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Correct option is C - Term insurance provides maximum financial protection at minimal cost. It’s designed purely for life cover, not savings or returns.
Correct option is C - Buying early lets you lock in lower premiums and complete waiting periods when you're less likely to make claims. Premiums increase sharply with age and health conditions.
Correct option is C - Third-party insurance is mandatory in India and covers injury, death, or property damage caused to others by your vehicle not your own damage.
Correct option is C - Sum assured is the guaranteed amount paid to your nominee if something happens to you during the policy term. It’s the core of any life cover.
Correct option is C - Grace period is a buffer window (usually 15–30 days) after the premium due date. You’re still covered but must pay to avoid policy lapse.
Correct option is A - Riders are add-ons like critical illness cover or accidental death benefit that enhance your basic insurance policy for a slightly higher premium.
Correct option is C - Health, vehicle, travel, and home insurance fall under general insurance. Life insurance products (term, endowment, ULIP) are different and regulated separately.
Correct option is B - If you don’t file a claim in a policy year, insurers reward you by giving you a discount or increasing your coverage, this is the No Claim Bonus (NCB).
Correct option is B - In a cashless claim, if you use a network hospital, the insurer directly settles your bill, no need to pay upfront and then get reimbursed.
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90% Score
7 answers out of 8 questions attempted correctly.
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