Question
a.
Extension of the policy term
b.
Surrender of the policy
c.
Only death benefit payout
d.
Only settlement options clearly outlined at the commencement of the contract
Posted under IC 14 Regulations of Insurance Business
Interact with the Community - Share Your Thoughts
Uncertain About the Answer? Seek Clarification Here.
Understand the Explanation? Include it Here.
Q. What settlement options may be allowed after the expiry of the policy term, according to the guidelines?
Similar Questions
Explore Relevant Multiple Choice Questions (MCQs)
Q. What is the treatment of additional payments in regular premium/limited premium ULIPs, according to the guidelines?
View solution
Q. What is the minimum policy term mandated by the IRDA Guidelines for every ULIP?
View solution
Q. How long is the lock-in period for ULIP plans according to the guidelines?
View solution
Q. In which countries are the returns of a unit-linked policy tax-free if the policy duration is for at least a certain number of years?
View solution
Q. What is meant by the minimum term period of a life insurance policy?
View solution
Q. What is the purpose of guarantees on policy benefits in unit-linked plans?
View solution
Q. How are policyholders charged for guaranteed benefits in unit-linked plans?
View solution
Q. What is the duration of the lock-in period for all Unit Linked Products, including Top-Up premiums?
View solution
Q. What is one of the liquidity features that add value to life policies, allowing policyholders to withdraw a portion of their funds?
View solution
Q. Why is the imposition of a lock-in period relevant for top-up premiums in Unit Linked Policies?
View solution
Q. What does the facility of top-up premiums allow for policyholders in Unit Linked Policies?
View solution
Q. What is the maximum loan amount that can be sanctioned under any ULIP policy?
View solution
Q. How should insurers distribute the overall charges in ULIPs during the lock-in period?
View solution
Q. What is a settlement option in the context of insurance policies?
View solution
Q. For how long after the date of maturity can policyholders exercise the settlement option in ULIPs?
View solution
Q. What is the objective of bringing uniformity to unit pricing in ULIPs?
View solution
Q. How does the basic equity principle apply to unit transactions in ULIPs?
View solution
Q. Why is it important to have uniform cut-off timings for allocation and redemptions in ULIPs?
View solution
Q. How should insurers expedite the clearing of outstanding premium cheques received from policyholders?
View solution
Q. Why is it important to have uniform nomenclature for charges in ULIPs?
View solution
Recommended Subjects
Are you eager to expand your knowledge beyond IC 14 Regulations of Insurance Business? We've handpicked a range of related categories that you might find intriguing.
Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!
