Insurance in India: Checkpoint 1

Quick checkpoint - five questions on the protection gap, IRDAI, term vs endowment, claim ratios and cashless claims.

Question 1 of 5 Roughly what is India's mortality protection gap estimated at?

10 percent Over 80 percent Zero 30 percent

Families have far less life cover than needed to replace lost income.

Question 2 of 5 When were life insurance and general insurance nationalised?

1947 and 1991 1956 and 1972 1999 and 2015 Never

Private insurers returned after the 1999 IRDA Act.

Question 3 of 5 What is the main advantage of term insurance?

High maturity payouts Large cover at low cost Guaranteed investment returns No need to pay premiums

Term insurance provides pure protection cheaply.

Question 4 of 5 What is a common reason insurance claims are rejected?

Paying premiums on time Not disclosing existing illnesses when buying the policy Reading the policy Keeping documents

Honest disclosure protects your claim.

Question 5 of 5 How quickly must insurers decide on cashless authorisation under IRDAI's 2024 rules?

Within one hour Within one week Within one month No deadline

Final discharge approval must come within three hours.

We believe knowledge should be open to everyone, not limited by barriers.

Welcome to EconReads

This site is made for visually impaired learners, so our read-aloud reader is already switched on to help you explore hands-free.

You're in control - turn it off any time using the Reader button at the top of the page.

यह साइट दृष्टिबाधित शिक्षार्थियों के लिए बनाई गई है, इसलिए हमारा ज़ोर से पढ़ने वाला रीडर आपको बिना हाथ लगाए घूमने में मदद के लिए पहले से चालू है।

नियंत्रण आपके हाथ में है - पेज के ऊपर मौजूद रीडर बटन से इसे कभी भी बंद करें।

Don't show this message again

EconReader Reading speed Ready