The premiums under this scheme are lowest of all other plans and payable till death.

• Investment Plan

• Periodic Money back plan

• whole Life Schemes

• Joint Life Plan

Procedure for effecting Life Insurance

• Selection of policy

• Pension Plans

• Proof Age

• Medical Examination

The policy begins as a whole life one but the life assured has the option to convert it into an endowment plan after a lapse of

• 2 years

• 3 years

• 5 years

• 4 years

The employees contribution, in case of contributory scheme qualifies for deduction

• u/s 80D

• u/s 80 CCC

• u/s 80 E

• u/s 80C

The premiums are broadly divided into two types

• Net Premium and Level premium

• Net Premium and Net Single Premium

• Net Premium and Gross Premium

• Gross premium and Level Premium

Factors affecting the premium Determination

• Death Rate

• Interest

• Expenses

• Assessment Plan

--------------------it can be done at time of the proposal

Assignment must be witnessed

• YES

• NO

on the death of the nominee, nomination becomes

• Valid

• transfer to other person

• Invalid

• Transfer to creditor

According to the Life Insurance Act 1956, --------% of the profit of life insurance must be distributed to the policy holders as "bonus"

• 100

• 90

• 85

• 95