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WorksheetsMEGA QUIZ-Pension Plans & Annuity Plans
Total questions: 20
Worksheet time: 15mins
Mr. Mayank Burman, a mechanical engineer aged 50 years, purchases Guaranteed Pension Plan Policy term of 20 years for a premium payment term of 12 years. He passes away in the 8th policy year. What Death Benefit will be payable to his wife, the nominee?
Lump sum death benefit equals to 10 time of annualize premium or 105 % of total premium paid whichever is higher.
110% of Death Benefit paid as income over 60 months
Total premiums paid to date accumulated at a guaranteed rate of 6% p.a. compounded annually or 105% of Total premium paid whichever is higher.
On the date of vesting the policyholder shall be allowed To commute up to 60% and utilize the balance amount to purchase an immediate annuity or deferred annuity from us at the then prevailing annuity rates. Identify whether the above statement is true or false.
TRUE
FALSE
Mr. Manoj Sharma a mechanical engineer aged 40 years, wish to purchases Guaranteed Pension Plan for 5 year Policy Term.
Select the correct answer from the list below.
Yes, he can opt for 5 years policy term as the plan offers Policy term of 5 to 40 Years
No, he cannot opt for 5 years policy term as the plan offers Policy term of 8 to 40 Years
Select correct combination of PPT & Policy Term offered in Guaranteed Pension Plan.
5 to 12 PPT: 8 years to 40 years
Single, Regular, Limited Pay (5 to 12 PPT): 8 years to 40 years
5 to 12 PPT: 5 years to 40 years
Mr. Raj, 45 runs printing business. He wants to buy Guaranteed Pension Plan with targeted vesting age of 60. Select Correct vesting benefit, Mr. Raj will get on Surviving till Maturity.
Total premiums paid to date accumulated at a guaranteed rate of 6% p.a. compounded annually or Sum Assured on vesting Whichever is higher.
Sum Assured on vesting, Accrued Guaranteed Additions, Terminal Bonus
Sum Assured on vesting, Accrued Guaranteed Additions, Vesting Addition
Which opportunity does HDFC Life Systematic Retirement Plan allow to a customer with limited capital? Select the correct answer from the list below.
To opt for premium payment and deferment period options of less than 5 years and derive additional annuity
To purchase an annuity without investing large capital which is facilitated through limited premium payment feature and premium payment options
Mr. Gautam, a Businessman aged 56 years, purchases HDFC Life Systematic Retirement Plan, Life Annuity option, for 5 Years PPT & 10 yrs deferment period. He passes away after taking 12 annuity payouts. What Death Benefit will be payable to his wife, the nominee?
Annuity payouts shall be made in arrears as per the chosen payment frequency to the second annuitant.
No death benefit & policy terminates
The death benefit shall be the higher of Total Premiums paid accumulated
at compounding interest of 6%p.a.
till the date of death or 105% of Total premiums paid up
to date of death
HDFC Life Systematic Retirement Plan can be given to a customer within 24 hours and without medicals, subject to closure of Further Requests (FRs), if any. Select the correct answer from the list below.
No
Yes
Identify the group of people who can opt for HDFC Life Systematic Retirement Plan to create a retirement kitty for them. Select the correct answer from the list below.
Age groups 45 to 75
Age groups 18 to 75
Age groups 35 to 75
Identify whether the statement is true or false with regard to HDFC Life Systematic Retirement Plan. Policy loans will be available during the Policy Term subject to terms and conditions of the policy.
TRUE
FALSE
What is the USP of Systematic Pension Plan? Select the correct answer from the list below.
Choice of PPT (Single, Regular, Limited Pay), Liquidity through policy loan, Bonus with Assurance of
Returns, No Medicals, Deduction u/s 80CCC for premium paid, 60% Commutation Exempt under section
10(10A)(iii)
Choice of PPT (Single & Regular Pay), Liquidity through policy loan, Bonus, No Medicals, Deduction u/s 80CCC for premium paid, 60% Commutation Exempt under section
10(10A)(iii)
Choice of PPT (Limited & Regular Pay), Liquidity through policy loan, Bonus with no assurance, No Medicals, Deduction u/s 80CCC for premium paid, 60% Commutation Exempt under section
10(10A)(iii)
HDFC Life Systematic Pension Plan offers an opportunity to participate ________ of the company by way of bonuses payable to you at the time of vesting. Select the correct answer from the list below.
and gain from the pension fund
and gain from the solvency fund
in the profits of participating fund
What happens in an HDFC Life Systematic Pension Plan when the Death Benefit has been paid to the nominee of a policyholder? Select the correct answer from the list below.
A fresh policy is mandatorily created in the name of the nominee
No further benefits remain payable and the policy terminates
In HDFC Life Systematic Pension Plan with limited or regular pay, the Sum Assured on vesting is equal to: Select the correct answer from the list below.
10 times the annual premium
Annual Premium multiplied by PPT
105% of the annual premiums
From the options listed below, choose plan option available in HDFC Life Smart Pension Plus.
Life Annuity, Life Annuity with Return of % Total Premiums Paid, Life Annuity with Early Return, Increasing Annuity
Life Annuity, Life Annuity with Return of % Total Premiums Paid, Life Annuity with Early Return, Increasing Annuity, decreasing Annuity
Life Annuity, Life Annuity with Return Total Premiums Paid, Increasing Annuity, decreasing Annuity
Mr. Surinder, 55, wanted to purchase HDFC Life Smart Pension Plus, Life Annuity with
Return of % of Total Premiums Paid. Choose Correct PPT which will be offered with this option.
Single Pay or Regular Pay or Limited Pay (5 to 15 yrs)
Single Pay or Limited Pay (5 to 15 yrs)
only Single pay
Identify whether the statement is true or false with regard to HDFC Life Smart Pension Plus Increasing Annuity option.
The policyholder has the choice to select from the below sub options at inception: Option I – x% p.a. simple increase every year Option II – x% p.a. compound increase every year Where x can be between 1% to 5% (both inclusive)
The policyholder has the choice to select from the below sub options at inception: Option I – x% p.a. simple increase every year Option II – x% p.a. compound increase every year Where x can be between 1% to 10% (both inclusive)
The policyholder has the choice to select from the below sub options at inception: Option I – x% p.a. simple increase every year Option II – x% p.a. compound increase every year Where x can be between 5% to 10% (both inclusive)
Ms. Payal Chaudhary is a 60-year-old self-employed. She had opted for HDFC Life Smart Pension Plus with the Life Annuity option. She pays a single premium of Rs 15 lakhs. What would the Life Annuity option give her? Select the correct answer from the list below.
Return of premiums on Death
Annuity payout on survival
Both
When does an HDFC Life Smart Pension Plus acquire a Guaranteed Surrender Value in case of Single Pay? Select the correct answer from the list below.
Immediately on payment of the first two years' premiums
Only in case of the death of the annuitant during the policy term
Immediately on payment of the premium
The participating profits in HDFC Life Systematic Pension Plan will be distributed in the form of: Select the correct answer from the list below.
Reversionary Bonus
Interim/Terminal Bonus
Both of these
