has a
representative office in Dubai, thereby, catering to investors across Asia, West Asia, the UK, the US, and Europe.
About Nippon Life Insurance:
Founded :July 4, 1889
Headquarters : Osaka, Japan
President :Hiroshi Shimizu
Life Insurance Council’s first Rs 100 cr ‘Sabse Pehle Life Insurance’ joint mass media campaign to begin
Life Insurance Council has decided to launch Indian life insurance industry’s first joint mass media campaign
with the slogan ‘Sabse Pehle Life Insurance’ (first thing is life insurance) within a month whose total cost will
be around Rs 100 crore. For this purpose, Life Insurance Corporation (LIC) of India will provide Rs 40 crore.
It will be a joint effort of 24 Indian life insurance companies.
Key Points:
i. The aim of the campaign is to raise awareness about the importance of life insurance.
ii. The tagline will also be presented in the major Indian languages such as Tamil, Telugu, Kannada, Malayalam,
Bangla among others.
iii. The insurance industry is taking lessons from the Association of Mutual Funds in India (AMFI) which had
launched a campaign titled ‘mutual funds sahi hai’ (mutual funds are right) in March 2017. It had led to an
addition of 3.2 million investors between March 2017 and April 2018.
About Life Insurance Council:
It was constituted under Sec.64C of Insurance Act 1938.
Tagline: Together in service
Secretary: V Manickam
IRDAI sets up an 8-member panel headed by S Sadagopan to evaluate applications filed under the
Regulatory Sandbox(RS)
On October 25, 2019, Inorder to promote innovative ideas to foster growth in the insurance sector, an
autonomous body tasked with regulating insurance industries in India. IRDAI (Insurance Regulatory and
Development Authority of India), has formed an 8-member panel headed by the International Institute of
Information Technology Bangalore (IIIT-B) Director S Sadagopan to evaluate applications filed under
the Regulatory Sandbox (RS). The Committee will have a term of one year & meet whenever required.
Key points:
i.Applications: From September 15, 2019, IRDAI has started receiving applications for Regulatory Sandbox
from various areas of the insurance value chain including innovative insurance sales & servicing encompassing
innovative technologies and products
ii. ToR: The terms of reference (ToR) of the panel will include the screening of applications received for the
Regulatory Sandbox (RS), evaluating the test design of the proposed documents, Recommending applications
for the experimentation, Assessment of the progress made during the course of experimentation & Evaluating
the outcome of the experiments undertaken.
iii. Regulatory Sandbox (RS): It refers to live testing of new products/services in a secure & controlled
regulatory environment, where the regulators can allow certain regulatory relaxations for the limited purpose
of the testing.
iv. Other members : Prof H. K. Krishnamurthy Chief Research Scientist (Retd.) llSC, Bangalore ,Dr Shatrunjay
Rawat Associate Professor lllT, Hyderabad ,Randip S Jagpal CGM (intermediaries) IRDAI ,V. Jayanth Kumar CGM
(Life) IRDAI ,Y Priya Bharat CGM (Non-Life) IRDAI ,D. V S. Ramesh GM (Health) IRDAI ,S.P. Chakraborty GM
(Actuary) IRDAI.
IOB in association with Universal Sompo launches health care plus insurance policy
On October 25, 2019, A major public sector bank, Indian Overseas Bank (IOB) in association with Universal
Sompo General Insurance Company Ltd has launched co-branded health care plus insurance policy with
a sum insured from Rs 50,000 – Rs 15 lakh through online platform for IOB customers on real time basis.
Key points:
i. Customers can avail co- branded insurance at all IOB branches. Self, spouse, dependent children, dependent
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parents can be covered under this policy.

ii. The premium for this policy is charged as per the age of the proposer with no medical checkup up to the age
of 50 years.
About Universal Sompo:
Founded: 2007
Headquarters: Mumbai,Maharashtra
Chairman: O N Singh
IRDAI sets up 9-member working group headed by TR Alamelu to review existing reinsurance norms
On October 11, 2019, The Insurance Regulatory and Development Authority of India (IRDAI) has
constituted 9-member panel headed by TR Alamelu, member (Non- life) to have a look at the set of
regulations, circulars and guidelines on Reinsurance, Foreign Reinsurance Branches and Lloyd’s India & would
suggest amendments to reinsurance, investment, foreign reinsurance branches(FRBs) and Lloyd’s India
regulations in the next two months.
Key points:
i. The Panel will cover the following aspects,
• Applicability of certain provisions of the Insurance Act, 1938 on investments, IRDAI (Investment )
Regulations
• Calculation of economic capital and related disclosures
• Applicability of corporate governance guidelines
• Appointment of key management persons (KMP)
ii. Other members of the panel are Suresh Mathur, executive director,reinsurance, IRDAI, Satish Raju, CEO
(Chief Executive Officer) , Swiss Re , India, N Gowri Shankar Gargiparthy, CEO, Lloyd’s India, M Santhana
Gopalan, former CEO, SCOR, Mr.S.N.Jayasimhan, General Manager, Investment ,IRDAI, Mr.Sanjib Chaudhuri,
Ex-head,SCOR SE, Mr.R.Chandrasekaran, Head, reinsurance(Retired), Ms.C.Latha, Deputy General Manager,
reinsurance, IRDAI.
iv. In March 2017, IRDAI has already formed high-level panel chaired by its former member M Ramprasad to
carry out a comprehensive review of the existing framework for reinsurance activities.
BSE – Ebix JV gets in-principle approval from IRDAI for insurance broking business
On October 29, 2019, BSE-Ebix Insurance Broking Pvt Ltd gets in-principle approval from IRDAI (Insurance
Regulatory and Development Authority of India) for insurance broking business, which is a JV of Bombay
Stock Exchange (BSE) ,Asia’s first stock exchange and its joint venture (JV) partner Ebix, US (United States)
based insurance exchange. It will act as a direct insurance broker under the IRDAI (Insurers Brokers)
Regulations, 2018.
Key points:
i. The JV will enable distribution outlets, wealth management advisors and point of sales(PoS) to sell life and
non-life insurance products.
ii. The venture will offer various choices such as customer relationship management, agency management,
multi-quoting, underwriting, policy creation, claims filing to insurance company and coordinate with insurance
company for settlement of claim and back-end insurance policy administration, to customers besides reaching
out to remote villages across India through the combined reach of BSE & EbixCash, the Indian subsidiary of
Ebix Inc.
About BSE:
Founded: 9 July 1875
Headquarters: Mumbai, Maharashtra
MD & CEO :Ashishkumar Chauhan
About Ebix:
Founded: 1976
Headquarters: Atlanta, United States
President & CEO: Robin Raina
National postal week 2019 is being celebrated from 9 – 15 October 2019

National Postal Week is being celebrated in India from 9 – 15 October 2019 with the aim to create broader
awareness about the India Post’s role and activities in the lives of people and business and its contribution to
social and economic development.
Note: Postal life insurance (PLI) day is to be celebrated every year On 11th October 2019.
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September 2019
New health insurance scheme, ‘AB-MGRSBY’ launched in Rajasthan
On September 1, 2019, The Rajasthan state government has launched a new health insurance scheme
called Ayushman Bharat-Mahatma Gandhi Rajasthan Swasthya Bima Yojana (AB-MGRSBY) by integrating
the Bhamashah Health Insurance Scheme(BSBY) of the State Government and Ayushman Bharat- Pradhan
Mantri Jan Arogya Yojana Scheme(AB-PMJAY) of the Central Government.
Key points:
i. Around 1.1 crore families will be covered under this Health Scheme.
ii. The sum insured now is Rs. 30000 for general diseases and Rs. 3 lakh per year for serious diseases, despite
merger with Centre’s AB-PMJAY, which provides coverage of Rs5lakh per year.
iii. People will be able to avail the AB-MGRSBY Scheme benefits in all empanelled private and public hospitals&
It also has a cashless treatment facility.
iv. Eligibility: Only the natives of Rajasthan can take advantage of this scheme. The poor families covered in any
of National Food Security Act (NFSA) and Socio-Economic Caste Census (SECC) 2011 are considered eligible for
the scheme.
v. The eligible families should have Aadhaar card and ration card linked with Bhamashah card (Jan Adhaar
card) for availing the benefits. if they do not have Bhamashah card, they can get it from e-Mitra, an ambitious e-
Governance initiative of Government of Rajasthan.
vi. The scheme will be available till December 12, 2019.
Telangana CM Chandrashekar Rao presents Rs 1.46 lakh crore annual budget for FY 20
On September 9, 2019, the Chief Minister(CM) of Telangana, Shri K Chandrashekar Rao presented the annual
budget for 2019-20 of Rs 1.46 lakh crore. The total expenditure in 2019-20 pegged at Rs 1,82,017 crore
(Revenue expenditure: Rs 1,31,629 crore and Capital expenditure: Rs 32,815 crore) .
Budget allocation: Some of the important budget allocated sectors are as follows,
Budget Allocation
Farmers’ welfare Rs. 12,000 crore.
Farmers’ insurance Rs. 1,137 crore.
Crop loan debt Rs. 6,000 crore.
Electricity subsidies Rs. 8,000 crore.
Pensions Rs. 9,402 crore.
Gram panchayats Rs. 2,714 crore.
Municipalities Rs. 1,764 crore.
State government’s welfare programmes will continue like Rythu Bandhu which was allocated Rs 12,000 crore
and Aasara Pensions which was provided Rs 9,402 crore.
Haryana CM Manohar Lal Khattar launched 2 insurance schemes “Mukhyamantri Vyapari Samuhik Niji
Durghatna Beema Yojana” and “Mukhyamantri Vyapari Kshatipurti Beema Yojana” for traders
On September 11, 2019, The Chief Minister of Haryana Manohar Lal Khattar launched 2 insurance schemes
named “Mukhyamantri Vyapari Samuhik Niji Durghatna Beema Yojana” and “Mukhyamantri Vyapari
Kshatipurti Beema Yojana‘” for traders registered under the Haryana Goods and Service Tax (HGST) Act,
2017. Premium of Rs 38 crore for both the schemes will be paid by the Haryana state government.
Key Points:
i. Under the Mukhyamantri Vyapari Samuhik Niji Durghatna Beema Yojana, an accident insurance cover of Rs 5
lakh will be provided for 3.75 lakh registered traders.
ii. Under the Mukhyamantri Vyapari Kshatipurti Beema Yojana, an insurance cover of Rs 5 lakh to Rs 25 lakh
will be provided for 3.13 lakh registered small and medium traders. Haryana became the first state in India to
implement this scheme.
iii. All the families in Haryana with an annual family income of Rs 1.80 lakh will be covered under the
Ayushman Bharat Yojana.
iv. The monthly wages of ‘Safai Karamcharis’ working in urban areas was hiked to Rs 15,000 from Rs 13,500
and in rural areas to Rs 12,500 from Rs 11,000.
v. Families living in electricity-deprived habitats outside a radius of one kilometer from villages will be covered
under the Manohar Jyoti Yojana.
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IDBI & LIC CSL to launch a co-branded credit card

The Industrial Development Bank of India (IDBI Bank) and Life Insurance Corporation of India Credit
Cards Services (LIC CSL), a wholly-owned subsidiary of LIC, will launch a co-branded credit card. It will be
marketed to customers, agents, and employees of the corporation and its subsidiaries. At present, IDBI Bank
offers 5 credit card variants as LIC has ties up with Axis Bank and Corporation Bank for issuance of credit cards
under co-branded/white label agreements.
About IDBI Bank:
♦ Headquarters: Mumbai
♦ Tag Line: Aao Sochein Bada
About LIC:
♦ Tag Line: Zindagi ke Saath bhi, zindagi ke baad bhi
Cabinet approves Rs 9,300 crore package capital infusion for IDBI Bank
On September 2, 2019, Information and Broadcasting(I&B) Minister Prakash Javadekar stated that the central
Cabinet meeting chaired by Prime Minister Narendra Modi, Government of India(GoI) has approved a capital
infusion of Rs 9,300 crore in IDBI Bank(Industrial Development Bank of India). The objective behind the
government’s move is to increase the bank’s capital base.
Key points:
i. Out of Rs 9,300 crore, the government (49%) will give Rs 4,557 crore, while Rs 4,743 crore will be given by
LIC- Life Insurance Corporation (51%).
ii. LIC completed the acquisition of a controlling 51% stake in the troubled IDBI Bank in January 2019. After
this, the Reserve Bank of India (RBI) placed IDBI Bank in the category of private sector bank.
iii. IDBI Bank was placed under the immediate corrective action framework of RBI. It prohibits loans to
companies and branch expansion, increments and other regular activities. This infusion will be through recap
bonds ( Government infusing capital into the bank and the bank buying the recap bond from Government the
same day) will help the bank to come out of RBI’s Prompt Corrective Action (PCA) framework sometimes in
2020.
iv. The Bank has over 800 branches, about 1.5 crore retail customers and has about 18,000 employees.
About IDBI Bank:
♦ Founded: 1 July 1964
♦ Headquarters: Mumbai, Maharashtra
♦ MD & CEO: Rakesh Sharma
♦ Tagline: Aao Sochein Bada
Panel set by IRDAI to revisit 3-yr old trade credit insurance guidelines
On September 2, 2019 the insurance regulator IRDAI (Insurance Regulatory and Development Authority of
India) has set up a 9-member panel headed by New India Assurance Company Ltd (NIACL) Chief Managing
Director(CMD) Atul Sahai, in order to review its three-year old guidelines (set up in 2016) on trade credit
insurance due to the changing market requirements.
Key points
i. Panel’s role: The panel which has to submit its report within 3 months, would study the scope of changes
and suggest suitable amendments to be added or changed to the guidelines based on Terms of Reference(ToR)
after complete examination on the current guidelines.
ii.Trade credit Insurance:It is a risk management product, given to business entities by private as well as
governmental export credit agencies to protect them from loss due to credit risks. The policy provides coverage
against delay in payment or non-payments of credit also.
iii. ToR:It means the purpose and structures of a project, committee, meeting, negotiation, or any similar
collection of people who have agreed to work together to accomplish a shared goal.
About IRDAI:
♦ Founded- 1999.
♦ Headquarters- Hyderabad, Telangana.
♦ Chairperson-Subhash Chandra Khuntia.
♦ Act- Insurance Regulatory and Development Authority Act, 1999.
About NIACL:
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♦ Headquarters- Mumbai.
♦ Founder- Sir Dorabji Tata.
♦ Founded- 1919.
♦ Nationalised- 1973.
ESIC entered into an agreement with SBI for direct benefit transfer facility for all ESIC beneficiaries
On September 3, 2019, A multidimensional social system tailored to provide socio-economic protection to
worker population, the Employees’ State Insurance Corporation (ESIC) has signed a memorandum of
understanding (MoU) with the State Bank of India (SBI) for the Direct Benefit Transfer (DBT) facility to all
the insured beneficiaries of ESIC.
Key points:
i. As per the agreement, SBI will provide e-payment services to all the beneficiaries of ESIC directly in their
bank account. It will be integrated with the enterprise resource planning (ERP) processes of ESIC through its
cash management product (CMP) e-payment technology platform & automated process without any human
intervention.
ii. SBI will provide real-time benefits to the beneficiaries of ESIC as well as other payment recipients by e-
payment. It will save time, reduce payment delays, and it will also help to eliminate errors caused by repetitive
and manual data entries.
iii. The agreement was signed by Shri Rajkumar, DG (Director General), ESIC and Shri Sunil Wadhera, DGM, SBI.
About ESIC:
♦ Founded: 24 February 1952
♦ Headquarters: New Delhi
♦ It is a Statutory Body and the administrative Ministry is Ministry of Labour and Employment, Government of
India(GoI).
♦ ESI: Employees’ State Insurance (ESI) is a self-financing social security and health insurance scheme for
Indian workers & the fund is managed ESIC according to rules and regulations stipulated in the ESI Act 1948.
About SBI:
♦ Chairperson: Rajnish Kumar
♦ Tagline: The Nation banks on us; Pure Banking Nothing Else; With you all the way.
Max Bupa and Indian Bank signed bancassurance corporate agency agreement
On September 21, 2019, A state-owned bank, Indian Bank has signed a bancassurance agreement with a
standalone health insurance player, Max Bupa to provide Max bupa’s suite of health insurance products to its
customers.
Key points:
i. Services: Max Bupa’s comprehensive health insurance solutions and services will be available in Indian bank’s
over 40 million customer base spread across its 2800 branch network.
ii. Portfolio: The product portfolio comprises Max Bupa’s both retail & group health insurance products besides
Indemnity and Fixed Benefit products.
iii. Infinity: Max Bupa will equip proprietary digital platform, “ Infinity” that integrates with the bank’s
systems, in which customers can purchase the health insurance product of their choice quickly and avail their
policy documents at the Indian bank branch itself.
iv. InstaInsure: In addition, Max Bupa will design digital seller application called “InstaInsure” that enable
Indian bank to sell Max Bupa products through handheld devices in safe , secure and simplified manner. The
relationship managers of the bank can use the app to outright the sale exercise, including the collection of
payment electronically from customers.
v. Penetration: In South India, Indian Bank has a strong presence. Through this partnership, Max Bupa will
deepen the penetration of its wide range of product offers and enable more customers to access their risk
solutions anytime, anywhere.
About Indian Bank:
♦ Founded: 15 August 1907
♦ Headquarters : Chennai, Tamil Nadu
♦ MD & CEO: Ms. Padmaja Chunduru
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♦ Tagline: Your Tech-friendly bank

About Max Bupa:
♦ Founded: 2008
♦ MD & CEO: Ashish Mehrotra
Bharti Airtel & Bharti AXA Life Insurance tie up to offer pre-paid plan with insurance protection cover
On September 23, 2019, An Indian global telecommunications services company, Bharti Airtel has tied up
with Bharti AXA Life Insurance, one of the best insurance companies in India to offer prepaid plan for its
users along with insurance protection plan.
Key points:
i. Special Plan & insurance cover: Airtel has brought a special prepaid plan of Rs 599, in which customers
will get 2GB (gigabyte) data per day, unlimited calling and 100 SMS (Short Message Service) per day on any
network, as well as a life insurance cover of Rs 4 lakh from Bharti AXA Life Insurance.
ii. Validity: There will be a validity of 84 days on this recharge. After 3 months, this insurance cover will be
automatically maintained on every recharge.
iii. Eligibility: This plan of insurance cover with Airtel prepaid plans will be available for people between 18
and 54 years of age. For this, no paperwork is required nor medical certificate of any kind is needed. On the
request of the customer, a copy of the insurance will also be delivered to the customer’s doorstep. Airtel has
developed a special system for this, through which this entire process is completed within a few minutes.
iv. At present, this prepaid plan of Airtel which provides insurance cover is available to customers of Tamil
Nadu and Pondicherry circle and to be extended pan-India in a few months.
About Bharti Airtel:
♦ Founder: Sunil Bharti Mittal
♦ Headquarters :New Delhi, India
♦ Chairman: Sunil Bharti Mittal
♦ MD & CEO: Gopal Vittal
About Bharti AXA Life Insurance:
♦ Founded: 2005
♦ Headquarters: Mumbai,Maharashtra
♦ Managing Director and CEO : Vikas Seth
SBI Life Insurance & Repco Home Finance signs corporate agency agreement
On September 24, 2019, Repco Home Finance Ltd (RHFL ),an Indian banking and financial services company
has signed corporate agency agreement with SBI (State Bank of India) Life Insurance, a leading life
insurance company in India to provide SBI Life’s range of products to its customers.
Key points:
i. SBI Life Insurance will now be available in RHFL’s over 148 branches and 27 satellite centres of RHFL spread
across the country.
ii. Through this partnership, SBI Life Insurance will reach more new customers across geographies to meet
their diverse insurance needs.
iii. The corporate agency agreement was signed by RHFL CFO T Karunakaran, General Manager K Prabhu and
SBI Life, Regional Director, E Thirumudi Pandian in the presence of Repco Home Finance Ltd MD and CEO,
Yashpal Gupta and others.
About SBI Life Insurance:
♦ Founded : March 2001
♦ MD & CEO: Mr. Sanjeev Nautiyal
About RHFL :
♦ Founded: 2000
♦ Headquarters: Chennai, Tamil Nadu
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Airtel payments bank joins hands with HDFC ERGO to offer mosquito-borne diseases protection policy
On September 26, 2019, India’s first Payments Bank, the Airtel Payments Bank has joined hands with India’s
leading private sector general insurance company, HDFC ERGO General Insurance Company to offer
unique Mosquito Diseases Protection Policy (MDPP) to protect against mosquito-borne diseases.
Key points:
i. This partnership aims to contribute to the financial inclusion of the country through the strong distribution
network of Airtel Payments Bank and strong innovation of HDFC ERGO (Housing Development Finance
Corporation Ltd).
ii. The MDPP will provide cover on 7 common mosquito-borne diseases, including Dengue, Malaria,
Chikungunya, Japanese Encephalitis, Kala-azar, Lymphatic Filariasis (Elephantiasis) and Zika virus. The
product, which is part of HDFC Ergo’s ‘wallet insurance portfolio’, will be offered to Airtel Payments Bank
remittance consumers at a nominal premium of Rs 99 per year.
iii. At present, the policy available to over 40 lakh remittance customers of Airtel Payments Bank. This segment
of consumers consists mostly of migrant workers, who are usually the sole earners of the family.
iv. This pocket-friendly product is quite different in the insurance industry, being the only policy that provides
the insured with the benefit of the sum assured even when hospitalized for 24 hours for treatment.
About Airtel Payments Bank:
♦ Founded :2019
♦ MD, CEO: Anubrata Biswas
About HDFC ERGO:
♦ Founded: 2002
♦ Managing Director & CEO: Mr. Ritesh Kumar
PNB MetLife & Religare Health Insurance join hands to offer insurance products covering health, death
and illness
On September 26, 2019, PNB MetLife India Insurance Co. Ltd, one of the leading life insurance companies in
India has joined hands with Religare Health Insurance to bundle and sell the live covers of Religare comprising
health, death and illness.The policy package will be offered from mid December 2019.
Key points:
i. With this integration, the customer of PNB MetLife will get this in a single policy.
ii. Target : PNB MetLife is targeting about 18-20% growth in 2019 (FY –fiscal year 20) & increase the number of
branches to 200 from 107 within 2 years time.
It has the largest life insurance market Maharashtra, New Delhi and Karnataka & Tamil Nadu. It has the blended
total premium policy of about ₹4,000 crore in its last fiscal (2018- FY 19) & in 2019 it logged ₹1,200 crore with
around 18-20 % business growth.
About PNB MetLife India Insurance:
♦ Founded: 2001
♦ Managing Director & CEO: Ashish Kumar Srivastava
♦ It an associate of Punjab National Bank (PNB), wherein MetLife International Holdings Inc and PNB are the
shareholders to the extent of 26% and 30% respectively.
About Religare Health Insurance:
♦ Establishment : July 2015
♦ Headquarters: Gurgaon, Haryana
Paytm & Aegon Life Insurance signed corporate agency agreement

On September 27, 2019, Indian life insurance provider, Aegon Life Insurance has signed a Corporate Agency
Agreement with Paytm, an Indian e-commerce payment system to offer comprehensive life insurance
products.
Key points:
i. As per this agreement, Paytm will distribute Aegon Life products to its customers. The product portfolio
comprises existing and co-created tailor-made propositions.
ii. Through this partnership, Aegon Life will deepen the penetration of its product offers and enable more
policy holders to access their risk solutions.
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About Paytm :
♦ Founded : 2010
♦ Headquarters :Noida, Uttar Pradesh
♦ CEO and MD: Pravin Jadhav
About Aegon Life Insurance :
♦ Founded :2008
♦ Headquarters : Mumbai
♦ MD & CEO : Mr. Vineet Arora
HDFC Bank retains the top spot in India’s Most Valuable Brand for the 6th consecutive year: WPP and
Kantar Millward Brown report 2019
As per the report, “BrandZ Top 75 Most Valuable Indian Brands 2019 ranking” released by WPP and
Kantar Millward Brown, HDFC Bank (Housing Development Finance Corporation Limited) was declared the
country’s most valuable brand for the sixth consecutive year with the brand value of $ 22.70 billion (1.61 lakh
crore rupees). LIC (Life Insurance Corporation of India) stood at number two with a brand value of Rs 1.43 lakh
crore.
Key points:
i. The aggregate value of the top 75 brands rose to $228.2 billion, increasing at a moderate 6 % against 2018,
far slower than 34 % recorded in 2017.
ii. Other companies at top 10: Kotak Mahindra Bank came in at number six followed by Asian Paints
(7th).Maruti Suzuki slipped from 6th to 8th. Jio’s brand value grew by 34% in the last one year & ranked
number 9 on the list.It Ranked 10thin 2018. ICICI bank (Industrial Credit and Investment Corporation of
India)got the 10th place in the chart.
Top 5 Valuable Brands of the Country
Rank Brand Category Brand value (Rupees) Change in
value
1 HDFC bank Bank 1.61 Lakh Crore + 5%
2 LIC Insurance 1.43 Lakh Crore + 2%
3 TCS (Tata Consultancy Technology 1.29 Lakh Crore + 21%
Services)
4 Airtel Telecom 72,988 Crore -10%
5 SBI (State Bank of India) Bank 59,640 crores + 7%
About the BrandZ top 75Most Valuable Indian Brands Ranking :
It was commissioned by WPP(a British multinational advertising and public relations company). The valuation
behind the brands was conducted by brand equity research experts Kantar.
About HDFC bank:
♦ Founded :August 1994
♦ Headquarters :Mumbai, Maharashtra
♦ Managing Director :Aditya Puri
♦ Tagline: We Understand Your World
About WPP:
♦ Founded: 1971
♦ Headquarters: London, United Kingdom
♦ Chief Executive Officer :Mark Read
Samuel Joseph Jebaraj appointed as DMD of IDBI Bank for 3 years

The Board of Directors (BoD) of Industrial Development Bank of India (IDBI Bank) approved the
appointment of Samuel Joseph Jebaraj as Deputy Managing Director (DMD) for a period of 3 years with
effect from September 19, 2019, succeeding KP Nair. This is the first major appointment on the Bank’s Board
after Life Insurance Corporation of India (LIC) acquired a majority stake of 51% (January 2019) in the bank.
i. He currently serves as Chief General Manager of the Loan Administration and Human Resources Management
Groups of the Bank.
About IDBI Bank:
♦ Tagline: Aao Sochein Bada
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August 2019
Edelweiss Tokio Life partnered with MobiKwik to offer insurance solutions
A private life insurer Edelweiss Tokio Life Insurance tied up with MobiKwik to offer mobile-based group
insurance solutions for the customers of MobiKwik.
Key Points:
i. Edelweiss Tokio Life will provide life insurance in the variants of Rs 1 lakh, Rs 3 lakh, and Rs 5 lakh through
MobiKwik’s wallet app and website.
ii. The policies will be available for an annual premium of Rs 148, Rs 443, and Rs 738 respectively.
iii. Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Financial Services and Tokio Marine
Holdings.
About Edelweiss Group:
♦ Chairman & CEO: Rashesh Shah
About MobiKwik:
♦ Headquarters: Gurugram, Haryana
♦ Founded: April 2009
♦ CEO: Bipin Preet Singh.
New insurance plan “Jeevan Amar” launched by LIC

Jeevan Amar is a non-linked,non-participating life term insurance plan offering great flexibility to policyholders
in comparison to other insurance plans by the Life Insurance Corporation of India (LIC). It is available for sale
offline.
Features of Jeevan Amar
i. Claim: The policyholder cannot claim the money on maturity but will be obtained as a death claim incase of
demise of the person.
ii. Death cover options: policyholders can choose from two death cover options. They are level sum
assuredand increasing sum assured.
• In level sum assured, the death benefit will remain the same and will not change throughout the policy
term. The minimum sum assured is Rs. 25Lakh with no maximum limit.
• The death benefit will remain the same in the first five years and will increase by 10% of basic sum
assured every year for the next 15 years or till the end of the policy term for increasing sum assured.
iii. Plan availability: People of ages 18-65 years are eligible. The maximum maturity age is 80yrs offering
policy terms from 10 years to a maximum of 40 years. The insurance premium can be paid only once for a
limited premium paid regularly. Low premium rates are offered to women.
iv. Flexibility: the death benefit flexibility can be chosen by the policyholder either in lump sum or in
installments over a period of 5, 10 or 15 years to the nominee.
v. Smoker and non-smoker category: Person choosing non-smoker category has to undergo extra urine
cotinine test. The cost of the premium for smokers will be more than that of non smokers.
About LIC:
Headquarters: Mumbai
Founded: 1 September 1956
Chairman: MR Kumar
SBI Life Insurance and Indian Bank signed a Bancassurance agreement

On August 7, 2019, One of the oldest public sector lenders, Indian Bank has signed a bancassurance agreement
with the leading private life insurer, SBI (State Bank of India)Life Insurance to provide SBI’s suite of
insurance products to its customers.
Key points:
i. SBI life insurance products will now be available in Indian Bank’s customers spread across its over 2,851
branches.
ii. SBI Life’s extensive product portfolio comprises protection, savings, health, credit life, etc., insurances.
iii. To offer life insurance policies, SBI life joins with Indian Bank to ensure sales training, product support, and
smooth operational processes.
iv. Through this tie-up, SBI life will deepen the penetration of its product offers and enable more customers
across the country to access their risk solutions.
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About Indian Bank:

♦ Headquarters: Chennai
♦ CEO: Padmaja Chunduru
♦ Founded: 15 August 1907
♦ Tagline: Your Tech-friendly bank
About SBI life insurance:
♦ MD & CEO: Mr. Sanjeev Nautiyal
Max Life Insurance introduces ‘Speed Dial – your partner for life’ initiative to provide better policy
servicing needs to customers
On August 6,2019, A leading life insurance company in India, Max Life Insurance Co Ltd on its 4th protection
day (4 months since it announced to dedicate the 6th of every month as ‘Protection Day’) has launched
a customer-friendly initiative called “Speed Dial – your partner for life” with the aim to provide a quick and
easy resolution of policy servicing needs to customers by allocating a partner(relationship manager) from the
day of purchase of a policy.
Key points:
i. Speed Dial – your partner for life: Under it, Customers will be given direct contact details of their dedicated
relationship manager(called Partner for Life), who will provide a one-stop solution on call for the
queries raised by customers & also educate them on the company’s digital service solutions and new products
offerings if inquired.
ii. Advantage: This initiative will help customer to save time by directly contacting their partner without going
through interactive voice responses which is generally time-consuming.
iii.Score: The Company’s validation of its claims registered a ratio of 98.74 percent & ‘Speed Dial’ initiative will
further promote customers policy journey through dedicated relationship managers on call.
iv. Background: On May 6, 2019, Max Life has notified that it will commemorate the 6th day of each month as
‘Protection Day to raise awareness on financial protection.
About Max Life Insurance:
♦ Founded: 2000
♦ MD& CEO: Prashant Tripathy
Indian Bank & Aditya Birla Sun Life Insurance inked a pact to offer life insurance products
Indian Bank, a public sector bank, signed a pact with Aditya Birla Sun Life Insurance Company (ABSLI), a
private sector insurer, to offer life insurance products to the customers of Indian Bank. It was signed by the
Indian Bank Managing Director (MD) and Chief Executive Officer (CEO), Padmaja Chunduru and ABSLI MD
and CEO, Ajay Srinivasan.
i. With this, around 2,900 branches of Indian bank will offer a diverse range of life insurance policies to its
customers.
About Indian Bank:
♦ Tag Line: Your Own Bank
♦ Formed: August 15, 1907
About ABSLI:
♦ Subsidiary: Aditya Birla Capital Ltd (ABCL)
♦ Chairman: Mr. Kumar Mangalam Birla
Chola MS ties up with Indian bank to provide insurance products to indian bank customers
Indian Bank Managing Director and CEO (Chief Executive Officer), Padmaja Chunduru and Cholamandalam
MS (Chola MS) General Insurance Company, Managing Director, SS Gopalarathnam, have signed a corporate
agency agreement where the Chola MS will deliver a wide range of insurance policies to the Indian bank
customers.
Key points
i. Having over 2872 branches, this partnership would greatly benefit customers of the Indian bank.
ii. Corporate Agency Agreement: An agency agreement is a legal contract creating a fiduciary relationship
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whereby the first party (“the principal”) agrees that the actions of a second party (“the agent”) binds the
principal to later agreements made by the agent as if the principal had himself personally made the later
agreements.
Indian bank
Headquarters- Chennai.
Tagline- your own bank.
Founded- 15 August 1907.
Cholamandalam MS General Insurance Company Ltd (Chola MS)
It is a joint venture between the Murugappa Group, an Indian conglomerate, and Mitsui Sumitomo Insurance
Group (MSIG), a Japanese insurance company.
Founded- 2001.
Headquarters- Chennai.
MSCI added HDFC Life Insurance to its Global Standard Index

On August 8, 2019, MSCI Inc ( Morgan Stanley Capital International), One of the world’s biggest index
compilers, has added HDFC Life Insurance Company Ltd. to its Global Standard Index and removed Union Bank
of India(UBI) from its India Smallcap Index. The changes in the MSCI Index will be implemented as of the
closing hours of August 27, 2019.
Key points:
i. After the announcement made by the MSCI, the stocks of HDFC Life gained more than 5 % intraday to hit a
record high of Rs 545& the shares of Union Bank corrected 2 % at Rs 62.40.
ii. MSCI had removed 10 stocks in May 2019, including RCom, RPower and Asahi India Glass from its Smallcap
index and added 12 including AstraZeneca Pharma, Balrampur Chini, BEML, Chalet Hotels, Essel Propack, L&T
Technologies, Linde India, Maharashtra Scooters, OIL India, TCNS Clothing and Ujjivan Financial.
About HDFC Life Insurance Company:
♦ MD&CEO: Vibha Padalkar
About UBI:
♦ Headquarters: Mumbai; Tagline -Good People to Bank with
♦ MD& CEO: Shri Rajkiran Rai G.
About MSCI
♦ Founded: 1969
♦ Headquarters: New York City, United States
♦ CEO: Henry A. Fernandez
♦ President: Baer Pettit
Axis Bank and Aditya Birla Health Insurance signed bancassurance pact
On August 13, 2019, The 3rd -largest of the private-sector lender, Axis Bank has signed a bancassurance
agreement with stand alone health insurer, Aditya Birla Health Insurance Co Ltd (ABHICL) to provide Aditya
Birla’s suite of insurance products to its customers.
Key points:
i. Aditya Birla’s products will now be available in Axis Bank customer base across its 4,094 branches and digital
channels.
ii. Through this partnership, Aditya Birla will deepen the penetration of its product offers and enable more
customers in Metro, Urban and Rural areas to access their risk solutions anytime, anywhere.
About AXIS bank:
Founded: 1993
Headquarters: Mumbai, Maharashtra
MD & CEO : Amitabh Chaudhry
Independent Director & Non Executive (Part time) Chairman : Shri Rakesh Makhija
Tagline: Badhti Ka naam Zindagi.
About ABHICL:
CEO :Mayank Bathwal
It is a subsidiary of Aditya Birla Capital &completed 2 years of operations as of 31, March 2019.
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Acko announces partnership with fintech ZestMoney to offer credit insurance

Insurtech company Acko General Insurance, has partnered with ZestMoney to offer credit card insurance to its
(ZestMoney) customers.
Key points:
i. Acko which offers personalized underwriting, micro insurance products, and automated micro claims
process, will offer credit insurance to ZestMoney customers who are provided with instant financing and the
option of paying through EMIs(Equated Monthly Installments) even if they don’t own a credit card.
ii. These consumers will be covered by Acko during eventualities like hospitalization or critical illness when
they are unable to pay their instalments.
Claims: Claims can be created within 3 minutes and can be filed through the ZestMoney app.
About Insurtech:
Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the
current insurance industry model. Insurtech is a combination of the words “insurance” and “technology,”
inspired by the term fintech(financial technology)
About ZestMoney:
Founders- Lizzie Chapman, Priya Sharma and Ashish Anantharaman
CFO(Chief Financial Officer)-Priya Sharma.
Founded- 2015.
Digit Insurance signs Bancassurance agreement with Karur Vysya Bank

On August 22, 2019, Karur Vysya Bank(KVB), one of the oldest banks in India has signed a bancassurance
agreement with General insurance company, Digit Insurance to provide Digit Insurance’s suite of products to
its SMEs(Small and medium-sized enterprises) customers.
Key points:
i. Digit Insurance’s products will now be available in KVB’s customers spread across 750 plus branches in India.
ii. The product portfolio comprises Digit Insurance’s flagship health, car& Bike, accident, home content, critical
illnesses, and particularly SME (Small and medium-sized enterprises) insurances, which is hugely underinsured
in India.
iii. Through this partnership, Digit Insurance will deepen the penetration of its product offers and enable more
customers to access their risk solutions.
About KVB:
♦ Formation: 1916
♦ Headquarters: Karur, Tamil Nadu
♦ MD & CEO: Mr. P. R. Seshadri
♦ Tagline: Smart way to Bank
About Digit Insurance:
♦ Formation: 2016
♦ Headquarter: Bengaluru, Karnataka
♦ Chairman: Kamesh Goyal
Bharti AXA Life partners with Akshaya Patra Foundation to support and contribute to the mid-day meal
programme
On August 22, 2019, A renowned life Insurance company, Bharti AXA Life Insurance on its 13th Foundation
Day, has partnered with a non-profit organization in India, Akshaya Patra Foundation to support and
contribute to the mid-day meal drive for government-run school children across India.
Key points:
i. Bharti AXA Life has urged its over 5,500 employees to donate a day’s salary to Akshaya Patra to counter
classroom hunger and aid in the education of children from underprivileged sections of the society.
ii. This partnership will help Akshaya Patra to take a few steps towards a target of reaching 5 million children
by 2025.
iii. Currently, Akshaya Patra feeds 1.76 million children every day at free of cost in 15,000 schools across 12
states in the country.
About Akshaya Patra:
♦ Formation: 2000
♦ Headquarter: Bangalore
♦ CEO: Shridhar Venkat
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About Bharti AXA Life:

♦ Formation: 2006
♦ Headquarter: Mumbai, Maharashtra
♦ MD and CEO: Vikas Seth
An MoU signed between Indian Bank and Tata AIG General Insurance
Indian Bank signed a Memorandum of Understanding (MoU) with Tata AIG General Insurance to offer Tata
AIG General Insurance’s diverse range of general insurance policies to the bank’s customers.
Key Points:
i. The MoU was signed in the presence of Ms Padmaja Chunduru, Managing Director (MD) and Chief Executive
Officer (CEO) of Indian Bank and Mr Saurabh Maini, Senior Vice President and Business Head–Key partnership
Group, Tata AIG General Insurance.
ii. Tata AIG General Insurance will work with the Indian bank for sales training, product support and ensuring
smooth operational processes.
About Indian Bank:
♦ Tag Line: Your Own Bank
♦ Formed: August 15, 1907
About Tata AIG General Insurance:
♦ CEO: Neelesh Garg
Insurance regulator IRDAI has set up a single point contact for RS

An autonomous body tasked with regulating insurance and re-insurance industries, IRDAI (Insurance
Regulatory and Development Authority of India) has set up a single point contact for its regulatory
sandbox (RS) initiative. The Fintech entities can seek permission to experiment with innovative products for
the growth of the sector.
Key points:
i. IRDAI has invited applications already for the RS from 15, September 2019 – 14, October 2019.
It nominated Sanjay Verma as the “Single Point of Contact on regulatory sandbox matters”, will communicate
& guide the applicants.
ii. It will not grant any relaxation in respect of compliance with the Insurance Act, 1938, the IRDA Act, 1999 or
any other applicable statutory provisions. But it may consider granting limited regulatory relaxation to the
proposal that develops innovation in insurance in India.
iii. The IRDAI (Regulatory Sandbox-RS) Regulations, 2019 was notified in July 2019 aims to create a balance
between orderly development of insurance sector on one hand and protection of interests of policyholders on
the other hand.
iv. Regulatory Sandbox (RS): It refers to live testing of new products/services in a secure &controlled
regulatory environment, where the regulators can allow certain regulatory relaxations for the limited purpose
of the testing.
It also permits the innovators, regulators, financial providers, and the customers to carry out field tests so that
they can verify the benefits and risks of new emerging financial innovations and their implications.
About IRDAI:
Founded: 1999
Headquarters: Hyderabad
Chairman: Dr. Subhash C. Khuntia
OYO Hotels partners with ACKO General Insurance will launch complimentary insurance cover up to
Rs.10 lakh for guests
On August 12, 2019, Budget hotel chain Oyo Hotels and Homes have partnered with ACKO General
Insurance to provide a complimentary insurance cover as part of the booking price for guests at its hotels
across India. The visitors will get insurance protection against accidental death, baggage damage, accidental
medical expenses amongst other benefits like OPD (Outpatient Department)treatment, etc during their stay.
Key points:
i. The package offers OYO guests insurance coverage up to Rs 10 lakh.
The various insurance coverage include,
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Category Insurance coverage

Accidental death upto Rs 10,00,000
Baggage Damage up to Rs 10,000
Accidental medical expenses upto Rs 25,000
ii. The complementary insurance cover will be applicable on OYO app, website, mobile website, direct bookings
as well as booking done through walk-in.
iii. The partnership will help create the hassle-free and comfortable experience of OYO guests.
About OYO:
♦ Founded: 2013
♦ Headquarters: Gurgaon, Haryana
♦ CEO: Aditya Ghosh
About ACKO General Insurance
♦ Founded: 2016
♦ CEO and founder: Varun Dua
Siddhartha Mohanty takes charge as MD&CEO of LIC Housing Finance

On August 3, 2019, Siddhartha Mohanty (Odisha) has assumed charge as MD (Managing Director) & CEO
(Chief Executive Officer) of LIC Housing Finance (Life Insurance Corporation HFL) one of the largest
housing finance companies in India. He replaces Shri Vinay Shah.
Key points:
i. Prior to this appointment, Mohanty was Chief Operating Officer (COO)with LIC HFL.
ii. In 1985, Mohanty started his career as a direct recruit officer with LIC of India. He was also the Executive
Director(Legal)with LIC prior to joining to the LIC HFL.
iii. He also worked as Chief of Investments(Monitoring), Regional Head of marketing in LIC in the States of
Maharashtra, Gujarat, and Goa.
iv. In LIC, he has a vast experience in the areas of Marketing, HR, Investments, and Legal.
About LIC HFL:
♦ Formation: 19 June 1989
♦ Chairman: Shri M. R. Kumar Chairman
Overview of Hyderabad Open (Badminton) 2019

The Hyderabad Open (Badminton) 2019, officially known as IDBI Federal Life Insurance Hyderabad Open
2019, was held at G.M.C. Balayogi SATS Indoor Stadium in Hyderabad, India from August 6 -11, 2019. The
total prize money of the tournament was $75,000. The 5th Super 100 tournament of 2019 BWF World Tour
was organized by the Badminton Association of India (BAI), sanctioned by Badminton World Federation
(BWF).List of Winners:
Category Winner Runner
Men’s Singles Sourabh Verma (India) Loh Kean Yew (Singapore)
Women’s Yeo Jia Min (Singapore) An Se-young (South Korea)
Singles
Men’s Doubles Muhammad Shohibul Fikri & Bagas Na Sung-seung & Wang Chan
Maulana (Indonesia) (South Korea)
Women’s Baek Ha-na & Jung Kyung-eun (South Ashwini Ponnappa & N Sikki Reddy
Doubles Korea) (India)
Mixed Doubles Cheah Yee See & Hoo Pang Ron (Malaysia) Mychelle Crhystine Bandaso & Adnan
Maulana (Indonesia)
About BAI:
♦ President: Himanta Biswa Sarma
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July 19
Uttar Pradesh becomes No.1 in implementation of Pradhanamntri Suraksha Beema Yojana in the
country
The State Government of Uttar Pradesh(UP) has become number one in implementation of ambitious central
government scheme Pradhanamntri Suraksha Beema Yojna. Totally 1.95 crores people have been given
insurance cover under the scheme till 31 march 2019 in the state.
Key points:
i. The state implemented this scheme starting from January 2018. Under it, people between the age group of 18
to 70 with bank accounts get an accidental insurance cover of rupees 2 lakh by paying an annual premium of 12
rupees.
ii. The sate holds the second spot in the implementation of Pradhan Mantri Jeevan Jyoti Beema Yojana, another
flagship scheme of the central Government.
About Pradhan Mantri Jeevan Jyoti Beema Yojana:
It is a government-backed Life insurance scheme launched on 9 May 2015. It is available to people between 18
and 50 years of age with bank accounts get an accidental insurance cover of rupees 2 lakh by paying an annual
premium of 330 rupees.
Veteran poet and lyricist M. K. Seetharam Kulal passed away

A renowned playwright, writer and former president of the Karnataka Tulu Sahitya Academy, M. K. Seetharam
Kulal passed away after a brief illness in Bejai, Karnataka. He was 77.
i. Born in 1940, he was known for his work in the field of Tulu-Kannada dramas and also in the Tulu film world.
ii. He worked in an insurance firm & composed lyrics ‘Pakkilu Muji Onji Gududu’ and ‘Mokeda Singari’ for the
popular Tulu film ‘Pagetha Puge’ in 1972.
iii. He received the “Ranga Kala Bhooshana” award for his contributions to Tulu literature.
iv. He joined Karnataka Tulu Sahitya Academy in 2005 & it presented the Tulu Academy Award for his work in
Tulu theatre in 2015.
v. He has written Tulu language books ‘Mannda Magal Abbakka’ (Queen Abbakka: Daughter of the Soil) &
‘Darmogu Darmada Saval’ were published in 2007.
Airtel Payments Bank ties up with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral
Jeevan Bima Yojana
The first live payments bank in the country, Airtel Payments Bank has partnered with Bharti AXA Life
Insurance to offer Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana, a pure life term insurance plan
up to Rs 5 lakh which is aimed at the under-insured and uninsured segments in India.
Key points:
i. The policy available at Airtel Payments Bank’s 25,000 retail outlets will be expanded to cover over 60,000
banking points.
ii. The customers are offered the option of life cover between 3-5 lakh and it will soon be extended up to Rs 25
lakh. Any individual between the ages of 18 and 55 can enroll for this product.
iii. In 2018 Airtel Payments Bank had also partnered with Bharti AXA Life Insurance to offer Pradhan Mantri
Jeevan Jyoti Bima Yojana (PMJJBY).
Muthoottu Mini Financiers Ltd and HDFC ERGO entered Bancassurance Corporate Agency Agreement
On July 16, 2019 India’s leading private sector general insurance company, HDFC ERGO General Insurance
Company entered into a corporate agency partnership with Kerala based Muthoottu Mini Financiers
Limited, a non-deposit taking systemically important NBFC (Non Banking Financial Company) to provide
comprehensive general insurance for the customers of the NBFC through its network branches.
Key points:
i. HDFC ERGO’s offering will now be available in Muthoottu Mini Financiers Ltd.’s widespread network of over
750 branches which spreads across 10 states and 2 union territories in India.
ii. Through this partnership, HDFC ERGO will strengthen its penetration in southern India, leveraging the
NBFC’s wide network and edge in priority lending sector.
iii. Muthoottu Mini Financiers Ltd will also benefit from the advantage to offer their customers’ comprehensive
solutions for their financial requirements under a single roof.
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LIC offers Rs 1.25 trillion by 2024 to fund highway projects: Nitin Gadkari
On July 21,2019, Nitin Gadkari, Minister of Road Transport and Highways stated that Mumbai headquartered
Indian state-owned insurance group, LIC (Life Insurance Corporation) has agreed to offer Rs1.25 trillion (Rs
1.25 lakh crore) line of credit by 2024, to fund highway projects for timely execution of the Rs 8.41 trillion
ambitious Bharatmala project.
Key points:
i. The borrowings will be in the form of bonds to be issued by the NHAI (National Highways Authority of India)
raised for 30 years and the interest rate will be revised every 10 years.
ii. Bharatmala program will be funded through cess, toll revenue, market borrowings, private sector
participation, insurance fund, pension funds, masala bonds, and other initiatives and the LIC credit line was one
such initiative(bonds).
iii. LIC offered Rs 25,000 crore in a year and Rs 1.25 trillion in five years for highways construction.
iv. The budget allocation for Road Transport and Highways ministry has also increased by about Rs 5,000
crore.
“Tata” becomes India’s most valuable brand for 2019: Brand Finance India 100 2019 report
According to the London-based consultancy Brand Finance annual report , “Brand Finance India 100 2019”,
“Tata” has become India’s most valuable brand for the second straight year in 2019 with the brand value of
$19.6 billion followed by LIC(Life Insurance Corporation) (2nd )with $7.3 billion and Infosys (3rd )$6.5 billion.
Key points:
i. The brand value of Tata increased to 37% with $19.6 billion, the highest in the top 25 compared to $14.23
billion in 2018.
ii.TATA group’s brand present across autos, IT services, steel, and chemicals.
iii. Brand Finance, calculates the value of brands based on the ‘royalty relief approach’, which estimates likely
future sales that are attributable to a brand based on the royalty rate.It also ranks brands based on its strength
& performance with its competitors.
June 19
Farmers contribution to be Rs 100 per month to PM-Kisan Pension Yojana
On June 13, 2019, Ministry of Agriculture and Farmers Welfare announced that farmers in the country are
expected to contribute Rs 100 per month under the Pradhan Mantri (PM) Kisan Pension Yojana. It seeks to
provide a minimum monthly pension of Rs 3,000 on the attainment of 60 years of age. The central government
will also contribute an equal amount to the pension fund.
Key Points:
i. Pension Fund will be managed by the Life Insurance Corporation (LIC). It will be responsible for the
pension payout.
ii. The Pension Scheme will provide social security to small and marginal farmers.
iii. With an entry age of 18 to 40 years, it aims to cover around five crore beneficiaries in the first three years.
iv. In order to attain complete transparency, the government will set up an online grievance redressal system.
v. Union Minister for Agriculture and Farmers Welfare, Shri Narendra Singh Tomar chaired a meeting with
Agriculture Ministers of all States and Union Territories via Video Conference and urged them to roll out the
programme at the earliest.
About PM- KISAN Yojana:
PM- KIsan SAmman Nidhi (PM-KISAN) yojana is an income support scheme for farmers. It is a 100% central
sector scheme which will give farmers Rs. 6000 per year in 3 equal instalments. From 01.04.2019, the scheme
has been extended to cover all farmers, the total beneficiaries will be 14.5 crores.
West Bengal introduces free crop insurance scheme Bangla Shashya Bima for farmers
On June 28, 2019, West Bengal Government launched a crop insurance scheme, Bangla Shashya Bima
(BSB) for the 2019 'Kharif' season to protect farmers from losses due to natural disasters and provide a steady
income in case of unstable market prices.
Key points:
i. Tie-up: The scheme was launched in collaboration with Agriculture Insurance Company of India (AIC).
ii. Cost-free: The crop insurance scheme would be "free of cost for farmers" as the state government would pay
the entire premium.
iii.Insurable crops: It includes Aman and Aus paddy, jute and maize under the scheme.
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iv. The scheme is applicable for farmers in 15 districts include Darjeeling, Kalimpong, Purba Bardhaman,
Paschim Bardhaman, Purba Medinipur, Malda, Hooghly, Nadia, Murshidabad, Cooch Behar, Birbhum, Purulia,
Dakshin Dinajpur, North 24 Parganas, and South 24 Parganas.
Nilekani-led committee recommended 24×7 RTGS & NEFT, elimination of all charges
The Reserve Bank of India(RBI) appointed 5-member panel led by Nandan Nilekani recommended measures
like 24×7 Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) facility, duty-free
import of Point-of-sales(POS) machines and elimination of all charges in order to promote digital payments in
India.
Policy recommendations were made to all major regulators such as RBI, Securities and Exchange Board of India
(SEBI), Insurance Regulatory and Development Authority of India (IRDAI) and Department of
Telecommunications (DoT) with the objective to reduce cash based payment
India. Policy recommendations were made to all major regulators such as RBI, Securities and Exchange Board
of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI) and Department of
Telecommunications (DoT) with the objective to reduce cash based payments.
Max Life Insurance Company launched ‘My Protection Quotient’ Tool

On June 10, 2019, Max Life Insurance Company launched a unique proprietary tool named ‘My Protection
Quotient’ (MyPQ) to ensure financial protection in the country. Max Life Insurance Company is one of the
fastest growing life insurance companies in India.
Key Points:
i. It is a smart tool designed for individuals to provide financial protection and to promote awareness and
importance of term plans in protecting the financial future of families.
ii. It helps the consumers to measure their preparedness for their life stage goals and gives protection against
unplanned eventualities of life. The final output will be a quotient reflected on a scale of 100. Score from 0-25
indicates extremely poor financial protection, 25-50 reflects a poor score, 50-75 a moderate and 75-100
indicates a reasonable quotient.
iii. It had earlier launched ‘India Protection Quotient’ survey in association with Kantar IMRB to understand
where India stands with regards to life and term insurance ownership.
iv. Max Life Insurance Company has dedicated 6th of every month as ‘Protection day’ and MyPQ was launched
on Second protection day.
IDBI Bank and Max Bupa sign Bancassurance corporate agency agreement
On June 1, 2019, Industrial Development Bank of India (IDBI) Bank and Max Bupa, a Standalone Health
Insurer (SAHI) signed a Bancassurance corporate agency agreement. For the first time, IDBI Bank became a
on-boarded corporate agent for Max Bupa under open architecture.
Key Points:
i. Max bupa will provide a wide range of health insurance products and digital first propositions to IDBI bank's
20 million customers spread across its 1800 plus branches.
ii. IDBI Bank is focused to increase the Fee Income through Third Party distribution.
iii. The products are IDBI Max Bupa Suvidha Health Plus, IDBI Max Bupa Loan Secure and IDBI Max Bupa Sehat
Suraksha.
iv. Max Bupa will provide the services like preauthorization of cashless claims within 30 minutes and access to
'Point of Care' desks at leading hospital chains across the country.
v. Max Bupa will design a digital ecosystem for the customers of IDBI bank.
vi. It will also install 'Infinity', a proprietary digital platform. Through this, the customers of IDBI Bank can
purchase the product of their choice instantly and access their policy documents at the bank branch.
Any Time Health (ATH) Machines, a completely automated, technology based models will be installed by Max
Bupa at IDBI Bank branches across the country. It will allow customers to avail health assessment and purchase
a policy instantly under 3 minutes.
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ZestMoney in partnership with Digit Insurance to offer EMI insurance

On June 13, 2019, ZestMoney, a Bengaluru based digital lending startup, in partnership with Digit
Insurance announced to offer EMI (Equated Monthly Installment) insurance to the company’s five million
customers. The aim of the partnership is to relieve its customers of debt in case of unforeseen circumstances.
Key Points:
i. The policy will cover EMI cost in the cases of hospitalization, death or permanent disability.
ii. The insurance product, designed for ZestMoney’s customers, will be available while applying for a loan on
the digital platform.
iii. The credit limit can be availed by signing up on the 100% digital loan application platform and can be used
to shop online and in-store across all ZestMoney partners including Amazon, Flipkart, Myntra, MakeMyTrip and
Xiaomi.
IRDAI hiked third party insurance premium for Small-Medium Cars from June 16, 2019
On June 4, 2019, The Insurance Regulatory and Development Authority of India (IRDAI) hiked the Third
Party (TP) motor insurance premium for small and medium private cars by 12-12.5% for 2019-20. The rates
are applicable from June 16, 2019. TP premium for two-wheelers and heavy vehicles was also increased. These
powers which are provided to IRDAI are mentioned under Section 14 (2) (i) of the IRDA Act, 1999.
Key Points:
i. Two-wheelers with engine capacities between 150cc and 350cc witnessed the highest percentage increase at
21.11%. Rates were increased from Rs 985 to Rs 1,193. For two-wheelers between 75 cc and 150 cc, it hiked TP
rate by 4.44% to Rs 752.
ii. There was a hike of 12% in private cars below 1000 cc engine to Rs 2,072 and 12.50% increase to Rs 3,221
for cars with an engine capacity of 1000-1500 cc.
iii. For goods carriers with Gross Vehicle Weight (GVW) up to 7,500 kg, TP premium was hiked from Rs 14,390
to Rs 15,746, for vehicles with GVW between 7500 kg to 12,000 kg, the rate was hiked from Rs 24,190 to Rs
26,935 and for vehicles between 12,000 kg to 20,000 kg, it was increased from Rs 32,367 to Rs 33,418.
Max Life Insurance launched 'Max Life Smart Term Plan'

On June 20, 2019, Max Life Insurance Company Limited, one of the country's leading life insurance
companies, launched customizable 'Max Life Smart Term Plan'. It will offer customers the flexibility to
customize their own protection solution through the selection from a wide range of benefits and features.
Key Points:
i. It will provide options of choosing from multiple premium payment term- Single payment, payment for
limited term of 5, 10, 12 and 15 years in addition to the 'pay till 60' and regular pay options.
ii. It offers seven types of death benefits to customers to choose for their protection needs.
iii. Max Life Smart Term Plan covers a total of 40 critical illnesses under accelerated critical illness benefit.
iv. It comes with add on Max Life Waiver of Premium Plus Rider. It provides a waiver for all future premiums
under the policy. This will help to create a customised protection solution for each customer.
v. It will also provide a 'Premium Back Option' on a term product till the age of 85 for the consumers.
IDBI Bank and Tata AIG Signed Bancassurance Corporate Agency Agreement
On June 19, 2019, Indian banking giant, Industrial Development Bank of India (IDBI) has signed a
bancassurance agreement with Tata AIG General Insurance Company Ltd to provide Tata AIG’s suite of P&C
(Property and Casualty (insurance)products.
Key points:
i. Tata AIG’s products will now be available in IDBI bank’s 20 million customer base spread across its 1,850-
plus branches.
ii. The product portfolio comprises Tata AIG’s flagship health (Medicare), motor, personal accident, home
content, critical illnesses, Locker, SME(Small and medium-sized enterprises)and travel insurances.
iii. This tie-up comes after IDBI Bank and Max Bupa Signed Bancassurance Corporate Agency Agreement.
iv. In rural & semi-urban areas IDBI Bank has a strong presence.
v. Through this partnership, Tata AIG will deepen the penetration of its product offers and enable more
customers to access their risk solutions anytime, anywhere.
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NHB issued stricter norms on HFCs’ capital adequacy ratios

The National Housing Bank (NHB) has tightened the norms on leverage and capital adequacy ratio for
Housing Finance Companies (HFCs). It mandated the HFCs to reduce their total borrowings in a phased manner
to not more than 12 times (at present 16 times) of their Net-Owned Funds (NOF) as on March 31, 2022. Life
Insurance Corporation (LIC) Housing Finance is the only HFC to have the highest leverage ratio of 14 times of
NOF.
Key Points:
i. The Capital Adequacy Ratio (CAR) for HFCs is increased to 13% by March 2020, 14% by March 2021 and 15%
by March 2022. Tier I capital should not be less than 10% (6% at present).
ii. Changes will not impact large HFCs like Housing Development Finance Corp. (HDFC), Repco Home Finance,
Indiabulls Housing Finance and Dewan Housing Finance, which are capitalized above 15%. LIC Housing Finance
and PNB (Punjab National Bank) Housing Finance have capital adequacy ratio below 15%.
iii. HFCs cannot accept fixed deposits of not more than three times their NOF. But if a HFC has obtained credit
rating for its fixed deposits not below the minimum investment grade rating complying with all the prudential
norms, it may accept public deposits not exceeding three times of its NOF.
Government reduced the ESI contribution rate to 4% from 6.5%

On June 13, 2019, the Government reduced the Employees State Insurance (ESI) contribution rate to 4%from
6.5%. This will benefit 36 million workers and 1.28 million employers and will lead to an estimated annual
saving of around Rs 5,000 crore for firms. The reduced rates will be effective from July 1, 2019. The Central
government through the Ministry of Labour & Employment decides the rate of contribution under the ESI Act.
Key Points:
i. The Labour Ministry stated that there will be a reduction of 1.5% in employers’ contribution to 3.25% from
4.75% and 1% reduction in employees’ contribution to 0.75% from 1.75%.
ii. In 2018-19, 12.85 lakh employers and 3.6 crore employees contributed Rs 22,279 crore towards the ESI
scheme.
iii. Reduction in the share of contribution of employers will reduce the financial liability of the establishments
leading to improved viability of these establishments and will enhance Ease of Doing Business.
iv. The Employees’ State Insurance Act 1948 (the ESI Act), administered by the Employees’ State Insurance
Corporation (ESIC), provides for medical, cash, maternity, disability and dependent benefits to the Insured
Persons under the Act.
v. The ESI Act 1948 under the labour ministry covers employees with salary up to Rs 21,000.
MobiKwik partnered with Max Bupa to launch ‘shampoo-sachet’ health plan

MobiKwik, a mobile payments service provider, partnered with health insurer Max Bupa to
launch “shampoo-sachet” concept in the insurance sector. It will offer mini medical insurance products with
premiums as low as Rs 20. The partnership enables financial inclusion by making pocket size health insurance
solutions available through the Mobikwik platform.
Key Points:
i. Max Bupa and MobiKwik launched a HospiCash plan which has an annual premium of Rs 135.
ii. It provides daily cash allowance of Rs 500 for up to 30 days during the hospital stay. There is an inbuilt
accident insurance cover of Rs 1 lakh. The higher variants with annual premium of Rs 225 and Rs 400 will
provide cash allowance of Rs 1,000 and Rs 2,000 per day respectively.
Dell tops the list of most trusted brand in India, while Amazon is most trusted Internet Brand: TRA
Research 2019
According to the report “Brand Trust Report, 2019”, by Trust Research Advisory (TRA), Dell tops the list as
the most trusted brand for 2019 in India. It is followed by automobile brand Jeep, and LIC (Life Insurance
Corporation of India).While largest E-commerce player Amazon has emerged as a most trusted internet
Brand ranked as 4th in the list followed by Apple iPhone at 5th position.
Key points:
i. Dell was ranked 6th position in 2018, while Samsung, which was 2018’s most trusted brand now at
6th position.
ii. Jeep makes the second spot with a great jump of 551 ranks from 2018.
iii. Amazon rised 53 ranks from 2018.
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Pankaj Razdan, CEO of Aditya Birla Sun Life Insurance quits

On June 24, 2019, Pankaj Razdan stepped down from his position as the CEO(Chief Executive Officer) of
Mumbai based Aditya Birla Sun Life Insurance (ABSLI). The present managing director(MD) of the retail arm
of Kotak Securities Kamlesh Rao will replace Razdan as CEO.
Key points:
i. Razdan also resigned from his other position as deputy chief executive officer of financial services firm,
Aditya Birla Capital.
ii. Razdan joined Aditya Birla Capital in 2007 and he took over as head of Aditya Birla Sun Life Insurance in
2013.
iii. Before joining Aditya Birla Capital, Razdan was the CEO of ICICI Prudential Mutual Fund.
iv. He produced a Marathi film while work with Aditya Birla Group.
About ABSLI
Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a joint venture between the Aditya Birla Group and
Sun Life Financial Inc. It was founded in 2000.
May 2019
Crop insurance under PMFBY failed
The flagship program of Prime Minister Modi, Pradhan Mantri Fasal Bima Yojana (PMFBY) which provides
crop insurance to farmers has failed. Recently, a senior official from Agriculture Ministry disclosed that out of
Rs 1,400 crore designated fund for the North-Eastern state annually under PMFBY, only around 0.57% or Rs 8
crore was spent in 2018-19.
Key Highlights
i. Four North-eastern states are not covered under PMFBY and the states are Arunachal Pradesh, Nagaland,
Manipur and Mizoram.
ii. Other large states like Bihar and West Bengal had earlier withdrawn from crop insurance scheme and
launched their own state-level scheme and states like Punjab had never joined the scheme.
About Pradhan Mantri Fasal Bema Yojana (PMFBY)
♦ The scheme was launched on 14th January 2016. The objective of this scheme is to provide financial support
to farmers suffering from crop loss or damage due to an unforeseen event.
♦ Under this scheme, the government provide crop insurance to the farmers and farmers have to pay a
premium of 1.5%, 2% and 5% for rabi, Kharif and horticulture crops respectively.
Max Life Insurance Co Ltd dedicated the 6th day of each month as ‘Protection Day’ to raise awareness
on financial protection
Max Life Insurance Co Ltd has notified that it will commemorate the 6th day of each month as ‘Protection
Day’. The objective of this initiative was to raise awareness on financial protection.
Key Points:
i. Aalok Bhan, Director and Chief Marketing Officer, Max Life notified that this date of the calendar month
was selected, because, generally, number 6 indicates love, harmony and is also a symbol of secured financial
future.
ii. The decision came in line with the Company’s launch of Max Life India Protection Quotient survey
conducted in collaboration with Kantar IMRB. It denoted that the extent to which the Indians feel protected
from financial uncertainties is extremely low, and that level was as 35.
iii. Various other initiatives will start off across Max Life Insurance’s network of around 240 offices, as a part of
this initiative.
iv. The Company will also start an initiative called the “Super Customer Week“, in which the customers will be
taught about the different facets of financial protection
HDFC ERGO General Insurance Company launched ‘Mosquito Disease Protection Policy’ which will
cover people against common mosquito-borne diseases
India’s 3rd-largest non-life insurance provider in the private sector, HDFC ERGO General Insurance Company
launched a scheme termed ‘Mosquito Disease Protection Policy’ which will cover a person against common
mosquito-borne diseases, namely, Dengue Fever, Malaria, Chikungunya, Japanese Encephalitis, Kala-azar,
Lymphatic Filariasis and Zika Virus.
Key Points:
i. There has been a stark rise of 300% dengue cases in India between 2009-2017,according to the report
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published by National Health Profile 2018.

ii. These mosquito-borne diseases leads to financial burden due to hospitalisation or affects the No Claim
Bonus of any conventional Health Insurance.
iii. The policy by HDFC ERGO will cover hospitalisation expenses. The policyholder may opt for a huge
amount to be paid as a policy benefit on offering the proof of hospitalisation. The policy will also pay the
beneficiary the sum insured, if in case of the policyholder dies due to the disease.
iv. This policy also provides international cover to people and also covers all the vector-borne diseases listed
in the policy document.
v. The policy cover will be available for people between the age of 91 days to 65 years.
vi. Along with these benefits, the policyholders will have access to different wellness services,
namely, discounts and specialised programs like health tips, diet consultation and other programs offered
on thehealth mobile application of HDFC (Housing Development Finance Corporation Ltd.) ERGO.
vii. The benefits are inclusive of access to health coaching services in disease management, activity and
fitness, nutrition and weight management.
Bharti Airtel and HDFC Life tied up to offer insurance for prepaid customers
Bharti Airtel and the Housing Development Finance Cooperation (HDFC) Life had tied up to offer life cover
for customers at a prepaid recharge of Rs 249. This new Rs 249 prepaid recharge will include 2 GB data,
unlimited calls across all the networks and 100 SMS per day with an insurance cover of the worth of Rs 4 lakh
from HDFC Life. The recharge validity is for only 28 days.
Key Highlights
i. The insurance cover of Rs 4 lakh will be there with the customers till recharge will active and once validity
will over customers have to recharge it again to avail the insurance cover.
ii. To avail this insurance cover, the customers need to enrol after the first recharge through either by SMS, My
Airtel App or the retailer.
iii. This insurance cover will be available to 18 to 54 years of age. It required no paperwork or medical
examination except a declaration of good health from the customer.
HDFC ERGO and IBM to jointly setup data lab in India to improve business efficiency and profitability
HDFC ERGO, General Insurance Company and IBM, technology giant, announced to jointly setup data lab in
India to improve business efficiency and profitability. It will analyze the customer data and develop customized
solutions.
Key Points:
i. Neither HDFC ERGO nor IBM has disclosed the amount of investment in setting up the lab.
ii. The experts from HDFC ERGO and a team of 25 experts from IBM Garage which includes data scientists,
technology architects, and design engineers are working together to improve customer experience by working
on different test cases.
iii. HDFC ERGO is the third largest private general insurance company of India with 11 million customers
associated with the business.
iv. HDFC ERGO is a joint venture between HDFC and Munich-based ERGO International.
Bajaj Finserv, through its lending arm Bajaj Finance Ltd launched ‘Mumbai Local Train Cover’
Bajaj Finserv, through its lending arm Bajaj Finance Ltd has launched a specialised insurance cover
titled ‘Mumbai Local Train Cover‘ for passengers travelling in local trains in Mumbai.
Key points:
i. This policy provides coverage in case of mishap during a train journey.
ii. The passengers will get an insurance cover of Rs 1 lakh against a payment of Rs 399 per annum.
iii. In the event, when an insured passenger suffers a disability as a result of a Mumbai-local train accident, the
passenger is covered against loss of income, with Rs. 2000 per week during the policy period.
iv. Local train travellers who are eligible for this insurance cover are persons above 18 years of age and
below 70 years of age.
v. Moreover, applying for the Mumbai Local Train Cover can be done instantly through a digital medium.
vi. As a part of the application process, the customer just has to fill up the online application form on the Bajaj
Finserv website and pay the premium amount online.
vii. Moreover, the pocket insurance offers across categories, namely, lifestyle, travel, health, assistance are
only available for existing Bajaj Finserv customers.
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Karnataka Bank introduced Savings Bank product named “KBL SB Salary” for salaried class
Karnataka Bank has launched a customized product for the salaried class. The new savings bank product, KBL
SB Salary has been designed with three variants namely SB Salary Executive, SB Salary Prime, and SB Salary
Classic to cater the financial needs of the ‘employer-employee ecosystem’.
i. All three variants do not have the minimum balance criteria instead they have Digitally Powered features.
ii. Its major features include- No annual charge on Debit Cards, Unlimited free access to Karnataka Bank ATMs,
Free Cash Deposit facility across all branches, Free Fund Transfer within the Bank, Free NEFT & RTGS through
Internet and Mobile Banking, Free Outstation Cheque Collection, No Annual Fee on Demat & Trading Accounts
iii. Also, bank will provide an insurance coverage of up to Rs 50,000 without any charges against chain
snatching, theft and burglary for women employees falling in the top category of the salary scheme.
SEBI & IRDAI to introduce Regulatory Sandbox Framework for Fintech Startups
On the lines of the initiative taken by Reserve Bank of India (RBI), regarding the setting up of the regulatory
sandbox (RS) in its draft “Enabling Framework for Regulatory Sandbox” in April for fintech innovations; the
market watchdog Securities and Exchange Board of India (SEBI) and insurance watchdog Insurance
Regulatory and Development Authority of India (IRDAI) have also introduced the similar RS.
i. SEBI has released a testing environment, “Innovation Sandbox”, for firms not regulated by SEBI and also for
individuals. They could test their proposed products subject to the fulfillment of the eligibility criteria, based on
market-related data made available by stock exchanges, depositories, and qualified registrar and share transfer
agents (QRTAs).
ii. On the other hand, for the IRDAI sandbox, an applicant should have a net worth of Rs 10 lakh with proven
financial record of at least one year for testing new digital and tech-based innovations, before launching them
in the market.
What is RS?
RS is an infrastructure that helps fintech startups to live test their products or solutions, before getting the
necessary regulatory approvals for a mass launch. This will save the time and cost of startup.
Standard Life will sell its 1.78% stake in HDFC Life Insurance
The Standard Life (Mauritius Holdings) will sell its stake of 1.78% in HDFC Life Insurance Company for Rs
1,404 crore. The sale process will happen in two slots, first for non-retail investors and second for retail
investors. The reason behind this move is to achieve the minimum public shareholding in the company as per
Securities and Exchange Board of India (SEBI) regulations.
Key Highlights
i. The Standard Life (Mauritius Holdings) proposed to sell up to 3,60,00,000 equity shares (1.78% stake) at a
floor price of Rs 390 per equity share and DSP Merril Lynch will be the broker for the sale process on behalf of
Standard Life (Mauritius Holdings).
ii. The sale process was done through offer for sale (OFS) route.
Bharti AXA Life Insurance, private life insurer conferred with FICCI Claims Excellence Award
Federation of Indian Chambers of Commerce and Industry (FICCI) confers Private Life Insurer, Bharti
AXA Life Insurance with the ‘Claims Excellence Award’ during 20th Annual Insurance Conference – FINCON
2019 held in Mumbai, Maharashtra.
KeyPoints:
i. The award was presented for its customer-friendly claims services, including dedicated claims handler and
one of the best claim settlement ratios, in the life insurance sector.
ii. Bharti AXA Life Insurance has improved its individual claim settlement ratio, the number of claims paid to
the number of claims received, to 96.85 percent in the financial year 2017-18.
HDFC group overtook Tata Group in terms of market capitalisation (m-cap)

HDFC Group surpassed Tata Group in terms of market capitalisation and became the most valuable business
house. HDFC Group with 5 listed companies recorded the m-cap as Rs. 11.66 lakh crore whereas Tata Group
with 29 listed firms stood at Rs. 11.64 lakh crore.
Key Points:
i. The 5 listed firms of HDFC Group are HDFC Ltd, HDFC Bank, HDFC Standard Life Insurance Company,
HDFC Asset Management Company and Gruh Finance. Tata Group includes TCS, Tata Steel, Tata Motors, Titan,
Tata Chemicals, Tata Global, Tata Chemicals, Tata Power and others.
ii. In January 2018, the Tata Group’s m-cap stood at Rs 9.6 lakh crore which was 15% higher than that of the
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HDFC Group. But it saw a decline because of the weak performances of Tata Group companies excluding
TCS. On the other hand, increasing investor focus on financial services helped the HDFC Group to become the
most valued firm.
Dinesh Pangtey appointed as CEO of LIC Mutual Fund

Former Director and Chief Executive Officer at LIC HFL (Housing Finance Ltd) AMC (Asset Management
Company), Dinesh Pangtey has been appointed as Chief Executive Officer(CEO) of Life Insurance Corporation
(LIC) Mutual Fund. He succeeds Shri Raj Kumar.
i. He has 35 years of experience across various sectors like insurance sector, private equity, life, pension and
group superannuation scheme.
ii. He strategized the setting up of the new fund under SEBI AIF platform & directly raised 92 per cent of the
base corpus. The fund is poised soon to exhaust the greenshoe option and close at Rs 1000 Cr.
April 2019
RBI grants 12 years to LIC for reducing stake in IDBI Bank
Life Insurance Corporation(LIC), the largest insurance company in India, got 12 years from RBI for cut down
stake in IDBI Bank.LIC is the lender’s major shareholder, and it has a 51 per cent stake in the Bank. It means
that no obligation to sell its stake in the following years or would probably spend higher money to keep its
stake in any future fund raising by the bank.
i. Insurance Regulatory and Development Authority (IRDAI) claimed that LIC can take up to 15 percent stake
in any bank,which can stretch up to 30 percent as per the board approval.But the insurance regulator has
authorised LIC to hold up to 51 percent in IDBI Bank in 2018.
ii. After 12 years LIC has to decrease stake in IDBI Bank by 10 per cent to 40 per cent.
RBI Permitted Reinsurance Brokers to Open Foreign Currency Accounts

On 11th April 2019, The Reserve Bank of India sanctioned reinsurance brokers to initiate non-interest bearing
foreign currency accounts with banks for undertaking transactions. The Insurance Regulatory and
Development Authority of India (IRDA) had issued notification and following this the RBI declared Foreign
Exchange Management (Foreign Currency Accounts by a resident person in India) Regulations, 2015 – Opening
of Foreign Currency Accounts by Re-insurance and Composite Insurance brokers.
i. For undertaking transactions in the ordinary course of their business, reinsurance and composite insurance
brokers enrolled with IRDAI may start and manage non-interest bearing foreign currency accounts with a bank
in India.
ii. Foreign currency account refers to a bank account operated in currency other than the currency of India or
Bhutan or Nepal.
HDFC Bank and Max Bupa launch AnyTimeHealth machines to distribute health insurance products
Max Bupa, India’s health insurance company collaborated with HDFC Bank, India’s leading private sector
banks, and launched ‘AnyTimeHealth (ATH) machines. The machine is an automated, web-based model that
permits customers to avail health assessment, namely, Body Mass Index’, ‘Blood Pressure’, ‘Body Type & Fat
percentage’, ‘Muscle percentage’, ‘Bone Mass’, ‘Body Temperature’ and buy health policy dynamically without
incorporation of any kind of conventional manual efforts.
i. Max Bupa offers customisable products to HDFC bank’s customers, through digital touch points, that is, Max
Bupa’s plans, namely, ‘heartbeat, health companion, Goactive and health recharge’.
ii. Max Bupa partnered with HDFC Bank to design an end-to-end ‘digital journey’ for the bank’s customers,
which is designed to support HDFC Bank’s assisted and non-assisted mode of selling insurance digitally, thus
empowering the HDFC’s customers to avail health insurance solutions proficiently.
iii. The collaborative effort of HDFC Bank and Max Bupa to make quality healthcare available through digital
medium will help fulfil the health insurance needs of HDFC bank’s 40+ million customers across India.
Canara Bank and its life insurance partner Canara HSBC OBC Life launched ’Webassurance’
On 27th April 2019, Canara Bank and its life insurance partner Canara HSBC Oriental Bank of Commerce
Life Insurance launched ’Webassurance’ to enable its customers to purchase life insurance in a convenient
and hassle-free way.
Key Points:
i. Total Four life insurance products of Canara HSBC OBC Life would be made available to its customers with
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various facilities like key needs of child future, savings, and investments, retirement planning and protection.
ii. Through this Webassurance, the bank will be able to service the protection needs of its younger and net-
savvy customers.
iii. This Life Insurance is jointly owned by Canara Bank (51 percent) and Oriental Bank of Commerce (23
percent) and HSBC Insurance Holdings (26 percent), the Asian insurance arm of HSBC.
Bharti AXA General Insurance, the 1st company to sell 2-wheeler policies via WhatsApp, by partnering
with Wishfin
Bharti AXA General Insurance, the first company in the domestic non-life insurance industry has collaborated
with web aggregator, Wishfin Insurance to sell 2-wheeler policies via social media messaging platform,
WhatsApp.
i. Bharti AXA General Insurance is a joint partnership between Bharti Enterprises and AXA, global insurance
firm. It will sell the policies on Wishfin’s insurance arm, Wishpolicy’s website.
ii. Wishfin has launched ‘Buy Two-Wheeler Insurance on WhatsApp’ (that is available on Wishpolicy’s
website) through Wishfin Insurance. This policy is an instant, effortless and additional customer service option
avaiable for the policyholders.
iii. No manual intervention is required to buy the 2-wheeler insurance. Customers and policyholders can buy
the 2-wheeler insurance on WhatsApp by giving a missed call to 8527844822.
iv. The customer then has to provide his/her registration number and certain details before making the
payment after which he/she gets instant policy through WhatsApp.
Karnataka Bank Signs agreement With Bharti AXA For Insurance Products
Karnataka Bank has signed a pact with Bharti Axa Life Insurance Company Ltd to distribute the latter’s life
insurance products to provide insurance solutions to the customers of Karnataka Bank.
Key points
i. The pact was signed at the head office of the Karnataka Bank by Bharti representatives of the Karnataka Bank
and the Bharti Axa Life Insurance Company.
ii. This collaboration will facilitate wide choices of life insurance products to its customers across all its 836
branches of bank supported by the customer centric products of the insurance company
Cholamandalam MS General Insurance receives ISO 31000:2018 Certification

An insurance giant Cholamandalam MS General Insurance Company Limited has received ISO 31000:2018
certification by TUV India. Chola MS has received certification for applying risk management system which
conforms to the prescribed standards.
Key highlights
i. ISO 31000:2018 is an international risk management standard developed by International Organisation for
Standardization (ISO). This standard issues guidelines, framework, principles and a process for risk
management.
ii. Any organisation or firm can use this standard in managing risk irrespective of its size, activity or sector.
This ISO certification is valid only for 3 years from April 07, 2019 to April 06, 2022.
Life and Non-life insurers witness 11% and 13% rise in premium respectively
According to the Insurance Regulatory and Development Authority of India (IRDAI) data, after a very low
growth phase, life and non-life premium income of insurance companies have registered substantial growth in
financial year 2019.
Life insurer’s premium income grew 11% in FY19 over 2018 and non-life insurance firms witnessed
a 13% rise in their total premium income to Rs 1.70 lakh crore in the financial year ended March 2019.
i. The 34 non-life insurers had a total premium of Rs 1.51 lakh crore in 2017-18.
ii. The Insurance Regulatory and Development Authority of India (IRDAI) data showed that among the total
insurers:
• 25 are general insurers: whose collective gross premium in 2018-19 was Rs 1.50 lakh crore, up by
around 13% from Rs 1.33 lakh crore in 2018.
• 7 are standalone private sector insurers: they had a rise of 37% in their combined premium to Rs
11,368.82 crore in the financial year ended March 2019, against Rs 8,314.27 crore in 2018.
• 2 are government-owned specialised insurers: among them, Agricultural Insurance Company of
India and ECGC Ltd registered a dip of 7.75% in premium at Rs 8,425.75 crore during the fiscal ended
March 2019, as against Rs 9,133.78 crore in 2018.
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Airtel Payments Bank joined hands with Bharti AXA General Insurance for two-wheeler insurance
On 19th April 2019, Airtel Payments Bank joined hands with Bharti AXA General Insurance for a two-
wheeler insurance product offering which is available on MyAirtel App and at over 40,000 Airtel Payments
Bank points across India.
Key Points:
i. This offers various benefits like 70 percent savings on an annual premium, personal accident cover,
protection against third-party liabilities and inspection-free renewal through a paperless process. Also,
Customers can avail towing services at no extra cost on claim intimation, at the time of insured vehicle breaks
down.
ii. Customers without an Airtel Payments Bank account can also avail this policy and can renew their two-
wheeler insurance at Airtel Payments Bank banking point
iii. In India, approximately 75 percent two-wheelers are uninsured, despite being mandatory by the Supreme
Court order in 2018 which is mandatory for individuals to buy five-year motor third party insurance while
buying a new two-wheeler.
Indiabulls General gets preliminary nod to foray into non-life business

On 17th April 2019, Indiabulls General Insurance has received R1 approval to its proposed general insurance
business and preliminary to approval foray into the non-life business from the Insurance Regulatory and
Development Authority of India (IRDAI) respectively.
i. Another subsidiary Indiabulls Life Insurance Company had obtained R1 approval from IRDAI in January 2019.
SBI General launched cyber defence insurance

On 22nd April 2019, SBI General Insurance has launched its new product – cyber defence insurance to
protect businesses from financial and reputational losses due to cyber attacks.
Key Points:
i. At first, it will focus on SMEs and mid-market businesses, but later it can cater to larger businesses.
ii. This offers protection against the growing threat of cyber breaches like hacking attacks, identity theft,
disclosure of sensitive information and business interruption. Also, provides IT forensic investigations, legal
advice, reputational and PR management.
iii. SBI General Insurance’s (SBIG) Cyber Defense comes with CyRUSS (Cyber Risk Underwriting & Solution
Suite)which is a cloud-based tool for Commercial Cyber polices including risk assessment, ongoing risk
management, and claim management.
Bajaj Allianz General Insurance in a partnership with Bajaj Allianz Life Insurance launched their 1st
product: ‘Total Health Secure Goal’
Bajaj Allianz General Insurance collaborated with Bajaj Allianz Life Insurance to launch their 1st product titled
‘Total Health Secure Goal’.
i. The product is a combination of 2 existing plans, namely, Health Guard policy
by Bajaj Allianz General Insurance and iSecure policy by Bajaj Allianz Life Insurance.
ii. This combined plan offers customers a 5% extra discount on the total premium and also provides the
flexibility of availing service or communication on the product.
iii. The product provides an overall insurance solution and ensures that health and security needs of the
customer are taken care of without compromising on their savings.
iv. Under Health Guard policy, a customer can choose the option between a Silver or a Gold Plan with an
insured sum ranging from Rs 1.5 lakh to Rs 50 Lakh. This sum is inclusive of the hospitalisation expenses
incurred by the customer.
v. Under Bajaj Allianz’s iSecure policy, customers are offered the advantage of a level term cover at a low cost.
Some extra features provided include special premium rates for non-smokers and high sum assurance.
vi. Both of the companies have common promoters Bajaj Finserv and Allianz of Germany.
Aegon Life Insurance has collaborated with MobiKwik to launch a smart digital insurance product to
enhance financial inclusion
Mobikwik, digital financial services company collaborated with pioneer of digital insurance in India, Aegon Life
Insurance to launch a Rs 20 smart digital insurance product in order to protect its wallet users from death and
accident related disability cover for up to Rs 2 lakh.
i. The main objective for this initiative is to improve the insurance penetration in India (this is currently
at 3.7%) , that is to drive financial inclusion for the masses.
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ii. The company has created 3 variants of the amount assured between Rs. 1 lakh, Rs.1.5 lakh and Rs. 2 lakh at
no extra cost and the policy can be availed at a premium of Rs 20, Rs 30 and Rs 40 respectively depending on
the protection amount and this is issued instantly.
iii. The insurance product launched is termed as the Aegon Life Group Term Plus Plan. It is available on
MobiKwik App.
IRDAI set up Suresh Mathur Committee comprising of 13 members to review regulatory framework on
micro-insurance
The Insurance Regulatory and Development Authority of India (IRDAI) set up a 13-member committee in
order to review regulatory framework on micro insurance, and suggest the steps to be taken to raise demand
for such products in India by recommending product designs with customer-friendly underwriting, example,
easy premium payment methods and simple claims settlement procedures.
Key points:
i. The committee is headed by Suresh Mathur, IRDAI’s Executive Director. It constitutes of officials from IRDAI,
life, general and health insurance companies in public and private sectors, as well as NGOs (Non-Government
Organizations).
ii. The committee was formed because of less than desired offtake of microinsurance products in spite of their
immense benefits in India.
iii. It will also give recommendations about an alteration in distribution structure, that is, creating effective
awareness programmes and making web-based technology-driven solutions.
iv. Their suggestions have to be submitted within a three month time frame, that is within 90 days.
About IRDAI:
i. The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory
body beholding the task of regulation, promotion and lowering of premium of the insurance (to ensure financial
security of the insurance sector) and re-insurance industries in India.
ii. It was created by IRDA (Insurance Regulatory and Development Authority) Act,1999 passed by the Indian
Government with its headquarters in Hyderabad, Telangana.
About micro-insurance:
i. The micro-insurance is defined and enabled by IRDAI Micro-insurance Regulations, 2005.
ii. IRDAI created micro-insurance policies, which comprises of a General or Life Insurance policy with an
assured sum of Rs 50,000 or less in order to promote insurance coverage among low-income sections of the
society.
iii. General Micro-Insurance product is a Health insurance contract that is on an individual or group basis and is
inclusive of personal belongings like home, cattle, tools, instruments or any personal accident contract. This
business if mostly carried out by (NGOs) and Self-Help Groups (SHGs).
BNP Paribas Cardif sold 5 crore shares in SBI Life Insurance for 2,889 crore
The foreign partner of SBI Life Insurance, BNP Paribas Cardif has sold 5 crore shares of the company for Rs
2,889 crore to increase its public shareholding to 25% of its paid-up equity share capital on or before October
2, 2020. This sale has not undertaken as per the methods prescribed by SEBI for achieving the minimum public
shareholding (MPS) Threshold.
i. The average price of equity share during the sale was Rs 577.93 per equity share.
ii. On the other hand, Canada Pension Plan Investment Board has bought 2 crore shares at an average price
of Rs 577.50 per shares.
iii. Both transactions were carried out as bulk deal from one investor to another.
Indian cyber insurance market grows 40% with 350 cyber insurance policies bought in 2018 against
250 in 2017
A report titled ‘Cyber Insurance in India- Mitigating Risks amid Changing Regulations and Uncertainties‘
by Data Security Council of India (DSCI) stated that cyber insurance market is gradually gaining momentum in
India as cyber-theft has increased substantially to become one of the most prominent threats to the corporates’
operations.
The report broadly offers market insights on the stances in cyber insurance with its prime objective to increase
awareness and help evaluate a cyber insurance policy effectively.
i. Data from the report showed that between 2016 and 2018, India ranked as the 2nd most affected country
from cyber-threats. 350 cyber insurance policies were bought by Indian corporates in 2018 as compared to 250
in 2017, which marks a 40% hike in the sale of these policies.
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ii. During the period of 2017-2018, the average cost of a data breach in India hiked by 7.9% amounting to Rs.12
crore.
iii. The report notified that companies, namely, ICICI, HDFC Ergo, Bajaj Allianz were the major sellers of cyber
insurance policies.
iv. As per a report, the insured amounts lies between 1$ million and 200$ million.
v. Cyber insurance is basically designed to cover all expenses including the fees, legal costs associated with
cyber breaches that generally occurs after an organisation has been hacked or from theft or loss of
client/employee information.
Chief of the General Insurance Corporation of India (GIC), Alice G. Vaidyan, honoured with the Freedom
of the City of London
On 11th April 2019, The Chairman and Managing Director of the General Insurance Corporation of
India (GIC), Alice G. Vaidyan has been honoured with the Freedom of the City of London for the recognition
of her work to promote insurance ties between India and the UK.
Key Points:
i. On the event of first India-UK Insurance Summit in London, she was nominated for the traditional honour
by the Lord Mayor of London, Peter Estlin, and City of London Corporation Policy Chair Catherine
McGuinness.
ii. The event was the precursor of the Global InsurTech Summitin Mumbai, which will be held later in the
year.
iii.The Freedom of the City of London is an honour bestowed by City of London Corporation to the individuals
who make an impact in the financial hub of London, referred to as the City or the Square Mile.
MetLife recognized in Forbes’ Inaugural Blockchain 50 list

Life insurance company, MetLife has been named in Forbes’ inaugural Blockchain 50 List for its Vitana
experiment, world’s first, automated insurance solution using blockchain technology was launched in August
2019 by LumenLab, MetLife’s Asia innovation center in Singapore.
i .Forbe’sblockchain list the first-ever ranking of the top 50 organizations that are leading the pack in regard to
adapting decentralized ledgers to their business.
ii. Vitana Solution offers pregnant women financial protection in case of gestational diabetes– a condition
affecting up to one in five expectant mothers in Singapore.
iii. Vitana securely connects to customers’ electronic medical records via their mobile device to dispense a
policy within minutes.If the customer’s consultant reports a positive diagnosis in her medical records, Vitana
will trigger an automatic payout, without the customer needing to make a claim.
iv. Vitana was developed within the Monetary Authority of Singapore’s (MAS) regulatory sandbox, together
with SwissRe,Cognizant and Vault Dragon.
v. SwissRe helped drive product design and reinsure the risk.
Cognizant provided technology and blockchain expertise.
Vault Dragon an electronic medical records provider supported on-the-ground implementation with forward-
thinking doctors and clinics.
Vipin Anand has been appointed as the new Managing Director of LIC
Vipin Anand has assumed the charge of Managing Director of the Life Insurance Corporation of India (LIC). In
March 2019, he was appointed by Centre as the LIC MD. He will succeed interim chairman, Hemant Bhargava.
i. In the tenure of more than 35 years, he served as the head of LIC’s western zone, comprising of 23 divisions.
He has also headed LIC’s east-central zone headquartered at Patna.
Wipro BFSI president Shaji Farooq resigned

On 23rd April 2019, the president of Wipro’s banking financial services and insurance (BFSI) business
unit, Shaji Farooq has resigned from the company after 5 years due to health reasons. He will precede Angan
Guha, who will take over as senior VP and global head of the BFSI unit from 1st July.
Key Points:
i. He was inducted into Wipro’s core decision-making frame – the Group Executive Council which made up of a
core workforce of Wipro leaders who power the long-term imaginative and prescient of the $8 billion IT
corporate.
ii. He also played a key position in Wipro being an empanelled IT dealer to compete other IT companies like
Infosys and Accenture.
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March 2019
Overview of Prime Minister Narendra Modi’s Visit to Tamil Nadu and Karnataka
Prime Minister Narendra Modi visited Kalaburagi in Karnataka and Kancheepuram in Tamil Nadu where
he launched various development projects.
Highlights from PM Modi’s visit to Karnataka:
i. The Prime Minister dedicated the Employees State Insurance Corporation (ESIC) Hospital and Medical
College, Bengaluru to the nation, through the unveiling of the plaque.
ii. He inaugurated the Super Specialty Block of Karnataka Institute of Medical Sciences(KIMS) in Hubali,
the Income Tax Appellate Tribunal building in Bangalore and the Women’s Hostel for Students from
North Eastern Region at Bangalore University, through the press of button.
iii. Foundation stone for the resitement of BPCL depot Raichur to Kalaburagi was also laid by the Prime
Minister through the unveiling of plaque.
iv. He also interacted with the beneficiaries of Pradhan Mantri Jan Arogya Yojana: Ayushman Bharat.
IDBI Bank categorized as Private Sector Lender by RBI

On 14th March 2019, The Reserve Bank of India categorized IDBI Bank as a Private Sector Bank with effect
from January 21, 2019 following Life Insurance Corporation of India (LIC) is acquiring 51 per cent of the total
paid-up equity share capital of the bank.
Key Points
i. Following the appointment of MR Kumar as the Chairman of Life Insurance Corporation of India
(LIC), Hemant Bhargava ceases to be the Non-Executive chairman of IDBI Bank as he no longer heads the
parent company LIC.
ii. IDBI Bank has been under the Prompt Corrective Action (PCA) framework of RBI which bans it from
corporate lending, branch expansions, salary hikes and other regular activities.
iii. IDBI has charted out a revival strategy to bring banking and insurance under one roof along with LIC. The
bank also informed about appointment of LIC as a corporate agent under bancassurance channel.
Bancassurance Agreement signed by IDBI Bank and LIC

IDBI Bank and Life Insurance Corporation of India (LIC) signed a bancassurance agreement under which
the lender will offer LIC’s insurance products at its branches.
i. As part of the agreement, IDBI Bank will become the preferred bank for LIC premium payments and also
function as premium point to boost sale of LIC products, thereby gaining from fees and float income.
ii. The State-owned life insurer, LIC, acquired a majority stake in IDBI Bank, and the bank has also
appointed LIC Chairman Hemant Bhargava as its non-executive whole-time Chairman.
ICICI Lombard partnered with ATL to provide insurance cover to its lenders and borrowers
On 25th February 2019, A private sector non-life insurance company in India ICICI Lombard has entered
into a strategic partnership with Hyderabad based peer-to-peer lending platform AnyTimeLoan.in
(ATL) to provide insurance cover for its lenders and borrowers.
Key Points
i. ICICI Lombard will offer Group Secure Mind and Group Personal Accident policies to the customers of
ATL which will cover the borrowers of all types of loans on the platform with policy term of 1 to 3 years.
ii. There will be insurance cover for the lenders which will come with free premium for the first year on a
complimentary basis. On behalf of the beneficiaries ATL will absorb this cost.
iii. The partnership with reduce the risk of exposure of its lenders and borrowers which are arising from
uncertainties such as accidents, death, disability, critical illness, loss of job among others.
India’s first policy to protect bank locker launched by IFFCO Tokio General Insurance
IFFCO Tokio General Insurance launched ‘bank locker protector policy’, the first stand-alone bank locker
cover offered by any insurance company with a plan to protect the contents of a bank locker such as jewelry,
title documents, and other valuables.
i. The policy offers a cover against various risks including fire, earthquake, burglary, holdup, infidelity by a bank
staff or any act of terrorism.
ii .Important documents kept in a locker can also be insured under the policy as an add-on cover.
iii. The policy can be sold both as a retail and a group policy for banks.
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iv. It offers 7 options of sum insured ranging from Rs 3 lakh to Rs 40 lakh and above and the premium rate is
affordable with a cover of Rs 3 lakh available at just Rs 300, which is less than Rs 1 per day.
Bancassurance deal signed between United Bank of India and HDFC Life
United Bank of India has signed a bancassurance deal with HDFC Life.
Key Points:
i. United Bank of India aims to provide the facilities of life insurance products to its customers through HDFC
Life.
ii. This is the third PSU bank tie-up this year for HDFC Life.
iii. They aim to utilise each other’s customer base to spread their mutual business.
AU Small Finance Bank partnered with Acko General Insurance

India’s first digital insurer, AU Small Finance Bank Ltd. announced its partnership with a new age insurtech
company, Acko General Insurance Limited and is now able to provide customized insurance products to its
customers.
i. AU Small Finance Bank is working on offering customers access to financial services and products directly
through their digital channels and building a robust digital banking platform to offer best in class products
in Digital Loans, Deposits, and Investment segments.
ii. Acko‘s solution is designed to offer contextual insurance, enabling AU to deliver tailor-made policies that
offer the right coverage when the customer needs it.
iii. Acko is a licensed digital-only general insurance company that aims at redefining insurance by making it
more transparent and providing hassle-free access to policies directly to the end user.
Aviva Life Insurance launches special mentorship programme ‘Wings’

On 13th March 2019, Aviva Life Insurance announced the launch of ‘Wings’, a specially designed mentorship
program to empower the female workforce.
Key Points
i. It will helps women dream about what they will become, giving them a clearer picture of their future and
their growth prospects. The programme will give them an avenue to freely communicate in a safe environment,
allowing them to focus on growth and improvement.
ii. Wings program is an initiative of the SHE division of Aviva Life Insurance for mentoring all the women
employees in Aviva. SHE was started in 2016 by Aviva India’s Women Network as an active community of
socially enabled women who take up the charge of addressing causes in the interest of women empowerment.
iii. Additionally, mentoring will also develop a leadership pipeline for the company thus ensuring that the
practice is not just beneficial to the individual but to the organisation at large.
ICICI Lombard partnered with MobiKwik to provide cyber-insurance

On 18th March 2019, ICICI Lombard and digital financial services company MobiKwik entered into a
partnership to provide cyber insurance cover of Rs. 50000.
Key Points
i. It aims to provide protection against unauthorised and fraudulent transactions online across debit/credit
cards, bank accounts and mobile wallets.
ii. The service will be available through an app at Rs. 99 per month along with an insured sum of Rs. 50000.
iii. To enjoy the benefit of a stress-free and secured transaction MobiKwik users can avail the ‘Commercial
Cyber Insurance’ policy underwritten by ICICI Lombard.
iv. It will strengthen the relationship between MobiKwik and ICICI Lombard and will provide innovative and
unique products against the new-age risks.
IRDAI, NHA form a working group chaired by Dinesh Arora to curb fraud in Ayushman Bharat scheme
The Insurance Regulatory and Development Authority of India (IRDAI) and National Health Authority
(NHA) have formed a joint working group (JWG) in order to suggest ways for more effective implementation of
the Centre’s Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).
Key Points:
i. The group would comprise of 11 members.
ii. It will be headed by Dinesh Arora, Deputy CEO of NHA and co-headed by Suresh Mathur, Executive
Director of IRDAI.
iii. The group shall prepare a report on management of hospitals under the scheme, data management and
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exchange, development of IT infrastructure for claims.

iv. 12 months will be given to submit a report on a national repository of empanelled hospitals under
insurance/government schemes. with defined standards for quality and package rates and codes.
v. The group will get 3 months to submit a report on data standardisation and exchange.
vi. In 6 months it would have to make recommendations to detect and avoid frauds by building a common
repository and through capacity-building.
Dr Alok Srivastava to head committee on Comprehensive Insurance Scheme for Advocates

A 5-member committee to examine issues related to framing of a proper and structured scheme for providing
of insurance cover to the advocates and to suggest modalities for the implementation of such a scheme has
been set up by the Union Minister for Law & Justice, Ravi Shankar Prasad under the chairmanship of
Secretary Legal Affairs, Dr Alok Srivastava.
i. Other members of the committee will include a senior representative from the Department of Financial
Services and representative of the Department of legal affairs. The committee will also have one
representative each from Bar Council of India and State Bar Councils.
ii. The committee has to submit its reports within 3 months.
Panel of regulators headed by Shaktikanta Das discuss issues concerning the economy
Markets regulator Securities and Exchange Board of India (SEBI), insurance regulator Insurance Regulatory
and Development Authority(IRDAI), and pension fund regulator Pension Fund Regulatory and Development
Authority (PFRDA), along with senior officials of the finance ministry, discussed the key issues facing the
economy at the meeting of the sub-committee of the Financial Stability and Development Council
(FSDC) chaired by RBI Governor Shaktikanta Das.
i. The sub-committee reviewed the major developments on the global and domestic fronts that impinge on the
financial stability of the country.
ii. The panel discussed ways to address challenges pertaining to the quality of credit ratings; and inter-linkages
between housing finance companies and housing developers.
iii. It also deliberated on the interlinking of various regulatory databases and the National Strategy for
Financial Inclusion.
Bharti AXA General Insurance claimed the ‘Non-Life Insurer of the Year Award 2019’
On 1st March, 2019, ASSOCHAM (The Associated Chambers of Commerce and Industry of India), which is
one of the apex trade associations of India has conferred ‘Non-Life Insurer of the Year Award
2019′ to Bharti AXA General Insurance which is a joint venture between Bharti Enterprises and French
insurance giant AXA.
Key Points
i. The award has been awarded for its contribution to the non-life insurance sector during the recently-held
Insurance Leaders Meet 2019 and Excellence Awards in Kolkata.
ii. This award recognizes efficacy, excellence and contribution in the insurance industry annually.
♦ Bharti AXA Life Insurance CEO- Vikas Seth.
ACKO General Insurance honoured with Golden Peacock Award 2019

The new-age digital insurance company, ACKO General Insurance was awarded the prestigious Golden
Peacock Innovative Product Award – 2019, for their contextual micro insurance product -“Ola Ride
Insurance“.
i. The award was presented to Biresh Giri, Appointed Actuary & CRO, Acko at an event in Dubai.
ii. Launched in March 2018, Ola Ride Insurance is a first of its kind insurance in the Indian market where
Acko partnered with the leading ride-sharing company, Ola.
iii. The Re. 1 Ola ride insurance is a contextual microinsurance solution that protects the user against any
unfortunate mishaps while commuting, providing benefits in cases of loss of baggage/laptops, missed flights,
accidental medical expense, ambulance transportation cover, etc.
M.R. Kumar named as the new chairman of LIC

The Government also appointed M. R. Kumar as the Chairman of the Life Insurance Corporation (LIC) for a
period of 5 years.
i. He was the Zonal Manager (In-Charge) of North Zone, Delhi prior to this appointment.
ii. He will be succeeding V. K Sharma who had retired on 31st December 2018 after which Managing
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Director Hemant Bhargava was acting as the interim chairman.

iii. Vipin Anand and TC Suseel Kumar were also appointed as the Managing Directors of LIC for 5 years
Mercer India has named Arvind Laddhaa as its CEO

On 14th March 2019, Arvind Laddha was appointed as the CEO of Mercer for its India operations. He currently
occupies the post of Deputy CEO in JLT Independent, an insurance broking firm.
i. His work will mainly involve enhancing Mercer’s growth in India, looking out for emerging market
opportunities and expanding relationships with the present clients.
ii. Mercer stated that the appointment will become effective after closing of the transaction between Mercer’s
parent company, Marsh & McLennan Companies and JLT, due to anti-trust and financial regulatory approvals.
PolicyX.com has named cricketer Virender Sehwag as its Brand Ambassador

An online insurance web aggregator, PolicyX.com has named Arjuna & Padmashree Awardee, cricketer
Virender Sehwag as its brand ambassador. He will be the face of its biggest marketing campaign of
insurance products covering term insurance, health insurance, life insurance, car insurance and others.
i. He has personal experience on this campaign, so he wants to raise awareness among people about the
importance of having insurance from a trusted advisor.
LICHFL partnered with IMGC for better home loan scheme

Life Insurance Corporation Housing Finance Ltd (LICHFL) partnered with India Mortgage Guarantee
Corporation (IMGC) to offer home buyers enhanced loan eligibility and easy loans and it will now be in a
position to offer extended loan tenure for borrowers till the age of 75 years, increasing the loan quantum and
reducing the burden of monthly EMIs for borrowers.
i. LICHFL will now be able to accommodate more home loan borrowers, increase market penetration, besides
combating non-performing assets (NPAs).
ii. IMGC will provide LICHFL mortgage guarantee, which is a financial product that compensates financial
institutions for losses that may arise from a default on a mortgage loan.
February 2019
Implementation models under the Pradhan Mantri Jan Arogya Yojana
On 30th January 2019, the Pradhan Mantri Jan Arogya Yojana (PMJAY) proposes three models through
which the states can implement the scheme. The models are insurance model, trust-based model and
hybrid model.
Key Points
i. In insurance model the premiums are paid to the insurance company which administers and pay the claim.
ii. In trust based model each state forms its own trust to manage the scheme and claims will be disbursed
from a corpus created from central and state government contributions.
iii. In hybrid model a part of the claim comes under the insurance model while the balance gets processed
under the trust.
IRDAI imposes Rs 9 lakh fine on United India Insurance

Insurance Regulatory and Development Authority has imposed a fine of Rs nine lakh on state-owned United
India Insurance.
i. Insurance regulator IRDAI,imposed a sum of 5 lakh imposed for violation of regulations such as assigning
of surveyors and submitting reports,insurer offering a settlement to the insured as well as paying the claim to
the insured.
ii. The balance 4 lakh – 1 lakh each was for violations of circular and guidelines on rates and discounts an
insurer can offer .
Prime Minister Visited Tirupur in Tamil Nadu

On 10th February 2019, Prime Minister, Narendra Modi has addressed a rally in Tamil Nadu’s hosiery hub of
Tirupur during his tri-state visit to unveil development projects. The highlights of the visit to Tamil Nadu are as
follows:
Foundation stone laid for ESIC Multi speciality Hospital at Tirupur
i. Prime Minister has laid the foundation stone of ESIC (Employees’ State Insurance Corporation) Multi
Speciality Hospital in Tirupur.The 100 bedded hospital will facilitate the quality treatment and medical needs
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of over one-lakh workers and their family members in Tirupur.

ii. Prime Minister also unveiled a 470 bedded ESIC Hospital in Chennai.
Indianmoney.com Group acquired broking license to enter Insurance Business

Indianmoneyinsurance.com, a subsidiary of the Indianmoney.com Group has acquired a broking
license from Insurance Regulatory and Development Authority of India(IRDAI) to enter Insurance Business.
Key points
i. The company will come to process within next few days and is planning to hire 2000 employees before the
year ends.
ii. The brokerage also projects to institute 500 purchase centres of insurance across India with an investment
of Rs. 4 billion.
♦ CEO of Indiamoney.com – Narasimha B.
Introductory “Trip Protector” policy launched by HDFC ERGO

The first-of-its kind ‘Trip Protector’ insurance policy was launched by HDFC ERGO General Insurance
Company for non-life insurance segment in India.It is the third-largest non-life insurance provider in the
private sector in India.
The policy states that:
i. In case a flight or a hotel booking is cancelled, travellers will be safeguarded financially against the cost of
cancellation levied on them by the respective hotels or airlines for both domestic and international travel.
ii. In instances wherein travellers are refused for accommodation on arriving at the hotel due to overbooking,
the policy will provide cover against cancellation of a pre-booked room.
iii. Initially, this policy is being offered to customers of HDFC Bank on the purchase of Airline tickets or Hotel
Bookings done using their HDFC Bank credit cards.
iv. The policy will allow customers to choose between refundable and non-refundable tickets. Refundable
tickets shall be paid for in case of cancellation.
Life Insurance Corporation (LIC) launched a new micro insurance plan ‘Micro Bachat’
On 18th February 2019, a new micro insurance plan ‘Micro Bachat’ was launched by the Life Insurance
Corporation (LIC) of India.
Key points:
i. It provides a coverage of up to 2 lakhs and is the first micro-insurance plan to do so.
ii. It provides both protection and savings and is a regular premium, non-linked, participating
endowment micro insurance plan.
iii. In case a policyholder dies, this plan would provide financial assistance to the family. For surviving
policyholders, a lump sum amount at the time of maturity shall be provided.
iv. It can be availed only by standard healthy citizens in the age group of 18-55 years without undergoing any
medical examination.
v. This plan will be eligible for loyalty additions after 5 years, the decision of which will lie with the
organisation.
vi. People can also avail loans from this plan provided that premiums have been paid for three full years.
Draft guidelines for standard health product issued by IRDAI

On February 19,2019 Insurance Regulatory and Development Authority of India(IRDAI) had issued the
draft guidelines for Standard Health Product.The Guidelines on Standard Health Product are issued under the
provisions of Section 34 (1) (a) of Insurance Act, 1938.
Guidelines issued by IRDAI:
i. Grace Period for premium payment:
For Yearly payment of mode, a fixed period of 30 days is given as Grace Period.
All other modes of payment except, Yearly payment of mode a fixed period of 15 days are allowed as a Grace
Period.
There are four modes of payment viz-Monthly, Quarterly, Half Yearly, Yearly.
ii. Basic Sum Insured under standard product:
Minimum limit– Rs.50000
Maximum limit- Rs.10 lakhs
iii. Age: Minimum entry age is 18 years and maximum age is 65 under the Regulation 12(i) of HIR 2016,
along with lifelong renewability. There is no maximum exit age.Dependent Child / children shall be covered
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from the age of 0 days to 25 years.

iv. Co-payment:5% of Co-pay will be part of the product feature.
v.The product will have the basic mandatory covers and no additional or add-on covers will be allowed.
Standard Health Product Covers:
Hospitalization expenses including room, nursing expenses, Intensive Care Unit, Intensive Cardiac Care Unit
expenses, dental treatment, necessitated due to an injury, plastic surgery, necessitated due to disease or injury
and domiciliary hospitalization.The Policy will also cover the expenses incurred on treatment under AYUSH.
Hemand Bhargava appointed as Non-Executive Chairman of IDBI Bank

On 25th February 2019, IDBI Bank (Industrial Development Bank of India) appointed Hemand Bhargava
as non-executive non wholetime Chairman for a period of 3 years or till he continues as the chairman-in-
charge and MD of LIC (Life Insurance Corporation of India).
Key Points
i. Currently LIC is the majority shareholders in IDBI Bank with 51% stake. The Life Insurance has become
the promoter of it after they acquired the stake from the Government of India.
ii. The name of the bank is proposed for a change by LIC to either LIC IDBI Bank or LIC Bank which was
approved by the IDBI Bank board subject to a ‘no objection’ from RBI, shareholders and availability of name.
App of Pradhan Mantri Jan Arogya Yojana (PM-JAY) introduced

The app of world’s largest cashless health insurance scheme, Pradhan Mantri Jan Arogya Yojana (PM-JAY) aka
Ayushman Bharat has been launched on Google play store to access scheme details in New Delhi. It was
launched by Indu Bhushan, CEO of PM-JAY.
i. This scheme aims at making interventions in primary, secondary and tertiary care systems, covering both
preventive and promotive health, to address healthcare holistically.
January 2019
Bharti AXA Life uses WhatsApp to deliver policy, renewal premium
On 02nd January 2019, private sector insurer Bharti AXA Life Insurance started delivering policies and
renewal premium receipt to customers via instant messaging platform WhatsApp as a part of its alternative
service option to the policy holders.
Key points
i. Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and French Insurance major AXA is
one of the first few insurers to provide the option of policy contract, renewal premium receipts and claim
intimation through whatsapp.
ii. The Policy contract will be available for download shortly after its issuance.
Allahabad Bank, SBI Life join hand for bancassurance partnership

On 31st December 2018, a ‘bancassurance’ pact was signed between State-owned Allahabad Bank and SBI
Life Insurance to sell the policies of the insurer from over 3,238 branches of the Allahabad Bank.
Key Points:
i. The agreement is considered as one of the largest Bancassurance partnerships in the country.
ii. The agreement was signed in the presence of Allahabad Bank Managing Director (MD) and Chief Executive
Officer (CEO) Mallikarjuna Rao and SBI Life MD & CEO Sanjeev Nautiyal.
Bancassurance pact was signed between Syndicate Bank and SBI Life Insurance
On January 2, 2019, Syndicate Bank and SBI Life Insurance signed a bancassurance pact aiming to offer a
comprehensive financial planning solution to its customers.
i. This was signed between:
Syndicate Bank MD & CEO, Mrutyunjay Mahapatra and MD and
CEO of SBI Life, Sanjeev Nautiyal.
ii. Through the pact, Syndicate Bank will provide penetration in the market with its 3,000 branches and SBI
Life’s diverse range of protection, wealth creation and savings insurance products will be brought to the table
to the customers.
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IRDAI slapped a penalty of Rs 5 lakh on United India Insurance Co for violating motor settlement norms
On January 4, 2019, the Insurance Regulatory and Development Authority of India (IRDAI) slapped a
penalty of Rs 5 lakh on United India Insurance Co for violating norms regarding settlement of motor claims.
i. The insurer also violated file and use guidelines issued by the Authority.
IRCTC tied up with Bharti AXA General insurance company to offer free travel insurance for air
travellers
On 9th January 2019,IRCTC tied up with Bharti AXA General insurance company to provide free travel
insurance to the air travellers. This insurance is applicable to only those who book ticket in the official
website of air ticketing irctc,IRCTC Air – air.irctc.co.in.
Through this tie up,every passenger would be availed of insurance upto 50 lakhs in case of accidental death or
life time disability.This facility is made available to everyone irrespective of class of travel.Thee premium of the
insurance will be borne by Irctc itself and it is applicable to both one way and round way travels.
Banks led by SBI agreed to finance Nagpur-Mumbai Samruddhi Corridor
On January 17, 2019, the Maharashtra Chief Minister’s Office in Mumbai announced that SBI along with others
banks agreed to provide finance for Nagpur-Mumbai ‘Samruddhi Corridor’ expressway project.
i. Among the consortium of banks, SBI will be providing the highest amount which is Rs. 8,500 crore.
ii. Other parties include: Punjab National Bank, Bank of Baroda, Bank of Maharashtra as well as the Life
Insurance Corporation (LIC) of India.
About the Project:
i. The estimated cost of the project, being constructed by the Maharashtra State Road Development
Corporation, is around 50,000 crores.
ii. Out of this, around 26,000 crores are required for the construction of the expressway.
iii. The corridor will have 25 toll plazas, and the toll will be collected for 40 years.
Background:
♦ The state government was falling short of 3,000 to 4,000 crores to reach the target of 26,000 crore rupees.
HDFC Standard Life Insurance renamed to HDFC Life Insurance

On January 16, 2019, HDFC Standard Life Insurance renamed itself to HDFC Life Insurance.
i.The change in name has been made effective immediately.
IRDAI sets panel headed by Praveen Kutumbe to identify systematically important insurers
A panel is all set by Insurance Regulatory Development Authority of India (IRDAI) headed by Praveen
Kutumbe,to identify domestically systematically important insurers (SIIs) and an augmented regulatory
framework is logically established in this regard.
KeyPoints
i. The rationale behind the idea for SIIs as explained by IRDAI states that any fiasco in the system will defy the
essential services they provide to policy holders overall economic activity can start dampening.
ii. In this regard, a committee headed by Praveen Kutumbe, Member- Finance and Investment, IRDAI, has been
asked to submit report in six months.
iii. It is also perceived that SIIs is pivotal for the smooth and incessant functioning of insurance services to the
real economy.
IndiaFirst Life Insurance buys stake in CSC e-Governance services

On 28th January 2019 Life insurance firm IndiaFirst buys 9% stake in CSC e-Governance services India
Limited. This stake purchase demonstrates bringing personal risk protection to all sections of the society in the
four year association with Common Services Centre (CSC).
Key Points
i. IndiaFirst life insurance is a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK).
ii. CSC is an integral part of Digital India initiative of the government under ministry of Electronics and
information Technology.
iii. CSC e-Governance services India Limited is a special purpose vehicle (CSCSPV) incorporated under the
companies Act, 1956 to monitor the implementation of common services centers scheme (CSCs).
iv. The financial inclusion journey will bring the 2 entities to work towards enabling village level
entrepreneurs for reaching out to the last rule customers with tailored solutions.
♦ Minister of Electronics and Information Technology : Ravi Sankar Prasad
♦ Constituency: Bihar – Rajya Sabha
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Hemant Bhargava appointed as LIC’s Acting Chairman: Department of Financial Services

On January 1, 2019, the Department of Financial Services announced appointment of Hemant
Bhargava, Managing Director, Life Insurance Corporation of India, as the Acting Chairman.
i. This was done after VK Sharma retired from the position at LIC on December 31.
ii. While, he is a contender for the post of Full-Time Chairman at the state-owned life insurer, his retirement is
due in July 2019.
iii. Therefore, the Banks Board Bureau has called eight candidates for interviews for the posts of Chairman
and MD on January 4.
LIC:
♦ Headquarters: Mumbai.
♦ Founded: September 1, 1956 under the the Life Insurance of India Act that nationalised the private insurance
industry in India.
♦ It is the largest insurance company in India.
RBL Bank appointed Pankaj Sharma as its chief operations officer

On January 2, 2019, Private sector lender RBL Bank appointed Pankaj Sharma as its chief operations officer
(COO).
i. Prior to this, Sharma was heading retail operations of Axis Bank.
ii. Under his leadership, the ATM channel, phone banking and branch automation and digital initiatives at Axis
Bank took shape.
iii. He had previously worked with GE Countrywide, ICICI Bank and ICICI Prudential Life Insurance.
Axis Bank MD & CEO Shikha Sharma retires, Amitabh Chaudhry takes charge
On 31st December 2018, private sector lender Axis Bank Managing Director (MD) and Chief Executive Officer
(CEO) Shikha Sharma retired from the services of the bank and Amitabh Chaudhry will be the new MD and
CEO of the Axis bank from 1st January 2019.
Key Points
i. In April 2018, Shikha Sharma requested the bank board to reduce her new term which was started from June
2018 to 7 months from a three-year tenure without citing any reasons.
ii. 54 years old, an Indian Institute of Management -Ahmedabad alumnus, Amitabh Chaudhry who is the
former MD and CEO of HDFC Standard Life Insurance Company was appointed the MD & CEO of Axis Bank
for the period of 3 years.
Policybazaar.com’s new two executives on post

On January 21, 2019, India’s largest insurance website and comparison portal and also owner of India’s
leading marketplace, PaisaBazaar.com and health-tech venture, docprime.com had made two new
appointments.They are as follows:
i . Rahul Agarwal, as its new Chief Technology Officer (CTO)
ii. Jayant Chauhan as its new Chief Product Officer (CPO).
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INSURANCE AWARENESS 2019 Q&A
December 2019
1)Who will head the 10-member working group (WG) constituted by IRDAI (Insurance Regulatory and
Development Authority of India) to recommend for loss prevention & minimization in the general
insurance industry?
1) Rajnish Kumar
2) T. L. Alamelu
3) Ashok Kumar Gupta
4) Subhash Chandra Khuntia
5) None of these
Answer- 2) T. L. Alamelu
2)Which insurance company has launched “my:health Woman Suraksha policy”, a comprehensive
medical insurance scheme specially designed for women?
1) HDFC ERGO General Insurance Company
2) ICICI Lombard General Insurance Company
3) Bajaj Allianz General Insurance Company
4) IFFCO Tokio General Insurance Company Limited
5) None of these
Answer-1) HDFC ERGO General Insurance Company
Explanation:
On December 4, 2019, HDFC ERGO General Insurance Company, India’s third-largest non-life insurance
provider in the private sector, has launched “my:health Woman Suraksha policy”, a comprehensive medical
insurance scheme specially designed for women. People aged 18–65 years are eligible for the policy & they
offered a sum insured ranging from Rs. 1 lakh to 1 crore.The policy is designed to provide financial support
during medical emergencies and sicknesses in women’s lives. The policy provides for a reduction in women’s
fitness (physical and mental fitness) during the course of the renewal.
3)Which Grameen Bank has entered into an MoU with Canara HSBC OBC ( Oriental Bank of Commerce)
Life Insurance Company Ltd for bancassurance?
1) Karnataka Vikas Grameen Bank (KVGB)
2) Kerala Gramin Bank (KGB)
3) Andhra Pragathi Grameena Bank (APGB)
4) Pragathi Krishna Gramin Bank (PKGB)
5) None of these
Answer-1) Karnataka Vikas Grameen Bank (KVGB)
Explanation:
On December 2, 2019, Karnataka Vikas Grameen Bank (KVGB), an Indian Regional Rural Bank(RRB), has
entered into an MoU (memorandum of understanding) with Canara HSBC OBC ( Oriental Bank of Commerce)
Life Insurance Company Ltd for bancassurance (selling of life assurance and other insurance products and
services by bank).
4)Which health insurance company has partnered with MobiKwik to offer affordable health insurance
plans?
1) Bharti Axa General Insurance
2) HDFC ERGO General Insurance company Ltd
3) ICICI Lombard General Insurance Company Limited
4) Aditya Birla Health Insurance Co. Limited (ABHICL)
5) None of these
Answer-4) Aditya Birla Health Insurance Co. Limited (ABHICL)
Explanation:
On December 2, 2019, Aditya Birla Health Insurance Co. Limited (ABHICL), a subsidiary of Aditya Birla Capital
Ltd has partnered with MobiKwik, a fin-tech platform to offer affordable health insurance plans to mobile-first
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middle-class Indian consumers who have previously never had access to insurance solutions. They have jointly
launched the first product called “Cancer Protect Cover” Plan as part of their contract. The users will benefit
from this comprehensive protection plan as it applies to all diagnostic stages of cancer.
November 2019
1)How many member advisory committee was formed by Reserve Bank of India(RBI) to assist Dewan
Housing Finance Limited (DHFL) administrator?
1) 5
2) 4
3) 3
4) 6
5) None of these
Answer-3) 3
Explanation:
On November 22, 2019, In exercise of powers conferred under section 45 IE 5(a) of the RBI Act 1934, India
central bank, the Reserve Bank of India(RBI) has set up a 3-member committee consisting of IDFC First Bank
non-executive chairman Rajiv Lall, ICICI Prudential Life Insurance chief executive NS Kannan and the mutual
funds body AMFI (Association of Mutual Funds in India) chief executive NS Venkatesh, before formally sending
the case of the troubled deposit-taking housing finance company- Dewan Housing Finance Limited (DHFL) for
bankruptcy proceedings. This committee will serve as advisor to the DHFL administrator.
2)Which insurance firm has released the app named ‘Farmitra’ to help the farmers needs and address
their worries?
1) Bajaj Allianz General Insurance
2) ICICI Lombard General Insurance
3) United India Insurance
4) New India Assurance
5) None of these
Answer-1) Bajaj Allianz General Insurance
Explanation:
Bajaj Allianz General Insurance has introduced new mobile app called ‘Farmitra’ for the ease of farmers.This
app intends to help the farmers needs and address their worries. It also resolves with relevant information,
which they can use in optimizing their farming practices.
3)Which insurance firm was barred by IRDAI (Insurance Regulatory and Development Authority of
India) from selling new insurance policies?
2) Bajaj Allianz General Insurance Ltd(BAGIL)
3) Apollo Munich Health Insurance Ltd(AMHIL)
4) Reliance Health Insurance Ltd (RHICL)
5) None of these
Answer- 4) Reliance Health Insurance Ltd (RHICL)
Explanation:
On November 7, 2019, IRDAI (Insurance Regulatory and Development Authority of India ), an autonomous,
statutory body tasked with regulating insurance and re-insurance, has barred Anil Ambani’s company Reliance
Health Insurance Ltd (RHICL) from selling new insurance policies due its poor financial condition and only they
can provide service to old policies.
4)Which payment bank has announced its partnership with ICICI Lombard to offer several sachet based
insurance products to its customers?
1) Paytm Payments Bank
2) Fino payments bank
3) Airtel Payments Bank
4) India Post Payments Bank
5) None of these
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Answer-2) Fino payments bank

Explanation:
On November 18, 2019 ICICI Lombard has announced its partnership with Fino Payments Bank to offer several
sachet based insurance products to its customers. Some of the offerings include Hospicash which provides
customers the solution to cover loss of their income. This product will specially benefit migrant workers, when
they are hospitalized.
5)Name the firms, which has partnered & launched a micro-insurance plan, ‘insurance khata’ that aims
to boost informal sector & agricultural labourers with seasonal incomes?
1) India First Life Insurance & Spice Money
2) Max Life Insurance & Spice Money
3) Bajaj Allianz Life Insurance & Spice Money
4) Exide Life Insurance & Spice Money
5) None of these
Answer-1) India First Life Insurance & Spice Money
Explanation:
On November 23, 2019, India First Life Insurance, a leading life insurance company in India has partnered with
Spice Money, a tech-led financial services provider, for distribution and marketing of ‘insurance khata’, a micro-
insurance plan aims at the informal sector & agricultural labourers with seasonal incomes. Under this
partnership, Spice Money will work for India First Life & market of ‘insurance khata’ products to its customers
base of over three lakh in semi-urban and rural India.
6)Name the first-of-its-kind video calling service launched by Bajaj Allianz Life Insurance to enhance
the experience?
1) i-SERV
2) e-SERV
3) i-VideoSERV
4) e-VideoSERV
5) None of these
Answer- 1) i-SERV
Explanation:
Bajaj Allianz Life Insurance launched a first-of-its-kind video calling service within the life insurance industry
called i-SERV to enhance the customer experience and provide resolutions to the queries of its customers.
October 2019
1)Which insurance firm has joined hands with Paytm to offer comprehensive life insurance products?
2) Star Health Insurance
3) Tata AIG General Insurance
4) United India Insurance Company
5) None of these
Answer-2) Star Health Insurance
Explanation:
On September 30, 2019, Indian life insurance provider, Star Health Insurance has joined hands with Paytm, an
Indian e-commerce payment system to offer comprehensive life insurance products.As per this partnership,
Paytm will distribute Star Health Insurance products to its customers. The product portfolio comprises Health
Insurance, Overseas Mediclaim Policy and Personal Accident propositions.
2)Who chaired the 12 member working group (WG) constituted by Insurance Regulatory and
Development Authority of India (IRDAI) to review the product structure of title insurance?
1) Pravin Kutumbe
2) Sujay Banarji
3) K. Ganesh
4) T.L. Alamelu
5) None of these
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Answer-4) T.L. Alamelu

Explanation:
On October 3, 2019, The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a
12-member working group (WG) chaired by T.L. Alamelu to review the product structure of title insurance,
which covers any loss caused due to a defect in the ‘title’ of the property arising out of third-party challenges.
WG will submit its report in 12 weeks’ time from the date of the order.
3)Which organization has acquired 75 % stake in Reliance Nippon Life Asset Management (RNAM) from
Reliance Capital for around Rs 6,000 crore?
1) Nippon Life Insurance
2) Shriram Life Insurance
3) IndiaFirst Life Insurance
4) DHFL Pramerica Life Insurance
5) None of these
Answer-1) Nippon Life Insurance
Explanation:
On October 7, 2019, The largest Japanese life insurance company, Nippon Life Insurance acquired 75 % stake in
Reliance Nippon Life Asset Management (RNAM) from Reliance Capital for around Rs 6,000 crore.
4)What is the new name of the Reliance Nippon Life Asset Management (RNAM), which was renamed
after the acquisition?
1) Nippon Reliance Mutual Fund (NRMF)
2) Nippon Reliance India Mutual Fund (NRIMF)
3) Nippon India Mutual Fund (NIMF)
4) Nippon India Reliance Mutual Fund (NIRMF)
5) None of these
Answer-3) Nippon India Mutual Fund (NIMF)
Explanation:
On October 7, 2019, The largest Japanese life insurance company, Nippon Life Insurance has renamed Reliance
Nippon Life Asset Management (RNAM) as Nippon India Mutual Fund (NIMF) after acquiring 75 % stake in
RNAM from Reliance Capital for around Rs 6,000 crore.
5)Name the slogan of the first Indian life insurance industry’s first joint mass media campaign set to
launched by Life Insurance Council worth around Rs 100 crore?
1) ‘Jeevan Suraksha ka Naya Nazariya’
2) ‘Karo Jyada ka Iraada’
3) ‘Sabse Pehle Life Insurance’
4) ‘Karo Jyada ka Iraada’
5) None of these
Answer-3) ‘Sabse Pehle Life Insurance’
Explanation:
On October 10, 2019, Life Insurance Council has decided to launch the Indian life insurance industry’s first joint
mass media campaign with the slogan ‘Sabse Pehle Life Insurance’ (first thing is life insurance) within a month
whose total cost will be around Rs 100 crore. For this purpose, Life Insurance Corporation (LIC) of India will
provide Rs 40 crore. It will be a joint effort of 24 Indian life insurance companies.
6)Who will head the 8 member panel newly constituted by Insurance Regulatory and Development
Authority of India(IRDAI) to evaluate applications filed under the Regulatory Sandbox(RS)?
1) I S N Prasad
2) B V Naidu
3) S Gopalakrishnan
4) S Sadagopan
5) None of these
Answer-4) S Sadagopan
Explanation:
On October 25, 2019, Inorder to promote innovative ideas to foster growth in the insurance sector, an
autonomous body tasked with regulating insurance industries in India. IRDAI (Insurance Regulatory and
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Development Authority of India), has formed an 8-member panel headed by the International Institute of
Information Technology Bangalore (IIIT-B) Director S Sadagopan to evaluate applications filed under the
Regulatory Sandbox (RS). The Committee will have a term of one year & meet whenever required.
7)Which bank has partnered with the Universal Sompo General Insurance Company Ltd & launched a
co-branded health care plus insurance policy?
1) ICICI Bank
2) Indian Overseas Bank (IOB)
3) State Bank of India (SBI)
4) Indian Bank (IB)
5) None of these
Answer-2) Indian Overseas Bank (IOB)
Explanation:
On October 25, 2019, A major public sector bank, Indian Overseas Bank (IOB) in association with Universal
Sompo General Insurance Company Ltd has launched co-branded health care plus insurance policy with a sum
insured from Rs 50,000 – Rs 15 lakh through online platform for IOB customers on real time basis.
8)Who chairs the 9-member panel constituted by IRDAI to review existing reinsurance norms?
1) M Santhana Gopalan
2) TR Alamelu
3) Satish Raju
4) Suresh Mathur
5) None of these
Answer-2) TR Alamelu
Explanation:
On October 11, 2019, The Insurance Regulatory and Development Authority of India (IRDAI) has constituted 9-
member panel headed by TR Alamelu, member (Non- life) to have a look at the set of regulations, circulars and
guidelines on Reinsurance, Foreign Reinsurance Branches and Lloyd’s India & would suggest amendments to
reinsurance, investment, foreign reinsurance branches(FRBs) and Lloyd’s India regulations in the next two
months.
9)Which insurance firm has received the in-principle approval from insurance regulator IRDAI
(Insurance Regulatory and Development Authority of India) to act as a direct insurance broker?
1) Religare Health Insurance Company Limited
2) Edelweiss General Insurance
3) Aditya Birla Sun Life Insurance Co. Ltd.
4) BSE-Ebix Insurance Broking Pvt Ltd
5) None of these
Answer- 4) BSE-Ebix Insurance Broking Pvt Ltd
Explanation:
On October 29, 2019, Bombay Stock Exchange (BSE) ,Asia’s first stock exchange and its joint venture (JV)
partner Ebix, US (United States) based insurance exchange, has received in-principle approval from insurance
regulator IRDAI (Insurance Regulatory and Development Authority of India) to act as a direct insurance broker
under the IRDAI (Insurers Brokers) Regulations, 2018. The JV, named as BSE-Ebix Insurance Broking Pvt Ltd.
10)National postal week 2019 is observed from __?

1) 6 to 12th October 2019
5) None of these
Answer-4) 9 to 15th October 2019
Explanation:
National Postal Week is being celebrated in India from 9 – 15 October 2019 with the aim to create broader
awareness about the India Post’s role and activities in the lives of people and business and its contribution to
social and economic development.
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Date Description
9th October 2019 World Post Day
10th October 2019 Banking Day
11th October 2019 PLI (Postal Life Insurance) Day
12th October 2019 Philately Day
14th October 2019 Business Development Day
15th October 2019 Mail Day
September 2019
1)Name the health insurance scheme launched in Rajasthan by integrating the Bhamashah Swasthya
Bima Yojana(BSBY) with Ayushman Bharat- Pradhan Mantri Jan Arogya Yojna Scheme(AB-PMJAY)?
1) Ayushman Bharat-Mahatma Gandhi Rajasthan Suraksha Bhandaran Yojana (AB-MGRSBY)
2) Ayushman Bharat-Mahatma Gandhi Rajasthan Swasthya Balika Yojna (AB-MGRSBY)
3) Ayushman Bharat-Mahatma Gandhi Rajasthan Swasthya Bima Yojna (AB-MGRSBY)
4) Ayushman Bharat-Mahatma Gandhi Rajasthan Suraksha Brotsahan Yojna (AB-MGRSBY)
5) None of these
Answer – 3) Ayushman Bharat-Mahatma Gandhi Rajasthan Swasthya Bima Yojna (AB-MGRSBY)
Explanation:
On September 1, 2019, The Rajasthan state government has launched a new health insurance scheme called
Ayushman Bharat-Mahatma Gandhi Rajasthan Swasthya Bima Yojna (AB-MGRSBY) by integrating the
Bhamashah Health Insurance Scheme(BSBY) of the State Government and Ayushman Bharat- Pradhan Mantri
Jan Arogya Yojna Scheme(AB-PMJAY) of the Central Government.
2)Name the insurance company which is the pension fund manager of the Scheme “Kisan Maan-Dhan
Yojana”(KMY)?
1) Life Insurance Corporation of India(LIC)
2) Bharti AXA Life Insurance Company Limited
3) Aegon Life Insurance Company
4) Edelweiss Tokio Life Insurance Company Limited
5) None of these
Answer – 1) Life Insurance Corporation of India(LIC)
Explanation:
Life Insurance Corporation of India(LIC) is the pension fund manager of the scheme “Kisan Maan-Dhan
Yojana”(KMY).The supervisor of this scheme is Ministry of Agriculture & Farmers Welfare(MAFW).
3)Which bank has partnered with Life Insurance Corporation of India Credit Cards Services (LIC CSL) to
launch the co-branded credit card?
1) Union Bank of India(UBI)
2) Central Bank of India(CBI)
3) Industrial Development Bank of India (IDBI Bank)
4) State Bank of India(SBI)
5) None of these
Answer – 3) Industrial Development Bank of India (IDBI Bank)
Explanation:
The Industrial Development Bank of India (IDBI Bank) and Life Insurance Corporation of India Credit Cards
Services (LIC CSL), a wholly-owned subsidiary of LIC, will launch a co-branded credit card. It will be marketed
to customers, agents, and employees of the corporation and its subsidiaries. At present, IDBI Bank offers 5
credit card variants as LIC has ties up with Axis Bank and Corporation Bank for issuance of credit cards under
co-branded/white label agreements.
4)How much funds have been infused to IDBI Bank(Industrial Development Bank of India)?
1) Rs 10,500 Crore
2) Rs 7,500 Crore
3) Rs 9,300 Crore
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4) Rs 8,500 Crore
5) None of these
Answer – 3) Rs 9,300 Crore
Explanation:
On September 2, 2019, Information and Broadcasting(I&B) Minister Prakash Javadekar stated that the central
Cabinet meeting chaired by Prime Minister Narendra Modi, Government of India(GoI) has approved a capital
infusion of Rs 9,300 crore in IDBI Bank(Industrial Development Bank of India). The objective behind the
government’s move is to increase the bank’s capital base.
5)Name the head of the 9-member panel which is formed in order to review Insurance Regulatory and
Development Authority of India(IRDAI) three-year old guidelines (set up in 2016) on trade credit
insurance due to the changing market requirements?
1) S K Banerjee
2) Atul Sahai
3) Kuldip Singh
4) Sanjeev Kumar Chanana
5) None of these
Answer – 2) Atul Sahai
Explanation:
On September 2, 2019 the insurance regulator IRDAI (Insurance Regulatory and Development Authority of
India) has set up a 9-member panel headed by New India Assurance Company Ltd (NIACL) Chief Managing
Director(CMD) Atul Sahai, in order to review its three-year old guidelines (set up in 2016) on trade credit
insurance due to the changing market requirements.
6)Which bank has signed a MoU with the Employees’ State Insurance Corporation (ESIC) for the Direct
Benefit Transfer (DBT) facility to all the insured beneficiaries of ESIC?
1) Punjab National Bank(PNB)
2) Indian Bank
3) State Bank of India (SBI)
4) Canara Bank
5) None of these
Answer – 3) State Bank of India (SBI)
Explanation:
On September 3, 2019, A multidimensional social system tailored to provide socio-economic protection to
worker population, the Employees’ State Insurance Corporation (ESIC) has signed a memorandum of
understanding (MoU) with the State Bank of India (SBI) for the Direct Benefit Transfer (DBT) facility to all the
insured beneficiaries of ESIC.
7)Which bank has signed a bancassurance agreement with Max Bupa to provide Max bupa’s suite of
health insurance products to its customers?
1) Indian Overseas Bank(IOB)
2) Canara Bank
3) State Bank of India
4) Indian Bank
5) None of these
Answer 4) Indian Bank
Explanation:
On September 21, 2019, A state-owned bank, Indian Bank has signed a bancassurance agreement with a
standalone health insurance player, Max Bupa to provide Max bupa’s suite of health insurance products to its
customers.
8)Name the telecommunications services company, which has tied up with Bharti AXA Life Insurance to
offer prepaid plan for its users along with insurance protection plan?
1) Bharat Sanchar Nigam Limited(BSNL)
2) Reliance Jio
3) Vodafone Idea
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4) Bharti Airtel
5) None of these
Answer 4) Bharti Airtel
Explanation:
On September 23, 2019, An Indian global telecommunications services company, Bharti Airtel has tied up with
Bharti AXA Life Insurance, one of the best insurance companies in India to offer prepaid plan for its users along
with insurance protection plan.
9)Who is the MD & CEO of SBI Life Insurance?

1) Mr. kumar
2) Atul sahai
3) Mr. Sanjeev Nautiyal
4) Deepak mishra
5) Sanjay koel
Answer –3) Mr. Sanjeev Nautiyal
10)Name the policy launched by Airtel Payments Bank with HDFC ERGO General Insurance Company
recently to protect its customers from mosquito-borne diseases?
1) Diseases Protection Policy (DPP)
2) Diseases Protection Policy against Mosquito(DPPM)
3) Mosquito-borne Diseases Protection Policy (MbDPP)
4) Mosquito Diseases Protection Policy (MDPP)
5) None of these
Answer 4) Mosquito Diseases Protection Policy (MDPP)
Explanation:
On September 26, 2019, India’s first Payments Bank, the Airtel Payments Bank has joined hands with India’s
leading private sector general insurance company, HDFC ERGO General Insurance Company to offer unique
Mosquito Diseases Protection Policy (MDPP) to protect against mosquito-borne diseases.
11)Which insurance company has tied up with Religare Health Insurance to offer insurance products
covering health, death and illness?
1) Bharti Axa Life Insurance Company Limited
2) PNB MetLife India Insurance Co. Ltd
3) Aviva Life Insurance Company Limited
4) Kotak Life Insurance Company Limited
5) None of these
Answer- 2) PNB MetLife India Insurance Co. Ltd
Explanation:
On September 26, 2019, PNB MetLife India Insurance Co. Ltd, one of the leading life insurance companies in
India has joined hands with Religare Health Insurance to bundle and sell the live covers of Religare comprising
health, death and illness. The policy package will be offered from mid December 2019
12)Where is the head quarter of PNB MetLife India Insurance located?

1) Gurugram, Haryana
2) Bengaluru, Karnataka
3) New Delhi
4) Kolkata, West Bengal
5) Mumbai, Maharashtra
Answer- 5) Mumbai, Maharashtra
13)Which Life Insurance company has signed an corporate agency agreement with Paytm to offer
comprehensive life insurance products?
1) Life Insurance Corporation
2) Aegon Life Insurance
3) ICICI Prudential Life Insurance
4) Max Life Insurance
5) None of these
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Answer-2) Aegon Life Insurance

Explanation:
On September 27, 2019, Indian life insurance provider, Aegon Life Insurance has signed a Corporate Agency
Agreement with Paytm, an Indian e-commerce payment system to offer comprehensive life insurance
products.As per this agreement, Paytm will distribute Aegon Life products to its customers. The product
portfolio comprises existing and co-created tailor-made propositions. Through this partnership, Aegon Life will
deepen the penetration of its product offers and enable more policy holders to access their risk solutions.
14)Which organization has topped in the WPP and Kantar Millward Brown report titled “India’s Most
Valuable Brand for the 6th consecutive year 2019”?
1) SBI (State Bank of India)
2) TCS (Tata Consultancy Services)
3) HDFC Bank
4) Life Insurance Corporation(LIC)
5) None of these
Answer 3) HDFC Bank
Explanation:
As per the report, “BrandZ Top 75 Most Valuable Indian Brands 2019 ranking” released by WPP and Kantar
Millward Brown, HDFC Bank (Housing Development Finance Corporation Limited) was declared the country’s
most valuable brand for the sixth consecutive year with the brand value of $ 22.70 billion (1.61 lakh crore
rupees). LIC (Life Insurance Corporation of India) stood at number two with a brand value of Rs 1.43 lakh
crore.
15)To which bank, Samuel Joseph Jebaraj was appointed as the Deputy Managing Director (DMD) for a
period of 3 years?
1) Industrial Development Bank of India (IDBI Bank)
2) HDFC Bank
3) ICICI Bank
4) Axis Bank
5) None of these
Answer 1) Industrial Development Bank of India (IDBI Bank)
Explanation:
The Board of Directors (BoD) of Industrial Development Bank of India (IDBI Bank) approved the appointment
of Samuel Joseph Jebaraj as Deputy Managing Director (DMD) for a period of 3 years with effect from
September 19, 2019, succeeding KP Nair. This is the first major appointment on the Bank’s Board after Life
Insurance Corporation of India (LIC) acquired a majority stake of 51% (January 2019) in the bank.
August 2019
1)Which entity has partnered with Edelweiss Tokio Life insurance to offer mobile-based group
insurance solutions for the customers?
1) MobiKwik
2) Paytm
3) FreeCharge
4) PhonePe
5) None of these
Answer –1) MobiKwik
Explanation:
A private life insurer Edelweiss Tokio Life Insurance tied up with MobiKwik to offer mobile-based group
insurance solutions for the customers of MobiKwik.Edelweiss Tokio Life will provide life insurance in the
variants of Rs 1 lakh, Rs 3 lakh, and Rs 5 lakh through MobiKwik’s wallet app and website. The policies will be
available for an annual premium of Rs 148, Rs 443, and Rs 738 respectively. Edelweiss Tokio Life Insurance is a
joint venture between Edelweiss Financial Services and Tokio Marine Holding.
2)Name the Organization, which launched new insurance plan “Jeevan Amar”?
1) HDFC Standard Life Insurance Co. Ltd.
2) Life Insurance Corporation of India (LIC)
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3) Max Life Insurance Co. Ltd.

4) Aditya Birla Sun Life Insurance Co. Ltd.
5) None of these
Answer – 2) Life Insurance Corporation of India (LIC)
Explanation:
Jeevan Amar is a non-linked,non-participating life term insurance plan offering great flexibility to policyholders
in comparison to other insurance plans by the Life Insurance Corporation of India (LIC). It is available for sale
offline.
3)Which bank has signed a bancassurance agreement with State Bank of India(SBI)Life Insurance to
provide SBI’s suite of insurance products to its customers?
1) Indian Overseas Bank
2) Bank of India
3) Canara Bank
4) Indian Bank
5) None of these
Answer – 4) Indian Bank
Explanation:
On August 7, 2019, One of the oldest public sector lenders, Indian Bank has signed a bancassurance agreement
with the leading private life insurer, SBI (State Bank of India)Life Insurance to provide SBI’s suite of insurance
products to its customers.
4)Name the Insurance company which has launched a initiative called “Speed Dial – your partner for
life” with the aim to provide a quick and easy resolution of policy servicing needs to customers by
allocating a relationship manager?
1) Exide Life Insurance
5) None of these
Answer – 2) Max Life Insurance
Explanation:
On August 6,2019, A leading life insurance company in India, Max Life Insurance Co Ltd on its 4th protection
day (4 months since it announced to dedicate the 6th of every month as ‘Protection Day’) has launched a
customer-friendly initiative called “Speed Dial – your partner for life” with the aim to provide a quick and easy
resolution of policy servicing needs to customers by allocating a partner(relationship manager) from the day of
purchase of a policy.
5)Which product of Aditya Birla Sun Life Insurance is to be offered to Indian Bank customers after
Indian Bank & Aditya Birla Sun Life Insurance inked a pact?
1) Wealth Assure Plan
2) Pension Plan
3) Life insurance plan
4) Child insurance plan
5) None of these
Answer – 3) Life insurance
Explanation:
Indian Bank, a public sector bank, signed a pact with Aditya Birla Sun Life Insurance Company (ABSLI), a
private sector insurer, to offer life insurance products to the customers of Indian Bank. It was signed by the
Indian Bank Managing Director (MD) and Chief Executive Officer (CEO), Padmaja Chunduru and ABSLI MD and
CEO, Ajay Srinivasan.
6)Which bank has signed a corporate agency agreement with the Cholamandalam MS General
Insurance Company Ltd, which will deliver a wide range of insurance policies to its customers?
2) Bank of India
3) Indian Bank
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5) None of these
Explanation:
Indian Bank Managing Director and CEO( (Chief Executive Officer), Padmaja Chunduru and Cholamandalam MS
(Chola MS) General Insurance Company, Managing Director, SS Gopalarathnam, have signed a corporate agency
agreement where the Chola MS will deliver a wide range of insurance policies to the Indian bank
customers.Having over 2872 branches, this partnership would greatly benefit customers of the Indian bank.
7)Which Life Insurance Company has been added to the Morgan Stanley Capital International’s Global
Standard Index while Union Bank of India(UBI) was removed from its India Smallcap Index?
1) Max Life Insurance Company Ltd.
2) SBI Life Insurance Company Ltd.
3) HDFC Life Insurance Company Ltd.
4) ICICI Prudential Life Insurance Ltd.
5) None of these
Answer – 3) HDFC Life Insurance Company Ltd.
Explanation:
On August 8, 2019, MSCI Inc ( Morgan Stanley Capital International), One of the world’s biggest index
compilers, has added HDFC Life Insurance Company Ltd. to its Global Standard Index and removed Union Bank
of India(UBI) from its India Smallcap Index. The changes in the MSCI Index will be implemented as of the
closing hours of August 27, 2019.After the announcement made by the MSCI, the stocks of HDFC Life gained
more than 5 % intraday to hit a record high of Rs 545& the shares of Union Bank corrected 2 % at Rs 62.40.
8)Which bank has signed a bancassurance agreement with Aditya Birla Health Insurance Co Ltd
(ABHICL) to provide Aditya Birla’s suite of insurance products to its customers?
2) HDFC Bank
3) ICICI Bank
4) Axis Bank
5) None of these
Answer – 4) Axis Bank
Explanation:
On August 13,2019,The 3rd -largest of the private-sector lender, Axis Bank has signed a bancassurance
agreement with standalone health insurer, Aditya Birla Health Insurance Co Ltd (ABHICL) to provide Aditya
Birla’s suite of insurance products to its customers. Through this partnership, Aditya Birla will deepen the
penetration of its product offers and enable more customers in Metro, Urban and Rural areas to access their
risk solutions anytime, anywhere.
9)Who is the MD & CEO of AXIS bank?

1) Sandeep Bakshi
2) Amitabh Chaudhry
3) Deepak Kumar
4) Gurudas Mohapatra
5) Sachin Singh
Answer – 2) Amitabh Chaudhry
10)Name the general insurance company, which has partnered with ZestMoney to offer credit card
insurance to its (ZestMoney) customers?
2) Acko General Insurance
3) ICICI Lombard
4) HDFC ERGO General Insurance
5) None of these
Answer –2) Acko General Insurance
Explanation:
Insurtech company Acko General Insurance, has partnered with ZestMoney to offer credit card insurance to its
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(ZestMoney) customers. Acko which offers personalized underwriting, micro insurance products, and
automated micro claims process, will offer credit insurance to ZestMoney customers who are provided with
instant financing and the option of paying through EMIs (Equated Monthly Installments) even if they don’t own
a credit card.
11)Which bank has signed a bancassurance agreement with Digit Insurance to provide Digit
Insurance’s suite of products to its SMEs(Small and medium-sized enterprises) customers?
3) ICICI Bank
4) Karur Vysya Bank(KVB)
5) None of these
Answer – 4) Karur Vysya Bank(KVB)
Explanation:
On August 22, 2019, Karur Vysya Bank(KVB), one of the oldest banks in India has signed a bancassurance
agreement with General insurance company, Digit Insurance to provide Digit Insurance’s suite of products to
its SMEs(Small and medium-sized enterprises) customers
12)Name the life Insurance company, which has partnered with Akshaya Patra Foundation to support
and contribute to the mid-day meal drive for government-run school children across India?
2) Bharti AXA Life Insurance
3) SBI Life Insurance
4) HDFC Standard Life Insurance
5) None of these
Answer – 2) Bharti AXA Life Insurance
Explanation:
On August 22, 2019, A renowned life Insurance company, Bharti AXA Life Insurance on its 13th Foundation
Day, has partnered with a non-profit organization in India, Akshaya Patra Foundation to support and
contribute to the mid-day meal drive for government-run school children across India
13)Which bank has signed MoU with Tata AIG General Insurance to offer Tata AIG General Insurance’s
diverse range of general insurance policies benefiting the bank’s customers?
1) Canara Bank
3) Indian Bank
5) None of these
Explanation:
Indian Bank signed a Memorandum of Understanding (MoU) with Tata AIG General Insurance to offer Tata AIG
General Insurance’s diverse range of general insurance policies to the bank’s customers.
14)Which organization has set up a single point contact for its regulatory sandbox (RS) initiative?
1) Reserve Bank of India(RBI)
2) National Bank for Agriculture and Rural Development(NABARD)
3) Insurance Regulatory and Development Authority of India(IRDAI)
4) Securities and Exchange Board of India(SEBI)
5) None of these
Answer –3) Insurance Regulatory and Development Authority of India(IRDAI)
Explanation:
An autonomous body tasked with regulating insurance and re-insurance industries, IRDAI (Insurance
Regulatory and Development Authority of India) has set up a single point contact for its regulatory sandbox
(RS) initiative. The Fintech entities can seek permission to experiment with innovative products for the growth
of the sector.
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15)Name the insurance company which has partnered with Oyo Hotels and Homes to provide a
complimentary insurance cover as part of the booking price for guests at its hotels across India?
1) ACKO General Insurance Company
2) ICICI Lombard General Insurance Company
3) IFFCO Tokio General Insurance Company
5) None of these
Answer –1) ACKO General Insurance Company
Explanation:
On August 12, 2019, Budget hotel chain Oyo Hotels and Homes has partnered with ACKO General Insurance to
provide a complimentary insurance cover as part of the booking price for guests at its hotels across India. The
visitors will get insurance protection against accidental death, baggage damage, accidental medical expenses
amongst other benefits like OPD (Outpatient Department) treatment, etc during their stay.
Category Insurance coverage
Accidental death upto Rs 10,00,000
Baggage Damage up to Rs 10,000
Accidental medical expenses upto Rs 25,000
16)To which entity, Siddhartha Mohanty was appointed as the Managing Director & Chief Executive
Officer?
1) Indiabulls Housing Finance
2) LIC Housing Finance
3) Dewan Housing Finance Corporation
4) PNB Housing Finance
5) None of these
Answer – 2) LIC Housing Finance
Explanation:
On August 3, 2019, Siddhartha Mohanty(Odisha) has assumed charge as MD(Managing Director) & CEO(Chief
Executive Officer) of LIC Housing Finance (Life Insurance Corporation HFL) one of the largest housing finance
companies in India. He replaces Shri Vinay Shah. Prior to this appointment, Mohanty was Chief Operating
Officer (COO)with LIC HFL.In 1985, Mohanty started his career as a direct recruit officer with LIC of India. He
was also the Executive Director(Legal)with LIC prior to joining to the LIC HFL.He also worked as Chief of
Investments(Monitoring), Regional Head of marketing in LIC in the States of Maharashtra, Gujarat, and Goa.In
LIC, he has a vast experience in the areas of Marketing, HR, Investments, and Leg.
17)Who won the Men’s singles title in the Hyderabad Open (Badminton) 2019 officially known as IDBI
Federal Life Insurance Hyderabad Open 2019?
1) Na Sung-seung
2) Muhammad Shohibul Fikri
3) Sourabh Verma
4) Loh Kean Yew
5) None of these
Answer – 3) Sourabh Verma
Explanation:
The Hyderabad Open (Badminton) 2019, officially known as IDBI Federal Life Insurance Hyderabad Open
2019, was held at G.M.C. Balayogi SATS Indoor Stadium in Hyderabad, India from August 6 -11, 2019. The total
prize money of the tournament was $75,000. The 5th Super 100 tournament of 2019 BWF World Tour was
organized by the Badminton Association of India (BAI), sanctioned by Badminton World Federation (BWF).
Sourabh Verma (India) won the men’s singles title.
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July 2019
1)Name the state which becomes the number one in implementation of ambitious central government
scheme Pradhanamntri Suraksha Beema Yojana?
1) Assam
2) Gujarat
3) Maharshtra
4) Uttar Pradesh
5) None of these
Answer –4) Uttar Pradesh
Explanation:
The State Government of Uttar Pradesh(UP) has become number one in implementation of ambitious central
government scheme Pradhanamntri Suraksha Beema Yojana. Totally 1.95 crores people have been given
insurance cover under the scheme till 31 march 2019 in the state. The state implemented this scheme starting
from January 2018. Under it, people between the age group of 18 to 70 with bank accounts get an accidental
insurance cover of rupees 2 lakh by paying an annual premium of 12 rupees. The sate holds the second spot in
the implementation of Pradhan Mantri Jeevan Jyoti Beema Yojana, another flagship scheme of the central
Government.
2)Name the Payment Bank, which has partnered with Bharti AXA Life Insurance to offer Bharti AXA Life
POS (Point of Sale) Saral Jeevan Bima Yojana, a pure life term insurance plan up to Rs 5 lakh?
1) Jio Payments Bank
4) Aditya Birla Payments Bank
5) None of these
Answer –2) Airtel Payments Bank
Explanation:
The first live payments bank in the country, Airtel Payments Bank has partnered with Bharti AXA Life
Insurance to offer Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana, a pure life term insurance plan
up to Rs 5 lakh which is aimed at the under-insured and uninsured segments in India.The policy available at
Airtel Payments Bank’s 25,000 retail outlets will be expanded to cover over 60,000 banking points.The
customers are offered the option of life cover between 3-5 lakh and it will soon be extended up to Rs 25 lakh.
Any individual between the ages of 18 and 55 can enroll for this product.
3)Which insurance company has entered into a corporate agency partnership with Kerala based
Muthoottu Mini Financiers Limited to provide comprehensive general insurance for the customers of
the NBFC through its network branches?
1) New India Assurance Co. Ltd.
4) IFFCO Tokio General Insurance Company
5) None of these
Answer –2) HDFC ERGO General Insurance Company
Explanation:
On July 16, 2019 India’s leading private sector general insurance company, HDFC ERGO General Insurance
Company entered into a corporate agency partnership with Kerala based Muthoottu Mini Financiers Limited, a
non-deposit taking systemically important NBFC(Non Banking Financial Company) to provide comprehensive
general insurance for the customers of the NBFC through its network branches.HDFC ERGO’s offering will now
be available in Muthoottu Mini Financiers Ltd.’s widespread network of over 750 branches which spreads
across 10 states and 2 union territories in India.
4)Which organization has agreed to offer Rs 1.25 trillion (Rs 1.25 lakh crore) line of credit by 2024, to
fund highway projects for timely execution of the Rs 8.41 trillion ambitious Bharatmala project?
1) HDFC Bank
3) Reserve Bank of India(RBI)
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5) None of these
Answer –4) Life Insurance Corporation(LIC)
Explanation:
On July 21,2019, Nitin Gadkari, Minister of Road Transport and Highways stated that Mumbai headquartered
Indian state-owned insurance group, LIC(Life Insurance Corporation) has agreed to offer Rs 1.25 trillion (Rs
1.25 lakh crore) line of credit by 2024, to fund highway projects for timely execution of the Rs 8.41 trillion
ambitious Bharatmala project. The borrowings will be in the form of bonds to be issued by the NHAI (National
Highways Authority of India) raised for 30 years and the interest rate will be revised every 10 years.
5)Which has become India’s most valuable brand for the second straight year in 2019 as per “Brand
Finance India 100 2019”?
2) Infosys
3) Tata
5) None of these
Answer –3) Tata
Explanation:
According to the London-based consultancy Brand Finance annual report , “Brand Finance India 100 2019”,
“Tata” has become India’s most valuable brand for the second straight year in 2019 with the brand value of
$19.6 billion followed by LIC(Life Insurance Corporation) (2nd )with $7.3 billion and Infosys (3rd )$6.5 billion.
June 2019
1)Under which scheme, farmers are expected to contribute Rs 100 per month?
1) Atal Pension Yojana
2) Pradhan Mantri Gramin Awaas Yojana
3) Pradhan Mantri Kisan Pension Yojana
4) Pradhan Mantri Awas Yojana
5) None of these
Answer – 3) Pradhan Mantri Kisan Pension Yojana
Explanation:
On June 13, 2019, Ministry of Agriculture and Farmers Welfare announced that farmers in the country are
expected to contribute Rs 100 per month under the Pradhan Mantri (PM) Kisan Pension Yojana. It seeks to
provide a minimum monthly pension of Rs 3,000 on the attainment of 60 years of age. The central government
will also contribute an equal amount to the pension fund.Pension Fund will be managed by the Life Insurance
Corporation (LIC). It will be responsible for the pension payout.The Pension Scheme will provide social security
to small and marginal farmers.With an entry age of 18 to 40 years, it aims to cover around five crore
beneficiaries in the first three years.
2)Who lead the 5-member panel constituted by Reserve Bank of India(RBI), which suggests 24×7 RTGS,
NEFT, elimination of all charges in order to promote digital payments in India?
1) H R Khan
2) Kishore Sansi
3) Nandan Nilekani
4) Aruna Sharma
5) None of these
Answer – 3) Nandan Nilekani
Explanation:
India. Policy recommendations were made to all major regulators such as RBI, Securities and Exchange Board
of India (SEBI) , Insurance Regulatory and Development Authority of India (IRDAI) and Department of
Telecommunications (DoT) with the objective to reduce cash based payments.
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3)Which organization has launched the unique proprietary tool named ‘My Protection Quotient’(MyPQ)
to ensure financial protection?
3) HDFC Life
4) Max Life Insurance Company
5) None of these
Answer – 4) Max Life Insurance Company
Explanation:
On June 10, 2019, Max Life Insurance Company launched a unique proprietary tool named ‘My Protection
Quotient’ (MyPQ) to ensure financial protection in the country. Max Life Insurance Company is one of the
fastest growing life insurance companies in India.It is a smart tool designed for individuals to provide financial
protection and to promote awareness and importance of term plans in protecting the financial future of
families.It helps the consumers to measure their preparedness for their life stage goals and gives protection
against unplanned eventualities of life. The final output will be a quotient reflected on a scale of 100. Score from
0-25 indicates extremely poor financial protection, 25-50 reflects a poor score, 50-75 a moderate and 75-100
indicates a reasonable quotient.
4)Which bank has become the on-boarded corporate agent for the first time with Max Bupa, a
standalone health insurer (SAHI) under open architecture for purchasing health insurance products?
1) Industrial Development Bank of India (IDBI)
2) ICICI Bank
4) HDFC Bank
5) None of these
Answer – 1) Industrial Development Bank of India (IDBI)
Explanation:
On June 1, 2019, Industrial Development Bank of India (IDBI) Bank and Max Bupa, a Standalone Health Insurer
(SAHI) signed a Bancassurance corporate agency agreement. For the first time, IDBI Bank became an on-
boarded corporate agent for Max Bupa under open architecture. It will also install ‘Infinity’, a proprietary
digital platform. Through this, the customers of IDBI Bank can purchase the product of their choice instantly
and access their policy documents at the bank branch. Any Time Health (ATH) Machines, a completely
automated, technology based models will be installed by Max Bupa at IDBI Bank branches across the country.
5)Name the startup company, which has partnered with Digit Insurance to offer EMI (Equated Monthly
Installment) insurance to the company’s five million customers?
1) ValueCart
2) ZestMoney
3) Quiklo
4) SlicePay
5) None of these
Answer – 2) ZestMoney
Explanation:
On June 13, 2019, ZestMoney, a Bengaluru based digital lending startup, in partnership with Digit Insurance
announced to offer EMI (Equated Monthly Installment) insurance to the company’s five million customers. The
aim of the partnership is to relieve its customers of debt in case of unforeseen circumstances. The insurance
product, designed for ZestMoney’s customers, will be available while applying for a loan on the digital
platform.The credit limit can be availed by signing up on the 100% digital loan application platform and can be
used to shop online and in-store across all ZestMoney partners including Amazon, Flipkart, Myntra,
MakeMyTrip and Xiaomi.
6)What is the new Third Party (TP) motor insurance premium for small and medium private cars for
2019-20 revised by Insurance Regulatory and Development Authority of India (IRDAI)?
1) 14-14.5%
2) 12-12.5%
3) 15-15.5%
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4) 11-11.5%
5) None of these
Answer – 2) 12-12.5%
Explanation:
On June 4, 2019, The Insurance Regulatory and Development Authority of India (IRDAI) hiked the Third Party
(TP) motor insurance premium for small and medium private cars by 12-12.5% for 2019-20. The rates are
applicable from June 16, 2019. TP premium for two-wheelers and heavy vehicles was also increased. These
powers which are provided to IRDAI are mentioned under Section 14 (2) (i) of the IRDA Act, 1999. Two-
wheelers with engine capacities between 150cc and 350cc witnessed the highest percentage increase at
21.11%. Rates were increased from Rs 985 to Rs 1,193. For two-wheelers between 75 cc and 150 cc, it hiked TP
rate by 4.44% to Rs 752.
7)Name the customizable plan launched by Max Life Insurance Company Limited, that will offer
customers the flexibility to customize their own protection solution?
1) Max Life Protection Plan
2) Max Life Flexible Plan
3) Max Life Smart Term Plan
4) Max Life Customizable Plan
5) None of these
Answer – 3) Max Life Smart Term Plan
Explanation:
On June 20, 2019, Max Life Insurance Company Limited, one of the country’s leading life insurance companies,
launched customizable ‘Max Life Smart Term Plan’. It will offer customers the flexibility to customize their own
protection solution through the selection from a wide range of benefits and features. It comes with add on Max
Life Waiver of Premium Plus Rider. It provides a waiver for all future premiums under the policy. This will help
to create a customised protection solution for each customer. It will also provide a ‘Premium Back Option’ on a
term product till the age of 85 for the consumers.
8)Which bank has signed a bancassurance agreement with Tata AIG General Insurance Company Ltd to
provide Tata AIG’s suite of P&C (Property and Casualty (insurance)products?
1) Industrial Development Bank of India (IDBI)
4) Canara Bank
5) None of these
Answer –1) Industrial Development Bank of India (IDBI)
Explanation:
On June 19, 2019, Industrial Development Bank of India (IDBI) has signed a bancassurance agreement with
Tata AIG General Insurance Company Ltd to provide Tata AIG’s suite of P&C (Property and Casualty (insurance)
products to its customers. Tata AIG’s products will now be available in IDBI bank’s 20 million customer base
spread across its 1,850-plus branches.The product portfolio comprises Tata AIG’s flagship health (Medicare),
motor, personal accident, home content, critical illnesses, Locker, SME (Small and medium-sized
enterprises)and travel insurances.
9)What is the Capital Adequacy Ratio(CAR) for Housing Finance Companies (HFCs) in March 2020?
1) 14%
2) 15%
3) 13%
4) 12%
5) None of these
Answer –3) 13%
Explanation:
The National Housing Bank (NHB) has tightened the norms on leverage and capital adequacy ratio for Housing
Finance Companies (HFCs). It mandated the HFCs to reduce their total borrowings in a phased manner to not
more than 12 times (at present 16 times) of their Net-Owned Funds (NOF) as on March 31, 2022. Life Insurance
Corporation (LIC) Housing Finance is the only HFC to have the highest leverage ratio of 14 times of NOF. The
capital adequacy ratio (CAR) for HFCs is increased to 13% by March 2020, 14% by March 2021 and 15% by
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March 2022. Tier I capital should not be less than 10% (6% at present). Changes will not impact large HFCs like
Housing Development Finance Corp. (HDFC), Repco Home Finance, Indiabulls Housing Finance and Dewan
Housing Finance, which are capitalized above 15%. LIC Housing Finance and PNB (Punjab National Bank)
Housing Finance have capital adequacy ratio below 15%.
10)What is the revised Employees State Insurance(ESI) contribution rate from 6.5%, under the
Employees’ State Insurance Act (ESI) 1948?
1) 3%
2) 4%
3) 5%
4) 6%
5) None of these
Answer – 2) 4%
Explanation:
On June 13, 2019, the Government reduced the Employees State Insurance (ESI) contribution rate to 4% from
6.5%. This will benefit 36 million workers and 1.28 million employers and will lead to an estimated annual
saving of around Rs 5,000 crore for firms. The reduced rates will be effective from July 1, 2019. The Central
government through the Ministry of Labour & Employment decides the rate of contribution under the ESI Act.
In 2018-19, 12.85 lakh employers and 3.6 crore employees contributed Rs 22,279 crore towards the ESI
scheme.Reduction in the share of contribution of employers will reduce the financial liability of the
establishments leading to improved viability of these establishments and will enhance Ease of Doing
Business.The Employees’ State Insurance Act 1948 (the ESI Act), administered by the Employees’ State
Insurance Corporation (ESIC), provides for medical, cash, maternity, disability and dependent benefits to the
Insured Persons under the Act.
11)Which insurance company has partnered with MobiKwik & launched “shampoo-sachet” concept to
offer mini medical insurance products with premiums as low as Rs 20?
4) Max Bupa
5) None of these
Answer – 4) Max Bupa
Explanation:
MobiKwik, a mobile payments service provider, partnered with health insurer Max Bupa to launch “shampoo-
sachet” concept in the insurance sector. It will offer mini medical insurance products with premiums as low as
Rs 20. The partnership enables financial inclusion by making pocket size health insurance solutions available
through the Mobikwik platform.
12)Which entity topped the report titled “Brand Trust Report, 2019” and became most trusted brand in
India as per the Trust Research Advisory (TRA)?
1) Lenovo
2) Dell
3) Jeep
4) Samsung
5) None of these
Answer –2) Dell
Explanation:
According to the report “Brand Trust Report, 2019”, by Trust Research Advisory (TRA), Dell tops the list as the
most trusted brand for 2019 in India. It is followed by automobile brand Jeep, and LIC (Life Insurance
Corporation of India). While largest E-commerce player Amazon has emerged as a most trusted internet Brand
ranked as 4th in the list followed by Apple iPhone at 5th position.
13)Name the entity, whose CEO, Pankaj Razdan resigned recently?

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4) Aditya Birla Sun Life Insurance (ABSLI)

5) None of these
Answer –4) Aditya Birla Sun Life Insurance (ABSLI)
Explanation:
On June 24, 2019, Pankaj Razdan stepped down from his position as the CEO (Chief Executive Officer) of
Mumbai based Aditya Birla Sun Life Insurance (ABSLI). The present managing director(MD) of the retail arm of
Kotak Securities Kamlesh Rao will replace Razdan as CEO.Razdan also resigned from his other position as
deputy chief executive officer of financial services firm, Aditya Birla Capital.
May 2019
1)Name the flagship program launched by Prime Minister Narendra Modi, which provides crop
insurance to farmers?
1) Pradhan Mantri Fasal Bima Yojana (PMFBY)
2) Pradhan Mantri Awas Yojana
3) Pradhan Mantri Gramin Awaas Yojana
4) Pradhan Mantri Jan Dhan Yojana
5) None of these
Answer – 1) Pradhan Mantri Fasal Bima Yojana (PMFBY)
Explanation:
The flagship program of Prime Minister Modi, Pradhan Mantri Fasal Bima Yojana (PMFBY) which provides crop
insurance to farmers has failed. Recently, a senior official from Agriculture Ministry disclosed that out of Rs
1,400 crore designated fund for the North-Eastern state annually under PMFBY, only around 0.57% or Rs 8
crore was spent in 2018-19.Four North-eastern states are not covered under PMFBY and the states are
Arunachal Pradesh, Nagaland, Manipur and Mizoram.Other large states like Bihar and West Bengal had earlier
withdrawn from crop insurance scheme and launched their own state-level scheme and states like Punjab had
never joined the scheme.
2)Which insurance company has commemorated 6th day of each month as ‘Protection Day’ to raise
awareness on financial protection?
2) Canara HSBC OBC Life Insurance
3) Bajaj Allianz Life Insurance
4) Max Life Insurance Co Ltd
5) None of these
Answer – 4) Max Life Insurance Co Ltd
Explanation:
Max Life Insurance Co Ltd has notified that it will commemorate the 6th day of each month as ‘Protection Day’.
The objective of this initiative was to raise awareness on financial protection. Aalok Bhan, Director and Chief
Marketing Officer, Max Life notified that this date of the calendar month was selected, because, generally,
number 6 indicates love, harmony and is also a symbol of secured financial future.The decision came in line
with the Company’s launch of Max Life India Protection Quotient survey conducted in collaboration with Kantar
IMRB. It denoted that the extent to which the Indians feel protected from financial uncertainties is extremely
low, and that level was as 35.
3)Which non-life insurance provider has launched a scheme termed ‘Mosquito Disease Protection
Policy’ which will cover a person against common mosquito-borne diseases?
1) United India Insurance Company
3) Reliance General Insurance Company Limited
4) Aviva Life Insurance Company Limited
5) None of these
Answer – 2) HDFC ERGO General Insurance Company
Explanation:
India’s 3rd-largest non-life insurance provider in the private sector, HDFC ERGO General Insurance Company
launched a scheme termed ‘Mosquito Disease Protection Policy’ which will cover a person against common
mosquito-borne diseases, namely, Dengue Fever, Malaria, Chikungunya, Japanese Encephalitis, Kala-azar,
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Lymphatic Filariasis and Zika Virus.There has been a stark rise of 300% dengue cases in India between 2009-
2017,according to the report published by National Health Profile 2018.These mosquito-borne diseases leads
to financial burden due to hospitalisation or affects the No Claim Bonus of any conventional Health Insurance.
4)Which Telecommunications company has tied up with Housing Development Finance Cooperation
(HDFC) Life to provide life cover for its prepaid customers?
1) Bharat Sanchar Nigam Limited(BSNL)
2) Reliance Jio
3) Bharti Airtel
4) Vodafone Idea Limited
5) None of these
Answer – 3) Bharti Airtel
Explanation:
Bharti Airtel and the Housing Development Finance Cooperation (HDFC) Life had tied up to offer life cover for
customers at a prepaid recharge of Rs 249. This new Rs 249 prepaid recharge will include 2 GB data, unlimited
calls across all the networks and 100 SMS per day with an insurance cover of the worth of Rs 4 lakh from HDFC
Life. The recharge validity is for only 28 days.
5)Name the General Insurance Company which has partnered with IBM to jointly setup data lab in India
to improve business efficiency and profitability?
1) HDFC ERGO
2) ICICI Lombard
4) IFFCO Tokio General Insurance
5) None of these
Answer – 1) HDFC ERGO
Explanation:
HDFC ERGO, General Insurance Company and IBM, technology giant, announced to jointly setup data lab in
India to improve business efficiency and profitability. It will analyze the customer data and develop customized
solutions.Neither HDFC ERGO nor IBM has disclosed the amount of investment in setting up the lab.The experts
from HDFC ERGO and a team of 25 experts from IBM Garage which includes data scientists, technology
architects, and design engineers are working together to improve customer experience by working on different
test cases.HDFC ERGO is the third largest private general insurance company of India with 11 million
customers associated with the business.
6)Which Financial services company, has launched a specialised insurance cover titled ‘Mumbai Local
Train Cover‘ for passengers travelling in local trains in Mumbai?
1) SBI Life Insurance Co. Ltd.
2) Bajaj Finserv
4) Exide Life Insurance Co. Ltd.
5) None of these
Answer – 2) Bajaj Finserv
Explanation:
Bajaj Finserv, through its lending arm Bajaj Finance Ltd has launched a specialised insurance cover titled
‘Mumbai Local Train Cover‘ for passengers travelling in local trains in Mumbai.This policy provides coverage in
case of mishap during a train journey.The passengers will get an insurance cover of Rs 1 lakh against a payment
of Rs 399 per annum.In the event, when an insured passenger suffers a disability as a result of a Mumbai-local
train accident, the passenger is covered against loss of income, with Rs. 2000 per week during the policy
period.Local train travellers who are eligible for this insurance cover are persons above 18 years of age and
below 70 years of age.
7)Name the customized product launched by Karnataka Bank for salaried class?
1) KAB SB Salary
2) KB SB Salary
3) KA SB Salary
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4) KBL SB Salary
5) None of these
Answer – 4) KBL SB Salary
Explanation:
Karnataka Bank has launched a customized product for the salaried class. The new savings bank product, KBL
SB Salary has been designed with three variants namely SB Salary Executive, SB Salary Prime, and SB Salary
Classic to cater the financial needs of the ‘employer-employee ecosystem’. Its major features include- No annual
charge on Debit Cards, Unlimited free access to Karnataka Bank ATMs, Free Cash Deposit facility across all
branches, Free Fund Transfer within the Bank, Free NEFT & RTGS through Internet and Mobile Banking, Free
Outstation Cheque Collection, No Annual Fee on Demat & Trading Accounts Also, bank will provide an
insurance coverage of up to Rs 50,000 without any charges against chain snatching, theft and burglary for
women employees falling in the top category of the salary scheme.
8)Which Indian regulatory body along with Insurance Regulatory and Development Authority of India
(IRDAI) introduced Regulatory Sandbox Framework for Fintech Startups?
1) Small Industries Development Bank of India(SIDBI)
2) Securities and Exchange Board of India (SEBI)
3) Pension Fund Regulatory & Development Authority(PFRDA)
4) National Bank for Agriculture and Rural Development(NABARD)
5) None of these
Answer – 2) Securities and Exchange Board of India (SEBI)
Explanation:
On the lines of the initiative taken by Reserve Bank of India (RBI), regarding the setting up of the regulatory
sandbox (RS) in its draft “Enabling Framework for Regulatory Sandbox” in April for fintech innovations; the
market watchdog Securities and Exchange Board of India (SEBI) and insurance watchdog Insurance Regulatory
and Development Authority of India (IRDAI) have also introduced the similar RS.SEBI has released a testing
environment, “Innovation Sandbox”, for firms not regulated by SEBI and also for individuals. They could test
their proposed products subject to the fulfillment of the eligibility criteria, based on market-related data made
available by stock exchanges, depositories, and qualified registrar and share transfer agents (QRTAs). On the
other hand, for the IRDAI sandbox, an applicant should have a net worth of Rs 10 lakh with proven financial
record of at least one year for testing new digital and tech-based innovations, before launching them in the
market.
9)Who is the CEO of HDFC Life Insurance?

1) Vibha Padalkar
2) Deepak Mishra
3) Vipin Anand
4) Surya Prakash
5) Rajiv kumar
Answer- 1) Vibha Padalkar
10)Which Indian life insurance company was conferred with ‘Claims Excellence Award’ by Federation
of Indian Chambers of Commerce and Industry (FICCI)?
1) Bharti AXA Life Insurance
2) Reliance Life Insurance
5) None of these
Answer – 1) Bharti AXA Life Insurance
Explanation:
Federation of Indian Chambers of Commerce and Industry (FICCI) confers Private Life Insurer, Bharti AXA Life
Insurance with the ‘Claims Excellence Award’ during 20th Annual Insurance Conference – FINCON 2019 held in
Mumbai, Maharashtra. KeyPoints: i. The award was presented for its customer-friendly claims services,
including dedicated claims handler and one of the best claim settlement ratios, in the life insurance sector.
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11)Which group of companies has surpassed the Tata Group in terms of market capitalization and
became the most valuable business house?
1) Hindustan Group
2) Adani Group
3) Reliance Group
4) HDFC Group
5) None of these
Answer – 4) HDFC Group
Explanation:
HDFC Group surpassed Tata Group in terms of market capitalisation and became the most valuable business
house. HDFC Group with 5 listed companies recorded the m-cap as Rs. 11.66 lakh crore whereas Tata Group
with 29 listed firms stood at Rs. 11.64 lakh crore. The 5 listed firms of HDFC Group are HDFC Ltd, HDFC Bank,
HDFC Standard Life Insurance Company, HDFC Asset Management Company and Gruh Finance. Tata Group
includes TCS, Tata Steel, Tata Motors, Titan, Tata Chemicals, Tata Global, Tata Chemicals, Tata Power and
others.
12)Who was appointed as the Chief Executive Officer(CEO) of Life Insurance Corporation (LIC) Mutual
Fund recently?
1) Girish Chandra Murmu
2) Subhash Chandra Garg
3) Vipin Anand
4) Dinesh Pangtey
5) None of these
Answer – 4) Dinesh Pangtey
Explanation:
Former Director and Chief Executive Officer at LIC HFL (Housing Finance Ltd) AMC (Asset Management
Company), Dinesh Pangtey has been appointed as Chief Executive Officer(CEO) of Life Insurance Corporation
(LIC) Mutual Fund. He succeeds Shri Raj Kumar. He has 35 years of experience across various sectors like
insurance sector, private equity, life, pension and group superannuation scheme.He strategized the setting up
of the new fund under SEBI AIF platform & directly raised 92 per cent of the base corpus. The fund is poised
soon to exhaust the greenshoe option and close at Rs 1000 Cr.
April 2019
1)Reserve Bank of India has permitted Re-insurance and Composite Insurance brokers to open which
account for undertaking transactions?
1) NRI Account
2) Recurring Deposit Account
3) DEMAT Account
4) Foreign Currency Accounts
5) None of these
Answer – 4) Foreign Currency Accounts
Explanation:
On 11th April 2019, The Reserve Bank of India sanctioned reinsurance brokers to initiate non-interest bearing
foreign currency accounts with banks for undertaking transactions. The Insurance Regulatory and
Development Authority of India (IRDA) had issued notification and following this the RBI declared Foreign
Exchange Management (Foreign Currency Accounts by a resident person in India) Regulations, 2015 – Opening
of Foreign Currency Accounts by Re-insurance and Composite Insurance brokers. Foreign currency account
refers to a bank account operated in currency other than the currency of India or Bhutan or Nepal.
2)Largest insurance company, Life Insurance Corporation(LIC), has received ________ years to reduce
10% of its stake in IDBI?
1) 10 Years
2) 12 Years
3) 14 Years
4) 15 Years
5) None of these
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Answer – 2) 12 Years
Explanation:
Life Insurance Corporation(LIC), the largest insurance company in India, got 12 years from RBI for cut down
stake in IDBI Bank.LIC is the lender’s major shareholder, and it has a 51 per cent stake in the Bank. It means
that no obligation to sell its stake in the following years or would probably spend higher money to keep its
stake in any future fund raising by the bank. IDBI Bank.Insurance Regulatory and Development Authority
(IRDAI) claimed that LIC can take up to 15 percent stake in any bank,which can stretch up to 30 percent as per
the board approval.But the insurance regulator has authorised LIC to hold up to 51 percent in IDBI Bank in
2018.After 12 years LIC has to decrease stake in IDBI Bank by 10 per cent to 40 per cent.
3)Which private sector bank has collaborated with India’s health insurance company, Max Bupa to
launch ‘AnyTimeHealth(ATH) machines’ for distributing health insurance products?
1) Axis Bank
2) ICICI Bank
3) HDFC Bank
4) IndusInd Bank
5) None of these
Answer – 3) HDFC Bank
Explanation:
Max Bupa, India’s health insurance company collaborated with HDFC Bank, India’s leading private sector banks,
and launched ‘AnyTimeHealth (ATH) machines. The machine is an automated, web-based model that permits
customers to avail health assessment, namely, Body Mass Index’, ‘Blood Pressure’, ‘Body Type & Fat
percentage’, ‘Muscle percentage’, ‘Bone Mass’, ‘Body Temperature’ and buy health policy dynamically without
incorporation of any kind of conventional manual efforts. Max Bupa partnered with HDFC Bank to design an
end-to-end ‘digital journey’ for the bank’s customers, which is designed to support HDFC Bank’s assisted and
non-assisted mode of selling insurance digitally, thus empowering the HDFC’s customers to avail health
insurance solutions proficiently.
4)Name the insurance product launched by Canara Bank in association with its life insurance partner,
Canara HSBC Oriental Bank to provide various facilities to its customers recently?
1) Pragati
2) Webassurance
3) SBI Exclusif
4) Cyber Insurance
5) None of these
Answer – 2) Webassurance
Explanation:
On 27th April 2019, Canara Bank and its life insurance partner Canara HSBC Oriental Bank of Commerce Life
Insurance launched ’Webassurance’ to enable its customers to purchase life insurance in a convenient and
hassle-free way. Total Four life insurance products of Canara HSBC OBC Life would be made available to its
customers with various facilities like key needs of child future, savings, and investments, retirement planning
and protection. ii. Through this Webassurance, the bank will be able to service the protection needs of its
younger and net-savvy customers.
5)Name the General Insurance company which has collaborated with Wishfin insurance to become the
first company to sell 2-wheeler policies via WhatsApp?
1) Bharti AXA General Insurance
3) National Insurance Company Limited
4) SBI General Insurance Company Ltd
5) None of these
Answer – 1) Bharti AXA General Insurance
Explanation:
Bharti AXA General Insurance, the first company in the domestic non-life insurance industry has collaborated
with web aggregator, Wishfin Insurance to sell 2-wheeler policies via social media messaging platform,
WhatsApp. Bharti AXA General Insurance. Bharti AXA General Insurance is a joint partnership between Bharti
Enterprises and AXA, global insurance firm. It will sell the policies on Wishfin’s insurance arm, Wishpolicy’s
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website.Wishfin has launched ‘Buy Two-Wheeler Insurance on WhatsApp’ (that is available on Wishpolicy’s
website) through Wishfin Insurance. This policy is an instant, effortless and additional customer service option
avaiable for the policyholders.
6)Which Bank has signed agreement with Bharti Axa Life Insurance Company Ltd to sell its life
insurance products?
1) Nainital Bank
2) RBL Bank
3) Kotak Mahindra Bank
4) Karnataka Bank
5) None of these
Answer – 4) Karnataka Bank
Explanation:
Karnataka Bank has signed a pact with Bharti Axa Life Insurance Company Ltd to distribute the latter’s life
insurance products to provide insurance solutions to the customers of Karnataka Bank. The pact was signed at
the head office of the Karnataka Bank by Bharti representatives of the Karnataka Bank and the Bharti Axa Life
Insurance Company.This collaboration will facilitate wide choices of life insurance products to its customers
across all its 836 branches of bank supported by the customer centric products of the insurance company.
7)Which insurance company has received ISO 31000:2018 certification by TUV India?
2) Cholamandalam MS General Insurance Company Limited
3) HDFC ERGO General Insurance Company Limited
4) New India Assurance Co. Ltd.
5) None of these
Answer – 2) Cholamandalam MS General Insurance Company Limited
Explanation:
An insurance giant Cholamandalam MS General Insurance Company Limited has received ISO 31000:2018
certification by TUV India. Chola MS has received certification for applying risk management system which
conforms to the prescribed standards. ISO 31000:2018 is an international risk management standard
developed by International Organisation for Standardization (ISO). This standard issues guidelines, framework,
principles and a process for risk management.
8)How much percent of life insurer’s premium income was grown for the year 2019, as per Insurance
Regulatory and Development Authority of India (IRDAI)?
1) 15%
2) 14%
3) 13%
4) 11%
5) None of these
Answer – 4) 11%
Explanation:
According to the Insurance Regulatory and Development Authority of India (IRDAI) data, after a very low
growth phase, life and non-life premium income of insurance companies have registered substantial growth in
financial year 2019. Life insurer’s premium income grew 11% in FY19 over 2018 and non-life insurance firms
witnessed a 13% rise in their total premium income to Rs 1.70 lakh crore in the financial year ended March
2019. 25 are general insurers: whose collective gross premium in 2018-19 was Rs 1.50 lakh crore, up by
around 13% from Rs 1.33 lakh crore in 2018. 7 are standalone private sector insurers: they had a rise of 37% in
their combined premium to Rs 11,368.82 crore in the financial year ended March 2019, against Rs 8,314.27
crore in 2018. 2 are government-owned specialised insurers: among them, Agricultural Insurance Company of
India and ECGC Ltd registered a dip of 7.75% in premium at Rs 8,425.75 crore during the fiscal ended March
2019, as against Rs 9,133.78 crore in 2018.
9)Which Payment Bank has joined hands with Bharti AXA General Insurance for a two-wheeler
insurance product?
1) Paytm Payments Bank
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4) Aditya Birla Payments Bank
5) None of these
Answer – 2) Airtel Payments Bank
Explanation:
On 19th April 2019, Airtel Payments Bank joined hands with Bharti AXA General Insurance for a two-wheeler
insurance product offering which is available on MyAirtel App and at over 40,000 Airtel Payments Bank points
across India. This offers various benefits like 70 percent savings on an annual premium, personal accident
cover, protection against third-party liabilities and inspection-free renewal through a paperless process. Also,
Customers can avail towing services at no extra cost on claim intimation, at the time of insured vehicle breaks
down. Customers without an Airtel Payments Bank account can also avail this policy and can renew their two-
wheeler insurance at Airtel Payments Bank banking point.
10)Name the General Insurance company, which has received preliminary approval and R1 approval
from regulator IRDAI to foray into non-life business?
3) Indiabulls General Insurance
5) None of these
Answer – 3) Indiabulls General Insurance
Explanation:
On 17th April 2019, Indiabulls General Insurance has receivedR1 approval to its proposed general insurance
businessand preliminary to approval foray into the non-life businessfrom the Insurance Regulatory and
Development Authority of India (IRDAI) respectively.Another subsidiary Indiabulls Life Insurance Company
had obtained R1 approval from IRDAI in January 2019.
11)Which insurance company has launched a new product “cyber defence insurance”, to protect
businesses from financial and reputational losses due to cyber attacks?
3) Star Health and Allied Insurance
4) SBI General Insurance
5) None of these
Answer – 4) SBI General Insurance
Explanation:
On 22nd April 2019, SBI General Insurance has launched its new product – cyber defence insurance to protect
businesses from financial and reputational losses due to cyber attacks.At first, it will focus on SMEs and mid-
market businesses, but later it can cater to larger businesses. This offers protection against the growing threat
of cyber breaches like hacking attacks, identity theft, disclosure of sensitive information and business
interruption. Also, provides IT forensic investigations, legal advice, reputational and PR management.SBI
General Insurance’s (SBIG) Cyber Defense comes with CyRUSS (Cyber Risk Underwriting & Solution Suite)
which is a cloud-based tool for Commercial Cyber polices including risk assessment, ongoing risk management,
and claim management.
12)Name the first product that is launched by the combination of “Health Guard policy” of Bajaj Allianz
General Insurance and “iSecure policy”of Bajaj Allianz Life Insurance?
1) Total Health Secure Goal
2) Secure Health
3) Policy on Health Secure
4) Health Secure Guard
5) None of these
Answer – 1) Total Health Secure Goal
Explanation:
Bajaj Allianz General Insurance collaborated with Bajaj Allianz Life Insurance to launch their 1st product titled
‘Total Health Secure Goal’.The product is a combination of 2 existing plans, namely, Health Guard policy by
Bajaj Allianz General Insurance and iSecure policy by Bajaj Allianz Life Insurance.This combined plan offers
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customers a 5% extra discount on the total premium and also provides the flexibility of availing service or
communication on the product.The product provides an overall insurance solution and ensures that health and
security needs of the customer are taken care of without compromising on their savings.
13)Name the digital financial services company that has collaborated with Aegon Life Insurance and
launched a insurance product “Aegon Life Group Term Plus Plan” for providing death and accident
related disability cover up to Rs 2 lakh?
1) Mobikwik
2) Paytm
3) FreeCharge
4) PhonePe
5) None of these
Answer – 1) Mobikwik
Explanation:
Mobikwik, digital financial services company collaborated with pioneer of digital insurance in India, Aegon Life
Insurance to launch a Rs 20 smart digital insurance product in order to protect its wallet users from death and
accident related disability cover for up to Rs 2 lakh. The insurance product launched is termed as the Aegon
Life Group Term Plus Plan. It is available on MobiKwik App. The main objective for this initiative is to improve
the insurance penetration in India (this is currently at 3.7%), that is to drive financial inclusion for the masses.
14)Who was appointed as head of 13 member committee formed by Insurance Regulatory and
Development Authority of India (IRDAI) to review regulatory framework on micro insurance?
1) Adnan Mahmood
2) Suresh Mathur
3) M.Rajyalakshmi Rao
4) Goraknath Agarwal
5) None of these
Answer – 2) Suresh Mathur
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) set up a 13-member committee in order
to review regulatory framework on micro insurance, and suggest the steps to be taken to raise demand for such
products in India by recommending product designs with customer-friendly underwriting, example, easy
premium payment methods and simple claims settlement procedures. The committee is headed by Suresh
Mathur, IRDAI’s Executive Director. It constitutes of officials from IRDAI, life, general and health insurance
companies in public and private sectors, as well as NGOs (Non-Government Organizations). The committee was
formed because of less than desired offtake of micro insurance products in spite of their immense benefits in
India.
15)BNP Paribas Cardif has sold 5 crore shares of which life insurance company for Rs 2,889 crore?
4) HDFC Life
5) None of these
Answer – 2) SBI Life Insurance
Explanation:
The foreign partner of SBI Life Insurance, BNP Paribas Cardif has sold 5 crore shares of the company for Rs
2,889 crore to increase its public shareholding to 25% of its paid-up equity share capital on or before October
2, 2020. This sale has not undertaken as per the methods prescribed by SEBI for achieving the minimum public
shareholding (MPS) Threshold.The average price of equity share during the sale was Rs 577.93 per equity
share.On the other hand, Canada Pension Plan Investment Board has bought 2 crore shares at an average price
of Rs 577.50 per shares.Both transactions were carried out as bulk deal from one investor to another.
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16)Which industry body has released a report titled “Cyber Insurance in India- Mitigating Risks amid
Changing Regulations and Uncertainties” stating that the Indian cyber insurance market grew by 40%
in the year 2018?
1) Centre for Internet and Society
2) Data Security Council of India (DSCI)
3) Cloud Security Alliance
4) Internet and Mobile Association of India
5) None of these
Answer – 2) Data Security Council of India (DSCI)
Explanation:
A report titled ‘Cyber Insurance in India- Mitigating Risks amid Changing Regulations and Uncertainties‘ by
Data Security Council of India (DSCI) stated that cyber insurance market is gradually gaining momentum in
India as cyber-theft has increased substantially to become one of the most prominent threats to the corporates’
operations. The report broadly offers market insights on the stances in cyber insurance with its prime objective
to increase awareness and help evaluate a cyber insurance policy effectively.Data from the report showed that
between 2016 and 2018, India ranked as the 2nd most affected country from cyber-threats. 350 cyber
insurance policies were bought by Indian corporates in 2018 as compared to 250 in 2017, which marks a 40%
hike in the sale of these policies.
17)Who was honoured with the Freedom of the City of London in recognition of work to promote
insurance ties between India and the UK?
1) M.Sashikala
2) A.K.Das
3) Alice G.Vaidyan
4) Ravi Mital
5) None of these
Answer – 3) Alice G.Vaidyan
Explanation:
On 11th April 2019, The Chairman and Managing Director of the General Insurance Corporation of India (GIC),
Alice G. Vaidyan has been honoured with the Freedom of the City of London for the recognition of her work to
promote insurance ties between India and the UK. Alice G. Vaidyan. On the event of first India-UK Insurance
Summit in London, she was nominated for the traditional honour by the Lord Mayor of London, Peter Estlin,
and City of London Corporation Policy Chair Catherine McGuinness.
18)Which life insurance company, has been named in Forbes’ inaugural Blockchain 50 List for its
world’s first, Vitana experiment automated insurance solution using blockchain technology?
1) AXA
2) New York Life
3) Prudential Financial
4) MetLife
5) None of these
Answer – 4) MetLife
Explanation:
Life insurance company, MetLife has been named in Forbes’ inaugural Blockchain 50 List for its Vitana
experiment, world’s first, automated insurance solution using blockchain technology was launched in August
2019 by LumenLab, MetLife’s Asia innovation center in Singapore.Forbe’sblockchain list the first-ever ranking
of the top 50 organizations that are leading the pack in regard to adapting decentralized ledgers to their
business.Vitana Solution offers pregnant women financial protection in case of gestational diabetes– a
condition affecting up to one in five expectant mothers in Singapore.Vitana securely connects to customers’
electronic medical records via their mobile device to dispense a policy within minutes.If the customer’s
consultant reports a positive diagnosis in her medical records, Vitana will trigger an automatic payout, without
the customer needing to make a claim.
19)Who has been appointed as the new Managing Director of Life Insurance Corporation of India (LIC)?
1) M R Kumar
2) Subhash Chandra Garg
3) Vipin Anand
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4) Padmaja Chunduru
5) None of these
Answer – 3) Vipin Anand
Explanation:
Vipin Anand has assumed the charge of Managing Director of the Life Insurance Corporation of India (LIC). In
March 2019, he was appointed by Centre as the LIC MD. He will succeed interim chairman, Hemant Bhargava.
Vipin Anandi. In the tenure of more than 35 years, he served as the head of LIC’s western zone, comprising of
23 divisions. He has also headed LIC’s east-central zone headquartered at Patna.
March 2019
1)Insurance Regulatory and Development Authority of India (IRDAI) along with National Health
Authority (NHA) form a working group to curb fraud in Ayushman Bharat scheme.Who is appointed as
the head of the working group?
1) Jawad Rafique Malik
2) Suresh Mathur
3) Dinesh Arora
5) None of these
Answer – 3) Dinesh Arora
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) and National Health Authority (NHA)
have formed a joint working group (JWG) in order to suggest ways for more effective implementation of the
Centre’s Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).The group would comprise of 11
members.It will be headed by Dinesh Arora, Deputy CEO of NHA and co-headed by Suresh Mathur, Executive
Director of IRDAI.The group shall prepare a report on management of hospitals under the scheme, data
management and exchange, development of IT infrastructure for claims.12 months will be given to submit a
report on a national repository of empanelled hospitals under insurance/government schemes. with defined
standards for quality and package rates and codes.The group will get 3 months to submit a report on data
standardisation and exchange.In 6 months it would have to make recommendations to detect and avoid frauds
by building a common repository and through capacity-building.
2)Name the bank which is categorized as Private Sector Lender by RBI recently.
1) JK Bank
2) IDBI Bank
3) RBL Bank
4) Yes Bank
5) None of these
Answer – 2) IDBI Bank
Explanation:
On 14th March 2019, The Reserve Bank of India categorized IDBI Bank as a Private Sector Bank with effect
from January 21, 2019 following Life Insurance Corporation of India (LIC) is acquiring 51 per cent of the total
paid-up equity share capital of the bank. Following the appointment of MR Kumar as the Chairman of Life
Insurance Corporation of India (LIC), Hemant Bhargava ceases to be the Non-Executive chairman of IDBI Bank
as he no longer heads the parent company LIC.IDBI Bank has been under the Prompt Corrective Action (PCA)
framework of RBI which bans it from corporate lending, branch expansions, salary hikes and other regular
activities.IDBI has charted out a revival strategy to bring banking and insurance under one roof along with LIC.
The bank also informed about appointment of LIC as a corporate agent under bancassurance channel.
3)Name the Bank,that had signed a bancassurance agreement with Life Insurance Corporation of India
(LIC) to lend LIC’s insurance products?
2) IDBI Bank
3) Yes Bank
4) ICICI Bank
5) None of these
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Explanation:
IDBI Bank and Life Insurance Corporation of India (LIC) signed a bancassurance agreement under which the
lender will offer LIC’s insurance products at its branches.As part of the agreement, IDBI Bank will become the
preferred bank for LIC premium payments and also function as premium point to boost sale of LIC products,
thereby gaining from fees and float income.The State-owned life insurer, LIC, acquired a majority stake in IDBI
Bank, and the bank has also appointed LIC Chairman Hemant Bhargava as its non-executive whole-time
Chairman.
4)Name the platform,that had partnered with ICICI Lombard to provide the insurance cover of ICICI to
lenders and borrowers?
1) AnyTimeLoan.in
2) Ladder.in
3) Bima.in
4) Sureify.in
5) None of these
Answer – 1) AnyTimeLoan.in
Explanation:
On 25th February 2019, A private sector non-life insurance company in India ICICI Lombard has entered into a
strategic partnership with Hyderabad based peer-to-peer lending platform AnyTimeLoan.in (ATL) to provide
insurance cover for its lenders and borrowers. ICICI Lombard will offer Group Secure Mind and Group Personal
Accident policies to the customers of ATL which will cover the borrowers of all types of loans on the platform
with policy term of 1 to 3 years.There will be insurance cover for the lenders which will come with free
premium for the first year on a complimentary basis. On behalf of the beneficiaries ATL will absorb this
cost.The partnership with reduce the risk of exposure of its lenders and borrowers which are arising from
uncertainties such as accidents, death, disability, critical illness, loss of job among others.
5)Which Insurance company launched India’s first policy to protect bank locker such as jewelry, title
documents, and other valuables?
2) Life Insurance Corporation of India
3) IFFCO Tokio General Insurance
5) None of these
Answer – 3) IFFCO Tokio General Insurance
Explanation:
IFFCO Tokio General Insurance launched ‘bank locker protector policy’, the first stand-alone bank locker cover
offered by any insurance company with a plan to protect the contents of a bank locker such as jewelry, title
documents, and other valuables. The policy offers a cover against various risks including fire, earthquake,
burglary, holdup, infidelity by a bank staff or any act of terrorism.Important documents kept in a locker can
also be insured under the policy as an add-on cover.The policy can be sold both as a retail and a group policy
for banks.It offers 7 options of sum insured ranging from Rs 3 lakh to Rs 40 lakh and above and the premium
rate is affordable with a cover of Rs 3 lakh available at just Rs 300, which is less than Rs 1 per day.
6)United Bank of India has signed a bancassurance deal with which of the following insurance company
to provide the facilities of life insurance products to its customers?
1) HDFC Life
3) ICICI Prudential Life Insurance Co. Ltd.
4) SBI Life Insurance Co. Ltd.
5) None of these
Answer – 1) HDFC Life
Explanation:
United Bank of India has signed a bancassurance deal with HDFC Life. United Bank of India aims to provide the
facilities of life insurance products to its customers through HDFC Life. This is the third PSU bank tie-up this
year for HDFC Life.They aim to utilise each other’s customer base to spread their mutual business.
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7)AU Small Finance Bank Ltd. partnered with which of the following insurance company to provide
customized insurance products to its customers?
4) Acko General Insurance Limited
5) None of these
Answer – 4) Acko General Insurance Limited
Explanation:
India’s first digital insurer, AU Small Finance Bank Ltd. announced its partnership with a new age insurtech
company, Acko General Insurance Limited and is now able to provide customized insurance products to its
customers.AU Small Finance Bank is working on offering customers access to financial services and products
directly through their digital channels and building a robust digital banking platform to offer best in class
products in Digital Loans, Deposits, and Investment segments.It is tying up with various technology partners
who share a similar vision and have the relevant technology advancements to back up their offering and Acko is
the first such partner.Acko’s solution is designed to offer contextual insurance, enabling AU to deliver tailor-
made policies that offer the right coverage when the customer needs it.Acko is a licensed digital-only general
insurance company that aims at redefining insurance by making it more transparent and providing hassle-free
access to policies directly to the end user.
8)Name the specially designed mentorship program launched by Aviva Life Insurance to empower the
female workforce?
1) Wings
2) Shakthi
3) Mahila
4) Business
5) None of these
Answer & Explanation
Answer – 1) Wings
Explanation:
On 13th March 2019, Aviva Life Insurance announced the launch of ‘Wings’, a specially designed mentorship
program to empower the female workforce.It will helps women dream about what they will become, giving
them a clearer picture of their future and their growth prospects. The programme will give them an avenue to
freely communicate in a safe environment, allowing them to focus on growth and improvement.Wings program
is an initiative of the SHE division of Aviva Life Insurance for mentoring all the women employees in Aviva. SHE
was started in 2016 by Aviva India’s Women Network as an active community of socially enabled women who
take up the charge of addressing causes in the interest of women empowerment.Additionally, mentoring will
also develop a leadership pipeline for the company thus ensuring that the practice is not just beneficial to the
individual but to the organisation at large.
9)Which Insurance Company partnered with MobiKwik to provide cyber-insurance cover of Rs.50000?
2) SBI General Insurance
3) Acko General Insurance
4) ICICI Lombard
5) None of these
Answer – 4) ICICI Lombard
Explanation:
On 18th March 2019, ICICI Lombard and digital financial services company MobiKwik entered into a
partnership to provide cyber insurance cover of Rs. 50000.It aims to provide protection against unauthorised
and fraudulent transactions online across debit/credit cards, bank accounts and mobile wallets.The service will
be available through an app at Rs. 99 per month along with an insured sum of Rs. 50000.To enjoy the benefit of
a stress-free and secured transaction MobiKwik users can avail the ‘Commercial Cyber Insurance’ policy
underwritten by ICICI Lombard.It will strengthen the relationship between MobiKwik and ICICI Lombard and
will provide innovative and unique products against the new-age risks.
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10)Who was the head of 5-member committee to examine issues related to framing of a proper and
structured scheme for providing of insurance cover to the advocates?
1) Ravi Shankar Prasad
2) Neil Buckley
3) Alok Srivastava
4) Jane Martin
5) None of these
Answer – 3) Alok Srivastava
Explanation:
A 5-member committee to examine issues related to framing of a proper and structured scheme for providing
of insurance cover to the advocates and to suggest modalities for the implementation of such a scheme has
been set up by the Union Minister for Law & Justice, Ravi Shankar Prasad under the chairmanship of Secretary
Legal Affairs, Dr Alok Srivastava.Other members of the committee will include a senior representative from the
Department of Financial Services and representative of the Department of legal affairs. The committee will also
have one representative each from Bar Council of India and State Bar Councils.The committee has to submit its
reports within 3 months.The committee shall also suggest the modalities of administration of the insurance
scheme under a high powered body with adequate representatives of all stakeholders.
11)Who is the head of the sub-committee of the Financial Stability and Development Council (FSDC) to
review issues concerning the economy?
1) Hemant
2) Ajay Tyagi
3) Shaktikanta Das
5) None of these
Answer – 3) Shaktikanta Das
Explanation:
Markets regulator Securities and Exchange Board of India (SEBI), insurance regulator Insurance Regulatory
and Development Authority(IRDAI), and pension fund regulator Pension Fund Regulatory and Development
Authority (PFRDA), along with senior officials of the finance ministry, discussed the key issues facing the
economy at the meeting of the sub-committee of the Financial Stability and Development Council (FSDC)
chaired by RBI Governor Shaktikanta Das.The sub-committee reviewed the major developments on the global
and domestic fronts that impinge on the financial stability of the country.The panel discussed ways to address
challenges pertaining to the quality of credit ratings; and inter-linkages between housing finance companies
and housing developers.It also deliberated on the interlinking of various regulatory databases and the National
Strategy for Financial Inclusion.
12)Name the Insurance company,which is conferred with the Non-Life Insurer of the Year Award 2019
by ASSOCHAM?
3) HDFC Standard Life Insurance Co. Ltd.
4) ICICI Prudential Life Insurance Co. Ltd.
5) None of these
Answer – 1) Bharti AXA General Insurance
Explanation:
On 1st March, 2019, ASSOCHAM (The Associated Chambers of Commerce and Industry of India), which is one of
the apex trade associations of India has conferred ‘Non-Life Insurer of the Year Award 2019′ to Bharti AXA
General Insurance which is a joint venture between Bharti Enterprises and French insurance giant AXA. The
award has been awarded for its contribution to the non-life insurance sector during the recently-held
Insurance Leaders Meet 2019 and Excellence Awards in Kolkata.This award recognizes efficacy, excellence and
contribution in the insurance industry annually.
13)Which insurance company was awarded with the prestigious Golden Peacock Innovative Product
Award – 2019, for their contextual microinsurance product -“Ola Ride Insurance”?
2) Aditya Birla Health Insurance
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3) ACKO General Insurance

4) Kotak Mahindra General Insurance
5) None of these
Answer – 3) ACKO General Insurance
Explanation:
The new-age digital insurance company, ACKO General Insurance was awarded the prestigious Golden Peacock
Innovative Product Award – 2019, for their contextual microinsurance product -“Ola Ride Insurance”.The
award was presented to Biresh Giri, Appointed Actuary & CRO, Acko at an event in Dubai.Launched in March
2018, Ola Ride Insurance is a first of its kind insurance in the Indian market where Acko partnered with the
leading ride-sharing company, Ola.The Re. 1 Ola ride insurance is a contextual microinsurance solution that
protects the user against any unfortunate mishaps while commuting, providing benefits in cases of loss of
baggage/laptops, missed flights, accidental medical expense, ambulance transportation cover, etc
14)M.R.Kumar was appointed as the Chairman of which of the following organization?

3) Life Insurance Corporation (LIC)
4) Axis Bank
5) None of these
Answer – 3) Life Insurance Corporation (LIC)
Explanation:
The Government also appointed M. R. Kumar as the Chairman of the Life Insurance Corporation (LIC) for a
period of 5 years. He was the Zonal Manager (In-Charge) of North Zone, Delhi prior to this appointment.He will
be succeeding V. K Sharma who had retired on 31st December 2018 after which Managing Director Hemant
Bhargava was acting as the interim chairman.Vipin Anand and TC Suseel Kumar were also appointed as the
Managing Directors of LIC for 5 years.
15)Name the person,who was appointed as the CEO of Mercer for its India operations?
1) Preeti Chandrashekhar
2) David Anderson
3) Mustafa Faizani
4) Arvind Laddha
5) None of these
Answer – 4) Arvind Laddha
Explanation:
On 14th March 2019, Arvind Laddha was appointed as the CEO of Mercer for its India operations. He currently
occupies the post of Deputy CEO in JLT Independent, an insurance broking firm.His work will mainly involve
enhancing Mercer’s growth in India, looking out for emerging market opportunities and expanding
relationships with the present clients. Mercer stated that the appointment will become effective after closing of
the transaction between Mercer’s parent company, Marsh & McLennan Companies and JLT, due to anti-trust
and financial regulatory approvals.
16)Who was appointed as the Brand Ambassador of PolicyX.com?

1) Virender Sehwag
2) Sachin Tendulkar
3) MS Dhoni
4) Virat Kohli
5) None of these
Answer – 1) Virender Sehwag
Explanation:
An online insurance web aggregator, PolicyX.com has named Arjuna & Padmashree Awardee, cricketer
Virender Sehwag as its brand ambassador. He will be the face of its biggest marketing campaign of insurance
products covering term insurance, health insurance, life insurance, car insurance and others. He has personal
experience on this campaign, so he wants to raise awareness among people about the importance of having
insurance from a trusted advisor.
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17)Which of the following life insurance company partnered with India Mortgage Guarantee
Corporation (IMGC) to offer home loan?
1) Axis housing company Pvt. Ltd
2) ICICI Home Finance Company Ltd
3) Life Insurance Corporation Housing Finance Ltd (LICHFL)
4) Edelweiss Tokio Life Insurance Company Ltd
5) None of these
Answer – 3) Life Insurance Corporation Housing Finance Ltd (LICHFL)
Explanation:
Life Insurance Corporation Housing Finance Ltd (LICHFL) partnered with India Mortgage Guarantee
Corporation (IMGC) to offer home buyers enhanced loan eligibility and easy loans and it will now be in a
position to offer extended loan tenure for borrowers till the age of 75 years, increasing the loan quantum and
reducing the burden of monthly EMIs for borrowers. LICHFL will now be able to accommodate more home loan
borrowers, increase market penetration, besides combating non-performing assets (NPAs). IMGC will provide
LICHFL mortgage guarantee, which is a financial product that compensates financial institutions for losses that
may arise from a default on a mortgage loan.
February 2019
1)Which Organisation penalized the United India Insurance for violation of regulations,circular and
guidelines on rates and discounts?
1) Reserve Bank of India
2) Insurance Regulatory and Development Authority of India
3) Small Industries Development Bank of India
4) National Bank For Agriculture & Rural Development
5) None of these
Answer – 2) Insurance Regulatory and Development Authority of India
Explanation:
Insurance Regulatory and Development Authority of India,has imposed a fine of Rs nine lakh on state-owned
United India Insurance.Insurance regulator IRDAI,imposed a sum of 5 lakh imposed for violation of regulations
such as assigning of surveyors and submitting reports,insurer offering a settlement to the insured as well as
paying the claim to the insured.The balance 4 lakh – 1 lakh each was for violations of circular and guidelines on
rates and discounts an insurer can offer .
2)Which of the following insurance group received broking licence recently from Insurance Regulatory
and Development Authority of India (IRDAI)?
1) WomemSHG.com
2) YonoInsurance.com
3) UnionInsurance.com
4) IndianMoneyInsurance.com
5) None of these
Answer – 4) IndianMoneyInsurance.com
Explanation:
Indiamoneyinsurance.com, a subsidiary of the Indiamoney.com Group has acquired a broking license from
Insurance Regulatory and Development Authority of India(IRDAI) of India’s to enter Insurance Business. The
company will come to process within next few days and projects to hire 2000 employees before the year ends.
The brokerage also projects to institute 500 purchase centres of insurance across India with an investment of
Rs. 4 billion.
3)Name the General Insurance Company,that launched first-of-its-kind ‘Trip Protector’ policy in India?
1) National Insurance Co. Ltd
2) New India Assurance Co. Ltd
4) HDFC ERGO General Insurance Co. Ltd
5) None of these
Answer – 4) HDFC ERGO General Insurance Co. Ltd
Explanation:
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The first-of-its kind ‘Trip Protector’ insurance policy was launched by HDFC ERGO General Insurance Company
which is the third-largest non-life insurance provider in the private sector in India. The policy states that:
• In case a flight or a hotel booking is cancelled, travellers will be safeguarded financially against the cost of
cancellation levied on them by the respective hotels or airlines for both domestic and international travel.
• In instances wherein travellers are refused accommodation on arriving at the hotel due to overbooking, the
policy will provide cover against cancellation of a pre-booked room.
• Initially, this policy is being offered to customers of HDFC Bank on the purchase of Airline tickets or Hotel
Bookings done using their HDFC Bank credit cards.
• The policy will allow customers to choose between refundable and non-refundable tickets. Refundable tickets
shall be paid for in case of cancellation.
4)Name the new micro insurance plan,that will provide coverage of up to 2 lakhs by the Life Insurance
Corporation (LIC) of India?
1) Micro Debit
2) Micro Bachat
3) Micro Loan
4) Micro Fund
5) None of these
Answer – 2) Micro Bachat
Explanation:
On 18th February 2019, a new micro insurance plan ‘Micro Bachat’ was launched by the Life Insurance
Corporation (LIC) of India. It provides a coverage of up to 2 lakhs and is the first micro-insurance plan to do
so.It provides both protection and savings and is a regular premium, non-linked, participating endowment
micro insurance plan. In case a policyholder dies, this plan would provide financial assistance to the family. For
surviving policyholders, a lump sum amount at the time of maturity shall be provided.It can be availed only by
standard healthy citizens in the age group of 18-55 years without undergoing any medical examination.
5)According to the new guidelines issued by IRDAI, What is the minimum limit on Basic Sum insured for
Standard Health Product?
1) Rs.5000
2) Rs.10000
3) Rs.50000
4) Rs.1 Lakh
5) None of these
Answer – 3) Rs.50000
Explanation:
On February 19,2019 Insurance Regulatory and Development Authority of India(IRDAI) had issued the draft
guidelines for Standard Health Product.The Guidelines on Standard Health Product are issued under the
provisions of Section 34 (1) (a) of Insurance Act, 1938. Basic Sum Insured under standard product
are,Minimum limit– Rs.50000 and Maximum limit- Rs.10 lakhs.Grace Period for premium payment: For Yearly
payment of mode, a fixed period of 30 days is given as Grace Period All other modes of payment except,Yearly
payment of mode a fixed period of 15 days are allowed as a Grace Period. There are four modes of payment viz-
Monthly, Quarterly, Half Yearly, Yearly.
6)Hemand Bhargava was appointed as the Non-Executive Chairman of which of the following bank?
1) Union Bank of India
2) IDBI Bank
3) Yes Bank
4) Indian Bank
5) None of these
Explanation:
On 25th February 2019, IDBI Bank (Industrial Development Bank of India) appointed Hemand Bhargava as
non-executive non wholetime Chairman for a period of 3 years or till he continues as the chairman-in-charge
and MD of LIC (Life Insurance Corporation of India).Currently LIC is the majority shareholders in IDBI Bank
with 51% stake. The Life Insurance has become the promoter of it after they acquired the stake from the
Government of India.The name of the bank is proposed for a change by LIC to either LIC IDBI Bank or LIC Bank
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which was approved by the IDBI Bank board subject to a ‘no objection’ from RBI, shareholders and availability
of name.
7)World’s largest cashless health insurance scheme “Pradhan Mantri Jan Arogya Yojana (PM-JAY)”,
known as Ayushman Bharat launched ____ app on Google play store to access scheme details, on 5th
February 2019?
1) PM-JAY
2) Ayushman
3) Healthify
4) Jan Arogya
5) None of these
Answer – 1) PM-JAY
Explanation:
On February 5,2019,world’s largest cashless health insurance scheme “ the Pradhan Mantri Jan Arogya Yojana
(PM-JAY)”, popularly known as the Ayushman Bharat launched PM-JAY app on Google play store to access
scheme details in New Delhi. It was launched by Indu Bhushan ,CEO of PM-JAY.
January 2019
1)Bharti AXA Life Insurance started delivering policies and renewal premium receipt to customers
through which instant messaging platform, on 2nd January 2019?
1) Snapchat
2) WhatsApp
3) Telegram
4) Instagram
5) None of these
Answer –2) WhatsApp
Explanation:
On 02nd January 2019, private sector insurer Bharti AXA Life Insurance started delivering policies and renewal
premium receipt to customers via instant messaging platform WhatsApp as a part of its alternative service
option to the policy holders. Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and French
Insurance major AXA is one of the first few insurers to provide the option of policy contract, renewal premium
receipts and claim intimation through whatsapp. The Policy contract will be available for download shortly
after its issuance.
2)A ‘bancassurance’ pact was signed between which bank and SBI Life Insurance to sell the policies of
the insurer in over 3,200 branches of the bank, on 31st December 2018?
1) Allahabad Bank
3) Canara Bank
4) Federal Bank
5) None of these
Answer –1) Allahabad Bank
Explanation:
On 31st December 2018, a ‘bancassurance’ pact was signed between State-owned Allahabad Bank and SBI Life
Insurance to sell the policies of the insurer in over 3,200 branches of the Allahabad Bank. The agreement is
considered as one of the largest Bancassurance partnerships in the country. The agreement was signed in the
presence of Allahabad Bank Managing Director (MD) and Chief Executive Officer (CEO) Mallikarjuna Rao and
SBI Life MD & CEO Sanjeev Nautiyal.
3)SBI Life Insurance signed a bancassurance pact with ___ bank, aiming to offer a comprehensive
financial planning solution to its customers, on 2nd January 2019?
1) Federal Bank
2) Syndicate Bank
3) Canara Bank
4) Axis Bank
5) None of these
76 | P a g e
Answer – 2) Syndicate Bank

Explanation:
On January 2, 2019, Syndicate Bank and SBI Life Insurance signed a bancassurance pact aiming to offer a
comprehensive financial planning solution to its customers. This was signed between: Syndicate Bank MD &
CEO, Mrutyunjay Mahapatraand MD and CEO of SBI Life, Sanjeev Nautiyal. Through the pact, Syndicate Bank
will provide penetration in the market with its 3,000 branches and SBI Life’s diverse range of protection,
wealth creation and savings insurance products will be brought to the table to the customers.
4)Insurance Regulatory and Development Authority of India (IRDAI) slapped a penalty of __ on United
India Insurance Co for violating norms regarding settlement of motor claims, on 4th January 2019?
1) Rs 2 lakh
2) Rs 5 lakh
3) Rs 3 lakh
4) Rs 1 lakh
5) None of these
Answer – 2) Rs 5 lakh
Explanation:
On January 4, 2019, the Insurance Regulatory and Development Authority of India (IRDAI) slapped a penalty of
Rs 5 lakh on United India Insurance Co for violating norms regarding settlement of motor claims. The insurer
also violated file and use guidelines issued by the Authority.
5)IRCTC (Indian Railway Catering and Tourism Corporation) tied up with which insurance company to
provide free travel insurance to air travelers, on 9th January 2019?
1) Bharti AXA General Insurance Company
2) Max Life Insurance Company
5) None of these
Answer – 1) Bharti AXA General Insurance Company
Explanation:
On 9th January 2019,IRCTC tied up with Bharti AXA General insurance company to provide free travel
insurance to the air travellers. This insurance is applicable to only those who book ticket in the official website
of air ticketing irctc, IRCTC Air –air.irctc.co.in. Through this tie up, every passenger would be availed of
insurance upto 50 lakhs in case of accidental death or life time disability. This facility is made available to
everyone irrespective of class of travel. Thee premium of the insurance will be borne by Irctc itself and it is
applicable to both one way and round way travels
6)HDFC Standard Life Insurance renamed itself to which of the following, on 16th January 2019?
1) HDFC Insurance
2) HDFC Life Insurance
3) HDFC Insurance Corporation
4) HDFC First Insurance
5) None of these
Answer – 2) HDFC Life Insurance
Explanation:
On January 16, 2019, HDFC Standard Life Insurance renamed itself to HDFC Life Insurance. The change in name
has been made effective immediately.
7)Name the head of the panel set by Insurance Regulatory Development Authority of India (IRDAI) to
identify domestically systematically important insurers (SIIs) and an augmented regulatory framework
is logically established in this regard?
1) Manoj Shekhar
2) Praveen Kutumbe
3) Rajeev Lal
4) Arun Fernandes
5) None of these
77 | P a g e
Answer – 2) Praveen Kutumbe

Explanation:
A panel is all set by Insurance Regulatory Development Authority of India (IRDAI) headed by Praveen
Kutumbe,to identify domestically systematically important insurers (SIIs) and an augmented regulatory
framework is logically established in this regard. The rationale behind the idea for SIIs as explained by IRDAI
states that any fiasco in the system will defy the essential services they provide to policy holders overall
economic activity can start dampening. In this regard, a committee headed by Praveen Kutumbe, Member-
Finance and Investment, IRDAI, has been asked to submit report in six months. It is also perceived that SIIs is
pivotal for the smooth and incessant functioning of insurance services to the real economy.
8)Life insurance firm IndiaFirst bought ___% stake in CSC e-Governance services India Limited, on 28th
January 2019?
1) 5 %
2) 9 %
3) 8 %
4) 7 %
5) None of these
Answer – 2) 9 %
Explanation:
On 28th January 2019 Life insurance firm IndiaFirst buys 9% stake in CSC e-Governance services India Limited.
This stake purchase demonstrates bringing personal risk protection to all sections of the society in the four
year association with Common Services Centre (CSC). IndiaFirst life insurance is a joint venture between Bank
of Baroda, Andhra Bank and Legal and General (UK). CSC is an integral part of Digital India initiative of the
government under ministry of Electronics and information Technology. CSC e-Governance services India
Limited is a special purpose vehicle (CSCSPV) incorporated under the companies Act, 1956 to monitor the
implementation of common services centers scheme (CSCs). The financial inclusion journey will bring the 2
entities to work towards enabling village level entrepreneurs for reaching out to the last rule customers with
tailored solutions.
9)___ was appointed the Acting Chairman of Life Insurance Corporation of India on 1st January 2019?
1) V K Singh
2) Mahindra Rathore
3) Hemant Bhargava
4) A K Bakshi
5) None of these
Answer – 3) Hemant Bhargava
Explanation:
On January 1, 2019, the Department of Financial Services announced appointment of Hemant Bhargava,
Managing Director, Life Insurance Corporation of India, as the Acting Chairman. This was done after VK Sharma
retired from the position at LIC on December 31. While, he is a contender for the post of Full-Time Chairman at
the state-owned life insurer, his retirement is due in July 2019. Therefore, the Banks Board Bureau has called
eight candidates for interviews for the posts of Chairman and MD on January 4.
10)Who was appointed the Chief Operations Officer (COO) of private sector lender RBL Bank, on 2nd
January 2019?
1) Prakash Chandra
2) Akanksha Sharma
3) Pankaj Sharma
4) Manjula Shekar
5) None of these
Answer – 3) Pankaj Sharma
Explanation:
On January 2, 2019, Private sector lender RBL Bank appointed Pankaj Sharma as its chief operations officer
(COO). Prior to this, Sharma was heading retail operations of Axis Bank. Under his leadership, the ATM channel,
phone banking and branch automation and digital initiatives at Axis Bank took shape. He had previously
worked with GE Countrywide, ICICI Bank and ICICI Prudential Life Insurance.
78 | P a g e
11)Who took charge as the MD and CEO of Axis bank on 1st January 2019, following the retirement of
Shikha Sharma?
1) Sandeep Vaishnav
2) Murali Krishnan S
3) Amitabh Chaudhry
4) Randeep Vijay
5) None of these
Answer – 3) Amitabh Chaudhry
Explanation:
On 31st December 2018, private sector lender Axis Bank Managing Director (MD) and Chief Executive Officer
(CEO) Shikha Sharma retired from the services of the bank and Amitabh Chaudhry will be the new MD and CEO
of the Axis bank from 1st January 2019. In April 2018, Shikha Sharma requested the bank board to reduce her
new term which was started from June 2018 to 7 months from a three-year tenure without citing any reasons.
54 years old, an Indian Institute of Management -Ahmedabad alumnus, Amitabh Chaudhry who is the former
MD and CEO of HDFC Standard Life Insurance Company was appointed the MD & CEO of Axis Bank for the
period of 3 years.
Good Luck with Your Exams!!!
AC Useful Links:
 Current Affairs
 Current Affairs 2019
 Current Affairs in Hindi
 Current Affairs Quiz
 Current Affairs Today
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INSURANCE AWARENESS 2019 PDF – (Jan to Dec 13)

INSURANCE AWARENESS 2019 NEWS

HDFC ERGO general insurance launches ‘my:health woman suraksha policy’

KVGB inks MoU with Canara HSBC OBC for bancassurance

Reliance Nippon Life AMC to be rebranded Nippon India Mutual Fund

parents can be covered under this policy.

National postal week 2019 is being celebrated from 9 – 15 October 2019

IDBI & LIC CSL to launch a co-branded credit card

♦ Tagline: Your Tech-friendly bank

Paytm & Aegon Life Insurance signed corporate agency agreement

Samuel Joseph Jebaraj appointed as DMD of IDBI Bank for 3 years

New insurance plan “Jeevan Amar” launched by LIC

SBI Life Insurance and Indian Bank signed a Bancassurance agreement

About Indian Bank:

MSCI added HDFC Life Insurance to its Global Standard Index

Acko announces partnership with fintech ZestMoney to offer credit insurance

Digit Insurance signs Bancassurance agreement with Karur Vysya Bank

About Bharti AXA Life:

Insurance regulator IRDAI has set up a single point contact for RS

Category Insurance coverage

Siddhartha Mohanty takes charge as MD&CEO of LIC Housing Finance

Overview of Hyderabad Open (Badminton) 2019

Veteran poet and lyricist M. K. Seetharam Kulal passed away

Max Life Insurance Company launched ‘My Protection Quotient’ Tool

ZestMoney in partnership with Digit Insurance to offer EMI insurance

Max Life Insurance launched 'Max Life Smart Term Plan'

NHB issued stricter norms on HFCs’ capital adequacy ratios

Government reduced the ESI contribution rate to 4% from 6.5%

MobiKwik partnered with Max Bupa to launch ‘shampoo-sachet’ health plan

Pankaj Razdan, CEO of Aditya Birla Sun Life Insurance quits

published by National Health Profile 2018.

HDFC group overtook Tata Group in terms of market capitalisation (m-cap)

Dinesh Pangtey appointed as CEO of LIC Mutual Fund

RBI Permitted Reinsurance Brokers to Open Foreign Currency Accounts

Cholamandalam MS General Insurance receives ISO 31000:2018 Certification

Indiabulls General gets preliminary nod to foray into non-life business

SBI General launched cyber defence insurance

MetLife recognized in Forbes’ Inaugural Blockchain 50 list

Wipro BFSI president Shaji Farooq resigned

IDBI Bank categorized as Private Sector Lender by RBI

Bancassurance Agreement signed by IDBI Bank and LIC

AU Small Finance Bank partnered with Acko General Insurance

Aviva Life Insurance launches special mentorship programme ‘Wings’

ICICI Lombard partnered with MobiKwik to provide cyber-insurance

exchange, development of IT infrastructure for claims.

Dr Alok Srivastava to head committee on Comprehensive Insurance Scheme for Advocates

ACKO General Insurance honoured with Golden Peacock Award 2019

M.R. Kumar named as the new chairman of LIC

Director Hemant Bhargava was acting as the interim chairman.

Mercer India has named Arvind Laddhaa as its CEO

PolicyX.com has named cricketer Virender Sehwag as its Brand Ambassador

LICHFL partnered with IMGC for better home loan scheme

IRDAI imposes Rs 9 lakh fine on United India Insurance

Prime Minister Visited Tirupur in Tamil Nadu

of over one-lakh workers and their family members in Tirupur.

Indianmoney.com Group acquired broking license to enter Insurance Business