Asian Infrastructure Investment Bank (AIIB)

India’s Dinesh Sharma has been elected to the board of directors of the China sponsored Asian Infrastructure Investment Bank (AIIB). He has been elected to the 12-member board through a secret ballot. This is the first board of directors of AIIB in which 57 nations are founding members including India.

India’s largest lender, State Bank of India (SBI) has launched dedicated specialized branch for start-ups called ‘SBI InCube’ in Bengaluru, Karnataka. It was announced by BI Chairman Arundhati Bhattacharya in Bengaluru, Karnataka.

India’s largest private sector lender ICICI Bank has partnered with FINO PayTech to foray into the payments bank space.

Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches across the country to provide inter-bank electronic fund transfer service.

Reserve Bank of India (RBI) has imposed a monetary penalty of one crore rupees on State Bank of Travancore, an SBI associate bank for violation of some of its instructions.

The Union Cabinet, presided by Prime Minister Narendra Modi approved the Hydrocarbon Exploration and Licensing Policy (HELP).

Indian Railways appointed Ernst & Young (EY) as a consultant to discover the advertising potential in trains and railway stations. The move aims at enhancing revenue through non-fare box route.

Banking and Economy

Bombay Stock Exchange (BSE) Ltd has launched a new service for algorithm trading test facility for investors on its derivatives and equity platform

What is Algorithm Trading? 

Algorithmic trading in financial markets refers to transaction orders generated by using advanced mathematical models that involve

automated execution of trade.

World Bank to fund 20 million US dollar for reconstructing Indira Gandhi Zoological Park

India’s Dinesh Sharma on 17 January 2016 was elected to the 12-member board of directors of the China-sponsored Asian Infrastructure Investment Bank (AIIB). A secret ballot for the post was held on 16 January 2016.

The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) on 19 January 2016 released World Economic Situation and Prospects (WESP) 2015 report.

Highlights of the Report:

-Global growth is estimated at a mere 2.4 percent in 2015.

-The world economy is projected to grow by 2.9 percent in 2016 and 3.2 per cent in 2017.

-GDP growth in the least developed countries is expected to rebound from 4.5 percent in 2015 to 5.6 percent growth in 2016.

-Global energy related carbon emissions experienced no growth in 2014 for the first time in 20 years. India’s largest lender State Bank of India (SBI) has launched SBI e-Smart SME to provide a working capital loan for sellers on ecommerce platforms. It was launched by SBI in partnership with ecommerce platform Snapdeal in the presence of bank’s chairman Arundhati Bhattacharya and Snapdeal CEO Sri Kunal Bahl.

India’s largest lender State Bank of India (SBI) has launched ‘Japan Desk’, a single window for inbound Japanese investments in India and vice-versa. This is a first-ofits- kind initiative that seeks to facilitate Japanese corporates looking to invest in India with banking and advisory services.

Financial Awareness Quiz

1.Which Scheme will be implemented as an alternative to purchasing of gold in India ?

RBI Gold Bonds Indian Gold Bond Bharat Gold Bond Sovereign Gold Bond

2.what is the full form of MUDRA?

Micro Units Development Refinance Agency 

Macro Units Development Refinance Agency 

Maharashtra Units Development Refinance Agency 

Mumbai Units Development Refinance Agency

3.Who presented the Economic Survey 2014-15 ?

Bimal jalan 

Raghuram Rajan 

Narendra Modi 

Arun Jaitley

4.What is the Meaning of Bull Market ?

A market characterized by rising prices for securities. 

A market characterized by falling prices for securities. 

A market characterized by rising prices for assets. 

A market characterized by falling prices for assets.

5.What is a Insurance premium ?

more expensive health plan 

Money Given before Buying a insurance 

Insurance Payment of one cycle(monthly or yearly ) 

Cheque Rebate

Banking and Insurance Quiz

1.A Banking Ombudsman will not entertain credit card limits which are older than ?

6 months 9 months 12 months 3 months

2.India Insurance vision 2025 was released by ?

LIC IRDA Finance commission SEBI

3.Which of the following rates are not fixed by RBI ?

PLR SLR CRR Repo Rate

4.Which Insurance company crossed Rs.1 Trillion AUM ?

HDFC LIC NIC ICICI Prudential Life Insurance

5.Which of the following is the selective Control Method ?

Open Market Operations CRR RBI Directives Bank rate

Insurance GK Questions

1.Which of the following Insurance Companies was launched with NABARD as one of its promoter’s with 30% stake in it ?

General Insurance Corporation Ltd. 

National Insurance Cornpany Ltd 

Agriculture Insurance Company Ltd 

SBI Life Insurance Company Ltd

2.Which of the following correctly describes what the ‘Bancassurance’ is

It is an arrangement whereby the branches of a bank sell / distribute insurance products of an insurance company. 

It is a new product developed/ launched by the banks in which the risks of the high value customers are covered for any losses to their property and/or lives through an insurance cover. 

It is a new product launched by some banks by which they are providing insurance cover to exporters/ importers for the losses, if any due to high fluctuations in the exchange rates of dollars and other major currencies. 

None of these

3. As per the news published in various newspapers, Life Insurance policies may become paperless in the near future. This means

LIC will not insure any person here after as it has already reached its peak

LIC will not ask for any documents from a person who wishes to purchase an Insurance policy 

All policy related documents and policy certificates will henceforth be available in electronic form and not in their present physical 

LIC henceforth will not entertain any claim or complaint in written form or on paper. Things should be in electronic condition.

4. In Insurance policies we always find a date which is “Date of Maturity”. What does it mean?

This is the date on which the policy was sold to the customer/person insured. 

This is the date on which the policy holder will have to submit his/her claim 

This is the date on which the contract between the person and insurance company will come to an end. 

The date on which the insurance company makes the final payment to the

5.Which of the following insurance plan is not launched by LIC?

Jeevan Abhaya 

Life Mahalife Gold Plan 

Child Career Plan 

Jeevan Saral

General Insurance Quiz

1.Which of the following insurance companies writes its punch line in the advertisements “Insurance is the subject matter of solicitation” ?

CIC LIC ING Vysya Life InsuranceCo Tata AIG Life Insurance Co

2.Which of the following was the parent company of New India Assurance ?

LIC GIC Oriental Insurance Co. Ltd. United India Insurance

3.Which of the following words/ terms is closely associated with the insurance business

Archives Donation Actuary Quest

4.The New India Assurance Company was established in 1919 by

Dorab Tata G. D. Birla Jamunalal BajaJ Kamlapat Singhania

5.Which of the following is largest Non Life Insurance Company in India ?

ICICI Lombard General Insurance Company Ltd. United India Insurance Company Ltd. General Insurance Company Ltd. New India Assurance Company Ltd.

Insurance GK Questions

1.The punch line of the advertisement of which of the following organization is “Jindagi ke sath bhi Jindagi ke bad bhi” ?

New India Assurance General Insurance Corporation ICICI Prudential Life Insurance Corporation Of India

2.The central office of the Life Insurance Corporation of India (LIC) is located at

Kolkata Mumbai Chennai New Delhi

3.The Life Insurance Corporation Of India has how many Zonal offices in India ?

5 8 10 15

4.If an organization wishes to venture into Insurance Business it has to obtain a licence first from which of the following ?

Indian Banks Association (IBA) 

Security and Exchange Board of India (SEBI) 

Tariff Advisory Committee (TAC) 

Insurance Regulatory and Development Authority of India (IRDAI)

5.Which of the following is not the name of an Insurance Scheme launched by the Government of India

Janashree Bima Yojana 

Krishi Shramik Sarnajik Suraksha Yojana 

Shiksha Sahyog Yojana 

Varsha Bima Yojana

Central Pollution Control Board (CPCB)

Total No.of Posts: 26

Name of the Posts:
1. Research Associate: 02 Posts
2. Junior Research Fellow (JRF): 24 Posts

Age Limit: Candidates age should be 35 for Post 1, 28 years for Post 2 as on the closing date of advt. Age relaxation is applicable by 5 years for SC/ ST/ OBC/ PWD/ Women candidates as per rules.

Educational Qualification: Candidates should possess Ph. D in Science/ Chemistry/ Botany/ Zoology/ Microbiology/ Physics/ M.E/ M.Tech in Civil/ Mechanical/ Environmental/ Chemical for Post 1, Post Graduation Degree in Science/ Chemistry /Botany/ Zoology/ Microbiology/ Graduation Degree in Engineering/ Civil/ Mechanical/ Environmental/ Chemical with NET qualification for Post 2 with relevant subjects and relevant experience.

Selection Process: Shortlisted candidates will be called for interview.

How to Apply: Eligible candidates may send their application in the prescribe format along with self attested copies of date of birth, mark sheets, qualification, experience, in an envelop must be superscribed as “Name of the Post Applied for” with recent passport size photographs to Sr. Administrative Officer (Recruitment), Central Pollution Control Board, Parivesh Bhawan”, East Arjun Nagar, Shahdara, Delhi-110032 within 21 days from the date of advt.

Important Dates:
Date of Advertisement: 08-11-2016.
Last Date for Submission of Applications: Within 21 days from the date of advt.

INSURANCE GRIEVANCE REDRESSAL SYSTEM

SOME USEFUL WEBSITES FOR QUICK REFERENCE

IRDA - Policy holder

The policyholder has to deposit the following documents:

i)An account payee cheque in the name of the company; 

ii) PAN; 

iii) First page of the policy document; and 

iv) Address proof. 

• They would further suggest that these documents be couriered and the details of the despatch including docket number etc be furnished to them. 
•  They would keep on calling for details of the despatch of cheque and documents and would assure the policyholder that the transfer of dues from the policy to other persons account would be stopped once they receive these documents. 
• The following are the links to the Audio files (available at IRDA’s Website) which contain the voice recordings of the conversation as made available by one of the complainants 

1. Spurious Call – Audio 1 
2. Spurious Call – Audio 2  

• If any member of the public notices such instances, he or she may lodge a police complaint giving full details, along with the details of the caller and telephone number from which the call was received, in the local police station.
•  As a customer education initiative, on August 15, 2014, IRDA issued an advertisement in English in leading newspapers with the title “Real Value of Insurance through Right Buying – A Few Tips”. This advertisement also contained caution to public from falling prey to spurious calls made in the name of IRDA and making payments to unlicensed intermediaries. IRDA would continue its efforts to caution members of public from falling prey to spurious calls and fictitious offers in the name of IRDA or insurance companies or intermediaries.

MODUS OPERANDI

•  The spurious callers call the victims repeatedly and introduce themselves as employees of IRDA. 
•  They would inform that proceeds of one’s insurance policy are being transferred to some other person. 
• They would suggest the policyholder to visit IRDA at Hyderabad / Delhi and meet one particular officer who is responsible for transferring this money. They would give mobile numbers of this officer. 
• On being called on the given number the person on the other side would introduce himself/ herself as IRDA officer. 
• They would inform that IRDA is maintaining money from such accounts where agents had committed frauds and this money is being returned to policy holders. 
• The officer would tell that on policyholder’s mandate the due from existing policy is being transferred to some other person.
• When informed that no such mandate was given, they would indicate that somebody has committed fraud and that they will file an FIR with police in Hyderabad / Delhi. They would also give details of the FIR filed.

The other kinds of spurious calls

•  Advising customers to subscribe to a fresh policy after surrender of the existing policy and wait for a few months after which the fresh policy would be entitled for additional enhanced returns / benefits.
•  Informing that ‘Survival Benefit or Maturity Proceeds or Bonus’ is due under their existing policy and investing in a new insurance policy is mandatory to receive the amounts which are due.
•  Advising public to invest in insurance policies to avail gifts, promotional offers, interest free loans, or setting up of Telecom towers or other such offers.

The general public is hereby informed that IRDA is a regulatory body established by an Act of Parliament, i.e. the Insurance Regulatory and Development Authority Act 1999, to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. Further, IRDA informs the members of public that: 

•  IRDA does not involve directly or through any representative in sale of any kind of insurance or financial products.
•  IRDA does not invest the premium received by insurance companies.
• IRDA does not announce any bonus for policyholders or insurers. 
• IRDA has put in place Grievance Redressal Cell in Consumer Affairs Department, Integrated Grievance Management System and IRDA Grievance Call Centre to provide an alternate platform for registering grievances against insurers thereby facilitating resolution of customer grievances by insurers.
• IRDA or its officials dealing with Grievance Management do not make calls in relation to complaints lodged with IRDA as IRDA plays a facilitative role and does not adjudicate upon or investigate into such complaints
• Any person making any kind of transaction with such individuals/agents will be doing the same at their own risk.

IRDA CAUTIONS PUBLIC AGAINST SPURIOUS CALLS AND FICTITIOUS OFFERS

Members of public have been receiving a lot of spurious calls in the name of officials of Insurance Regulatory and Development Authority making fraudulent claims and fictitious offers.

IRDA issued a public notice on January 29, 2014 cautioning members of public from falling prey to such offers and issued advertisements in newspapers.

In spite of these efforts, it is observed that members of public are still receiving spurious calls in the name of officials of IRDA. The nature of calls are as indicated below:

•  Claiming that IRDA is distributing bonus to insurance policy holders out of the funds invested by insurance companies with IRDA. 
•  Claiming that the policyholder would receive bonuses being distributed by IRDA if they purchase an insurance policy and wait for a few months after which the bonus would be released by IRDA. 
•  Advising existing policyholders that money in respect of their policy has been fraudulently transferred to someone else and for receiving that money back from IRDA, they have to fulfil certain formalities including payment of money 
•  Claiming that they are from the Grievance Cell or IGMS Department of IRDA making a call in continuation with a complaint made against an insurer and for resolving the grievance and release of benefit, they have to fulfil certain formalities including payment of money.

Options for unresolved or unsatisfactorily resolved complaints

•  Insurance Ombudsman
•  Only for personal lines of insurance 
•  Complaint in writing should be made to the concerned Ombudsman as per the jurisdiction under RPG Rules,1998 
•  Complaint must be grounds as per RPG Rules, 1998 
•  Any partial or total repudiation of claims by an insurer 
•  Any dispute about premium paid or payable in terms of the policy 
•  Any dispute on the legal construction of the policies as far as it relates to claims 
•  Delay in settlement of claims 
•  Non-issue of any insurance document after payment of premium

IRDA does not act as an Appellate Authority on the decisions of Insurance Ombudsmen. 

•  Consumer Forum or
•  Any appropriate Court

Policyholder Protection Framework

Regulatory Framework

•   IRDA (Protection of Policyholders' Interests) Regulations, 2002 
•   Redressal of Public Grievance Rules, 1998 (RPG Rules, 1998) 
•  Guidelines for Grievance Redressal, 2010

If you are unhappy with your insurance company 

•  Approach the Grievance Redressal Officer of its branch or any other office that you deal with. Give your complaint in writing along with the necessary support documents 
•  Take a written acknowledgement of your complaint with the date. 
•  The insurance company should deal with your complaint within 15 days. 
•  If that does not happen or if you are unhappy with their solution you can use the below available channels to escalate the complaint to IRDA for taking up with the company for reconsideration.

Channels for Complaints offered by IRDA 

•  IGMS (Integrated Grievance Management System) Registering a complaint at www.igms.irda.gov.in  
• IGCC (IRDA Grievance Call Centre) Calling Toll Free Number 155255 or1800 425 4732
•  E-mail to complaints@irda.gov.in 
•  Letter to Consumer Affairs Department, Insurance Regulatory and Development Authority, 3-5-817/818, United India Towers, 9th Floor, Hyderguda, Basheerbagh, Hyderabad - 500 029.
•  Fax 040-66789768 IRDA facilitates resolution of policyholders’ grievances by insurers but does not investigate into or adjudicate upon complaints.

ULIPs

At the time of a claim: 

• Comply with all the requirements of the insurance company 

• Whenever required, you should help the insurer in a prosecution or for recovery of claims which the insurer has against third parties

ULIPs 

• Premium allocation charges and fund management charges would normally be levied on the ULIP policy. 

• You have a right to receive a fund statement from the insurer periodically. 

• You have the right to switch funds, premium redirection and / or seek partial withdrawal subject to the terms and conditions of the policy. 

• You can surrender the policy after the lock-in period from the date of commencement of the policy 

• The nominee/assignee under a life insurance policy has the right to the death claim amount

Alteration in your policy

If your policy lapses: 

If you fail to pay the premium when due, your policy may lapse. Contact the insurance company for reviving it

Alteration in your policy 

You can ask for the following alterations in the policy for consideration of the company subject to the terms and conditions of the policy or regulatory requirements: 

•  Mode of payment of premium
• Term of the policy 
•  Increase in sum assured

If you lose your policy document: 

•  Report loss to the insurance company immediately 
•  Get a duplicate policy by complying with the formalities 
•  The duplicate policy confers the same rights as the original policy bond

Maintaining the policy

•  Inform the beneficiary of the policy about the benefits and claim procedure. 
•  Pay your premium regularly on the due dates or at least in the grace period (30 days after due date for annual premium and 15 days for other premium payment period)
•  Do not wait for a premium notice. It is your duty to pay the premium when due , whether notice is received or not to avoid lapsation or other penalties
•  Do not wait for your intermediary or anyone to pick your cheque. Make your own arrangements for paying the premium on time 
• If there is a change of address, please intimate the insurance company immediately.

Nomination: 

After the policy is issued, you can change the nomination by: 

• Filing a notice of change of nomination and 

• Sending it to the insurance company for registering it in their records 

• If the nominee is a minor, appoint an appointee to receive any claim paid while the nominee is still a minor 

• Get the appointee to sign in the endorsement showing consent to act as an appointee

Free Look Cancellation

• You can seek cancellation a life insurance policy within 15 days (30 days if sold by distance mode) from the date of receipt of the policy document if you disagree with any of the terms or conditions in the policy. 
•  For this, you should return the policy stating the reasons for objection. 
•  You will be entitled to a refund of the premium paid.
•  A proportionate risk premium for the period on cover and the expenses incurred by the insurer on medical examination and stamp duty charges will be deducted 
• If it is a unit linked insurance policy (ULIP) in addition, the insurer can repurchase the units at the price on the cancellation date

submit the proposal - insurance policy

After you submit the proposal: 

• Once the proposal is submitted, you should hear from the insurance company in 15 days about their decision on issue or refusal of grant of insurance
•  If not, take up the matter in writing 
• If any additional documents are asked for, comply immediately
• If the insurer refuses grant of insurance, it should be informed in writing with reasons.

After you buy the insurance policy 

•  The policy bond should reach you within a reasonable period of time after the proposal is accepted by the insurance company 
• If not received, contact the insurance company about it. 
•  When policy bond is received, check it and be sure that the policy is the one that you wanted. 
• Go through all the policy conditions and be sure that these are the same that were explained to you by the intermediary/ insurance company official at the time of sale 
• In case of doubts, contact the intermediary/ insurance company official immediately for clarification. 
•  Wherever possible, contact the insurance company directly.

Rights & Duties of a customer - Insurance

What are my rights & duties? 

As a smart consumer, you should be aware of your duties and rights about your policy coverage, claims and grievance redressal. The rights and duties during various stages of the life-cycle of insurance policy are briefly discussed here:

When you buy an insurance policy:

• Fill the proposal form yourself correctly and truthfully. 
• You will be responsible for any information in this document as it bears your signature. 
•  Disclose “all material information” about the risk you want to cover 
•  Select the term of the policy as per your needs 
•  Select the amount of premium you can afford to pay 
•  Choose between Single Premium and Regular Premium 
•  Choose your premium paying frequency such as annual, half-yearly, quarterly or monthly 
•  Opt for electronic payment of your premium (ECS) for your convenience, safety and records  Ensure to register nomination under your policy. Fill the nominee’s name correctly. 
•  DO NOT LEAVE ANY COLUMN BLANK 
•  DO NOT SIGN A BLANK PROPOSAL FORM

Precautions to be taken while purchasing Insurance

What are the precautions to be taken while purchasing insurance through online i.e. through internet?

Both insurers and intermediaries have web portals providing information pertaining to insurance products. IRDA has licensed web aggregators to provide information pertaining to insurance products and comparisons of similar products of different insurers. Please ensure that the website you are visiting pertains to a registered insurer/intermediary licensed by the Authority and prominently displays the information relating to their registration/licence number and other relevant information on their website.

In case of a web aggregator, you have the choice of viewing products of at least five insurers who are offering similar products for online sale, and selecting the insurer and product of your choice. These on-line portals should have direct link to the concerned insurance company registered with IRDA for making payments. The premiums for online sale should be by way of credit card/debit card/ net banking or any other mode as permitted by the Reserve Bank of India from time to time through a payment gateway normally used by the insurer for online sale of insurance policies.

 The insurance brokers/agents should not accept any cash payments towards premiums. On completion of online transaction for payment of premium and sale of the policy, you should be able to generate and save / print the e-premium receipt and the policy document also. Alternatively, you could ask for the policy document to be delivered by e-mail/ or in hard copy as opted for by you