what is insurance repository
ans
An Insurance Repository is a facility to help policy holders buy and keep insurance policies in electronic form, rather than as a paper document.
Name some different Categories of life insurance products?
Life insurance products come in a variety of offerings catering to the investment needs and objectives of different kinds of investors. Following is the list of broad categories of life insurance products:
1. Term Insurance Policies:
i. The basic premise of a term insurance policy is to secure the immediate needs of nominees or beneficiaries in the event of sudden or unfortunate demise of the policy holder.
ii. Term insurance policies are also relatively cheap to acquire compared to other insurance products.
2. Endowment Policies:
i. This basically falls into the category of an insurance-cum-investment product.
ii. Unlike a regular term insurance policy, an endowment plan provides returns on investment at the end of the policy term.
iii. There are several varieties of endowment plans, and the rate of returns and the type of benefits can vary based on the kind of endowment plan an individual has opted for.
iv. With an endowment plan, a persona can opt for insurance products that provide both the benefit of insurance as well as investment.
3. Money-back Policies:
i. Money back policies are basically an extension of endowment plans wherein the policy holder receives a fixed amount at specific intervals throughout the duration of the policy.
ii. In the event of the unfortunate death of the policy holder, the full sum assured is paid to the beneficiaries.
4. Unit-linked Insurance Policies (ULIP):
i. Unit linked insurance policies again belong to the insurance-cum-investment category where one gets to enjoy the benefits of both insurance and investment.
ii. While a part of the monthly premium pay-out goes towards the insurance cover, the remaining money is invested in various types of funds that invest in debt and equity instruments.
iii. ULIP plans are more or less similar in comparison to mutual funds except for the difference that ULIPs offer the additional benefit of insurance.
5. Pension Policies:
i. Pension policies let individuals determine a fixed stream of income post retirement.
ii. This basically is a retirement planning investment scheme where the sum assured or the monthly pay-out after retirement entirely depends on the capital invested, the investment time frame, and the age at which one wishes to retire.
What is the difference between Marketing and Sales?
Marketing and Sales are important aspects in business. Both are inevitable activities in any organisation.
Difference:
i. Marketing is considered to be a wider term than sales. It includes identifying customers, producing innovative products, branding, advertising, public relations,sales, etc. Thus, sales is just a stage or an activity of marketing.
ii. Marketing is the process of creating demand for a product in the market whereas sales is refers to fulfilling these demands.
iii. Marketing helps the organisation to create a brand image of the product or service in the minds of the people while sales involves the selling of that product or service.
iv. Marketing is an indirect activity whereas sales is a direct activity.
v. Marketing targets a large group or the general public. Sales on the other hand targets individuals.
had my interview yesterday.. there were four members in the interview panel.. they started with the introduction n den about insurance and what is the work of ADO , chairman of LIC , Name the MD's , SEBI chairman n the work of SEBI , what is repo rate n reverse repo rate , what was about wpi n cpi in yesterday newspaper , have u met any agent , when was LIC established , how many branches does LIC have , this divisional office comes under which zone , yoga day n capital of egypt?
pls share interview experience for those who have faced the interviews
bhai logon ye rural aur urban ka kya chakkar hai dono ke selected candidates ki alag list banegi ya fir same list banegi ....... ......
Does any body have any idea about the interview weightage , and the ratio of vacancy to applicants called for interview ?
why u want to join lic???
character certificate formate plz send me link to download
actually i dont have the application copy for the interview , is that possible to attend the interview without that
please if someone could share the format of conduct certificate that we have to get from 2 persons.........thanks in advance!!
Anyone from SoUth zone, Chennai
will they prepare another merit list once the interview gets completed. why becoz i heard something like they will combine interview marks and online exam marks thereby a final merit list will be prepared for final selection for medical exam..is that so....pls clarify..thanks in advance
today i hav compltd my interview in scz machilipatnam
zone
hey frds what is the chances of selection of the candidate who had not any expriance......??
zone : MUMBAI I
I received a mail today enclosing the application form(appendix -V ), but it has no call letter so I am still unaware of my interview date and venue. Anyone else got any mail.???
INTERVIEW EXPERIENCE:-
EASTERN ZONE, BURDWAN DIVISIONAL OFFICE
DATE: 16-09-2015, TIME: 2PM, NO of CANDIDATES: 15
Organisation was very beautiful. And the personnel were very cordial and harmonious. The process started exactly at 2PM. First,signature on attendance sheet. Then document verification started. SELF ATTESTATION IS ENOUGH. CARRY TWO CONDUCT CERTIFICATES SIGNED BY ANYBODY WHO KNOWS YOU AND DOES A JOB(in Private/Business/Govt./PSU). Parallely, interview process also started. They Everyone before the interview was offered Tea/Coffee and biscuits. I was at serial no 10.
There was 3 person in the pannel and very helpful. All of them are male, aged nearly 50-59.
Person 1: So, Mr. Samanta, from where did you do your Masters?
- Told.
P1: Ok, what is the profession of your father?
- Told
P1: When LIC was nationalised?
- 1956
P1: Good, Do you know who is C.D. Deshmukh?
- Yes Sir, He was the first Indian Governor of RBI.
P1: Ok, then When GIC was nationalised?
- Im really Sorry Sir.
P1: No problem, when Banks were nationalised?
- SBI, first, by SBI Act 1955, SBI Associates by SBI Associate Act 1959, then 14 Banks were Nationalised in 1969, then 6 Banks were nationalised in 1980.
P1: Excellent. How many companies are there in India except in LIC in life insurance sector?
- 23. As on 4th Dec, 2014
P1: How many GIC?
- 28 as on 4th Dec. 2014.
Person 1 passes to person 2
Person 2: Do you know, that LIC is an investment option too?
- Yes Sir.
P2: What is the name of that particular type of insurance?
- Endowment Policy, Sir.
P2: If a person is physically disabled, and doing a govt job. His income is more than 2,50,000 p.a. is he eligible for tax rebate, if he holds a LIC policy?
- Yes sir, he is eligible.
P2: R u sure?
- 200 % sir.
P2: Under Which section, it comes? And what is its limit?
- Under section 80U. Under section 80U the limit of rebate on taxable income is 1,50,000 and this section is only for disabled persons. For all other general persona the rebate is 1,00000 and the rabate comes under section 80C. [he was expecting the answer for general also, and waited for some time, that's why I told]
P2: The health insurance is present in both General Insurance and Life Insurance. What is the name of the health insurance in case of GIC?
- Medi-claim policy, sir.
P2: For New India Assurance Co. Ltd, which company is the authorised co. for heath insurance?
- Its Medicare Co. headquartered in Kolkata.
P2: Can you please tell me the difference of the heath insurance and Medi-claim?
- Sir, I am not sure, but can I make an intelligent guess? He said yes... I said - *&^@#*&^!#(*&((#*. And he was not satisfied. I again said, Sir I am not sure, I just made a try. I am sorry.
P2: Recently, there is an Ammendment in Insurace Act, what is it?
- Sorry Sir. [FDI in insurance cap from 26 to 49% came in to my head. But I was not sure did not told. But after interview, I searchd for it, and yes its FDI limit]
P2: Ok, I am telling you date also, when it came, its 4th December, 2014. Now, can you?
-No Sir.
P2: Who is the Finance Secretary of India? Who is Corporate Affair Secretary of India?
- Ratan Tayal and Mr. Tapan [I forgot the surname of Tapan]
Person 3: Being a technical person, how would you bridge the gap between what you have studied and what we, the LIC team need?
- Was ready and waiting for this question. Answered it well and he looked satisfied.
Finally .. it seemed everyone was satisfied except that person 2 ... now lets see what happens....
TIPS: Dont forget to study latest appointments, Govt schemes, and Corporate Affairs. Study about LIC from LIC 2015 Diary. You will get every details of LIC over there.
hell lot of posts were made but none from Chennai zone....any body there who attended interview today in Chennai
hy anyone have conduct certificate send me plz.. i have interview on 18...