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• e-IA stands for e-Insurance Account or “Electronic Insurance Account”.
• lt safeguards the insurance policy documents of policyholders in electronic format.
• This e-Insurance account  facilitatse the policyholder by providing access to the insurance portfolio instantly wth internet access.
• IRDA has granted the Certificate of Registration to four entities that are authorized to open e-Insurance Accounts.
• These are NSDL Database Management Limited,Central Insurance Repository Limited.Karvy Insurance Repository Limited,CAMS Repository Services Limite
• An e-Insurance account opens within 7days from the date of submission of application.
• It is a unique Account number with 13 digit and each account holder will be granted a unique Login ID and Password.

• Retention Risk is a company's decision to take responsibility for a particular risk it faces, as opposed to transferring the risk over to an insurance company.
• Companies often retain risks when they believe that the cost of doing so is less than the cost of fully or partially insuring against it.
• If a company retains a certain risk, it will have to pay for losses from that risk out of its own reserve funds.
• Companies prefer to retain risks if the premiums for insuring against it are particularly high.
• For this reason, it is important for companies to make sure that they can properly afford to pay for potential losses before they make the decision to retain particular risks.

• The Government of India appoints the members of the Insurance Regulatory and Development Authority of India (IRDAI).
• It has a 10-member body, comprising a chairman, 4 part-time members and 5 full-time members, all of whom are appointed by the Government of India.
• IRDAI is a statutory, autonomous body which is tasked with promoting and regulating the Indian insurance industries.
• It was constituted by the IRDAI Act, 1999, passed by the Government of India.

The Correct answer is  2 Lakhs.

Key Points

• Maximum accident insurance cover for account holders of PMJDY Accounts is Rs. 2 Lakhs.

Additional Information

• The Government has decided to extend the comprehensive PMJDY program beyond 28/8/2018 with the change in focus on opening accounts from “every household” to “every adult”, with the following modification:

     (i) Existing Over Draft (OD) limit of Rs. 5,000 revised to Rs. 10,000.

     (ii) No conditions attached for active PMJDY accounts availing OD up to Rs. 2,000.

     (iii) Age limit for availing OD facility revised from 18-60 years to 18-65 years.

     (iv) The accidental insurance cover for new RuPay card holders raised from existing Rs.1 lakh to Rs. 2 lakh to new PMJDY accounts opened after 28^th August 2018.

• PMJDY stands for Pradhan Mantri Jan Dhan Yojna.
• It is a National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
• It is important as it provides an avenue to the poor for bringing their savings into the formal financial system, an avenue to remit money to their families in villages besides taking them out of the clutches of the usurious money lenders.

• Pradhan Mantri Jan Dhan Yojna (PMJDY), which is one of the biggest financial inclusion initiatives in the world.
• It was launched by Prime Minister Narendra Modi on August 28, 2014.
• The Pradhan Mantri Jan Dhan Yojana has been the foundation stone for the Modi government’s people-centric economic initiatives. Whether it is direct benefit transfers, COVID-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step was to provide every adult with a bank account.
• Objectives:
• Ensure access to financial products & services at an affordable cost.
• Use of technology to lower cost & widen reach.

The correct answer is Life Insurance Corporation of India (LIC).

1. Life Insurance Corporation of India
2. HDFC Standard Life Insurance Co. Ltd.
3. Max Life Insurance Co. Ltd. Private Delhi 2000
4. ICICI Prudential Life Insurance Co. Ltd. Private Mumbai 2000
5. Kotak Mahindra Life Insurance Co. Ltd. Private Mumbai 2001
6. Aditya Birla Sun Life Insurance Co. Ltd. Private Mumbai 2000
7. TATA AIA Life Insurance Co. Ltd. Private Mumbai 2001
8. SBI Life Insurance Co. Ltd. Private Mumbai 2001
9. Exide Life Insurance Co. Ltd. Private Bangalore 2001
10. Bajaj Allianz Life Insurance Co. Ltd. Private Pune 2001
11. PNB MetLife India Insurance Co. Ltd. Private Mumbai 2001
12. Reliance Nippon Life Insurance Company Private Mumbai 2001
13. Aviva Life Insurance Company India Ltd. Private Gurugram 2002
14. Sahara India Life Insurance Co. Ltd. Private Lucknow 2004
15. Shriram Life Insurance Co. Ltd. Private Hyderabad 2005
16. Bharti AXA Life Insurance Co. Ltd. Private Mumbai 2008
17. Future Generali India Life Insurance Co. Ltd. Private Mumbai 2007
18. IDBI Federal Life Insurance Co. Ltd. Private Mumbai 2008
19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd. Private Gurugram 2008
20. Aegon Life Insurance Co. Ltd. Private Mumbai 2008
21. Pramerica Life Insurance Co. Ltd.
22. Star Union Dai-Ichi Life Insurance Co. Ltd.
23. IndiaFirst Life Insurance Co. Ltd.
24. Edelweiss Tokio Life I nsurance Co. Ltd.

The Correct Answer is ECGC.

ECGC is responsible for providing export credit insurance support to Indian exporters.

Additional information about ECGC:

• The term itself means "lapse in coverage” .
• All benefits to the policy holder ceased and is terminated due to non-payment of premium amount on the due date or even after the grace period is called a lapsed policy.

          A lapsed policy may be revived by fulfilling the terms and conditions as per the policy statement.

• Insurance Repository is a company formed and registered under the Companies Act, 1956.
• It grants a certificate of registration issued by the Insurance Regulatory and Development Authority (IRDA) of India for maintaining data of insurance policies in Electronic form on behalf of Insurers.
• The Insurance Repositories provides the ease of holding insurance policies issued in an electronic form.

The tagline of IDBI Bank is 'Aao Sochein Bada'. It was established in 1964