----LIC's NAV'S AS ON DATE 23.02.2008----

LIC's NAV'S AS ON DATE 23.02.2008 EFFECTIVE FOR 23.02.2008

• BASIC UNIT VALUE
• NAV AS ON DATE
• REPURCHASE VALUE
• SALE VALUE

LIC's MARKET PLUS (181)
DATE OF LAUNCH 05.07.2006
BOND FUND
10
11.7575
11.7575
11.7575
SECURED FUND
10
11.8787
11.8787
11.8787
BALANCED FUND
10
11.9471
11.9471
11.9471
GROWTH FUND
10
12.5744
12.5744
12.5744

Testing Interview-1 (Questions & Answers)

• What is Latent Bug?

A bug that has been unobserved in two or more releases.

• What is the purpose of Performence Testing?

Testing conducted to evaluate the compliance of a system or component with specific performance requirements.

• Define Test Log?

A chronological record of all relevant details about the execution of a test.

• What is the difference between Alpha Testing and Beta Testing?

Alpha Testing:Testing of a software product or system conducted at the developer's site by the customer.
Beta Testing:Testing conducted at one or more customer sites by the end-user of a delivered software product or system.

• What are the different levels in CMM LEVEL 5?

Level-1 Initial

Level-2 Repeatable

Level-3 Defined

Level-4 Managed

Level-5 Optimizing

• What is the Traceability matrix ? What is its use?

Traceability matrix is a document that provides cross-reference between requirements with testcases executed in the system-testing.It also provides a reference to the specific requirement with reference to a perticular bug.

INSURANCE OMBUDSMAN (Press Note )

• The institution of Insurance Ombudsman was created by the Government of India vide its notification dated 11th November, 1998 to handle complaints of aggrieved insured persons.
• Claimants who could not get their complaints redressed by insurers may get in touch with the Ombudsman relevant to their states.
• Details of Ombudsmen can be obtained from IRDA’s website www.irdaindia.org or from any insurer’s office.

(C. S Rao) Date:11th February, 2005 .

Chairman,IRDA

How do I send my application for Information under Right to Information Act,2005 ?

• As per the Right to Information (Regulation of Fee and Cost) Rules, 2005 prescribed by the Government of India: a request for obtaining information under Section 6(1) of RIA needs to be accompanied by an application fee of Rs.10 by way of cash against proper receipt or by DD or bankers’ cheque.

Making an Application under the Right to Information Act, 2005

• Citizens of India will have to make the request for information in writing, clearly specifying the information sought under the Right to Information Act, 2005.
• The application for request should give the contact details (postal address, telephone number, fax number, email address) so that the applicants can be contacted for clarifications or for further information.
• As per the Act, information can be furnished only to citizens of India but not to others.

Right to Information Act, 2005

• The Government of India has enacted the Right to Information Act, 2005 which has come into effect from October 13, 2005.
• The Right to Information under this Act is meant to give to the citizens of India access to information under control of public authorities to promote transparency and accountability in these organisations.
• The Act, under Sections 8 and 9, provides for certain categories of information to be exempt from disclosure.
• The Act also provides for appointment of a Chief Public Information Officer to deal with requests for information.

CUSTOMER PROTECTION (Ombudsman):

• Insurance Industry has Ombudsmen in 12 cities.
• Each Ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman Scheme.
• Addresses can be obtained from the offices of LIC and other insurers.

----Popular Products in Life Insurance----

• Endowment Assurance, and Money Back.
• More than 80% of the life insurance business is from these products.

INSURANCE BUSINEES in INDIA

Insurance business is divided into four classes :

• Life Insurance
• Fire Insurance
• Marine Insurance
• Miscellaneous Insurance.

Life Insurers transact life insurance business; General Insurers transact the rest.
No composites are permitted as per law.

----Insurance(Life & General)History----

INDIAN INSURANCE INDUSTRY: InsurersInsurance industry, as on 1.4.2000, comprised mainly two players: the state insurers: Life Insurers:
Life Insurance Corporation of India (LIC) General Insurers:
General Insurance Corporation of India (GIC) (with effect from Dec'2000, a National Reinsurer) GIC had four subsidary companies, namely ( with effect from Dec'2000, these subsidaries have been de-linked from the parent company and made as independent insurance companies.
The Oriental Insurance Company Limited
The New India Assurance Company Limited,
National Insurance Company Limited
United India Insurance Company Limited. Yr: 2000-2001 : ( From 2nd April '2000 to 31st December'2001)Insurance Industry in the year 2000-2001 had 16 new entrants, namely:Life Insurers:
S.No.
RegistrationNumber
Date of Reg.
Name of the Company
1
101
23.10.2000
HDFC Standard Life Insurance Company Ltd.
2
104
15.11.2000
Max New York Life Insurance Co. Ltd.
3
105
24.11.2000
ICICI Prudential Life Insurance Company Ltd.
4
107
10.01.2001
Kotak Mahindra Old Mutual Life Insurance Limited
5
109
31.01.2001
Birla Sun Life Insurance Company Ltd.
6
110
12.02.2001
Tata AIG Life Insurance Company Ltd.
7
111
30.03.2001
SBI Life Insurance Company Limited .
8
114
02.08.2001
ING Vysya Life Insurance Company Private Limited
9
116
03.08.2001
Bajaj Allianz Life Insurance Company Limited
10
117
06.08.2001
Metlife India Insurance Company Ltd.
11
133
04.09.2007
Future Generali India Life Insurance Company Limited
12
135
19.12.2007
IDBI Fortis Life Insurance Company Ltd. General Insurers :
S.No.
Registration Number
Date of Registration
Name of the Company
1
102
23.10.2000
Royal Sundaram Alliance Insurance Company Limited
2
103
23.10.2000
Reliance General Insurance Company Limited.
3
106
04.12.2000
IFFCO Tokio General Insurance Co. Ltd
4
108
22.01.2001
TATA AIG General Insurance Company Ltd.
5
113
02.05.2001
Bajaj Allianz General Insurance Company Limited
6
115
03.08.2001
ICICI Lombard General Insurance Company Limited.
7
131
03-08-2007
Apollo DKV Insurance Company Limited
8
132
04-09-2007
Future Generali India Insurance Company Limited
9
134
16-11-2007
Universal Sompo General Insurance Company Ltd. Yr: 2001-2002 : ( From 1st Jan 2001 to Dec. 2002)Insurance Industry in this year, so far has 5new entrants; namelyLife Insurers:
S.No.
RegistrationNumber
Date of Reg.
Name of the Company
1
121
03.01.2002
AMP Sanmar Life Insurance Company Limited.
2
122
14.05.2002
Aviva Life Insurance Co. India Pvt. Ltd.
General Insurers :
S.No.
Registration Number
Date of Registration
Name of the Company
1
123
15.07.2002
Cholamandalam General Insurance Company Ltd.
2.
124
27.08.2002
Export Credit Guarantee Corporation Ltd.
3.
125
27.08.2002
HDFC-Chubb General Insurance Co. Ltd.
Yr: 2003-2004 : ( From 1st Jan 2003 till Date)Insurance Industry in this year, so far has 1new entrants; namelyLife Insurers:
S.No.
RegistrationNumber
Date of Reg.
Name of the Company
1
127
06.02.2004
Sahara India Insurance Company Ltd.
Yr: 2004-2005 : Insurance Industry in this year, so far has 1new entrants; namelyLife Insurers:
S.No.
RegistrationNumber
Date of Reg.
Name of the Company
1
128
17.11.2005
Shriram Life Insurance Company Ltd.

----IRDA Guide Lines to Public----

• For every product/rider, there is a UIN (Unique Identification Number) alloted by IRDA.
• For every product/rider offered for sale, there should be corresponding UIN provided in autherised website.
• Public is advised to check UIN before purchase, using autheriesd website.
• Any discrepancy observed in this regard may be reported to IRDA.

----List of Life Insurers in India----

S.No. Name of the Company
1
Bajaj Allianz Life Insurance Company Limited
2
Birla Sun Life Insurance Co. Ltd
3
HDFC Standard Life Insurance Co. Ltd
4
ICICI Prudential Life Insurance Co. Ltd.
5
ING Vysya Life Insurance Company Ltd.
6
Life Insurance Corporation of India.
7
Max New York Life Insurance Co. Ltd
8
Met Life India Insurance Company Pvt. Ltd.
9
Kotak Mahindra Old Mutual Life Insurance Limited
10
SBI Life Insurance Co. Ltd
11
Tata AIG Life Insurance Company Limited
12
Reliance Life Insurance Company Limited.
13
Aviva Life Insurance Co. India Pvt. Ltd.
14
Sahara India Life Insurance Co, Ltd.
15
Shriram Life Insurance Co, Ltd.
16
Bharti AXA Life Insurance Company Ltd.
17
Future Generali Life Insurance Company Ltd.

----Jeevan Amrit----

• This plan is a combination of Endowment Assurance and Whole Life plans.
• It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.

----Jeevan Tarang----

• This is a with-profits whole of life plan which provides for annual survival benefit at a rate of 5½ % (5.5%) of the Sum Assured after the chosen Accumulation Period.
• The vested bonuses in a lump sum are payable on survival to the end of the Accumulation Period or on earlier death.
• Further, the Sum Assured, along with Loyalty Additions, if any, is payable on survival to age 100 years or on earlier death.

----Jeevan Anand----

• This plan is a combination of Endowment Assurance and Whole Life plans.
• It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.

----Childrens Plans----

• Childrens Plans are specially designed to meet the increasing educational, marriage and other needs of growing children.
• It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term).
• A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.

----New Bima Gold----

• It is a special plan.
• It is a plan where premiums paid over the term of plan are paid back during the policy term in installments and life insurance cover is available not only during the term but also during the extended term of the plan.

-------Market Plus-------

• This is a unit linked deferred pension plan.
• You can take the plan with or without risk cover.
• You can also choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Regular premium contract and on the level of premium you agree to pay.

-------Fortune Plus-------

• It is a unit linked assurance plan where premium payment term (PPT) is 5 years and the premium payable in the first year will be 50% of total premium payable under the policy.
• The level of cover will depend on the level of premium you agree to pay.

----------Profit Plus----------

• It is a unit linked Endowment plan where the premium payment term (PPT) is limited to single lump sum, or uniformly over 3, 4 or 5 years.
• You can choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Limited premium contract, term chosen and on the level of premium you agree to pay.