IRDAI Assistant Manager General Awareness Syllabus

General Awareness syllabus — full chapter and topic list

Expand any chapter to see its topics and sub-topics. This is the whole examinable outline for General Awareness in IRDAI Assistant Manager, not a summary of it.

1. 1

   Current Affairs

   4 topics

   • National and International Current Events
   • Banking, Financial and Insurance Sector News
   • Government Schemes and Policy Initiatives
   • Awards, Appointments, Summits and Sports
2. 2

   Static General Knowledge

   4 topics

   • Indian Polity and Constitution Basics
   • Indian and World Geography
   • History, Art and Culture of India
   • Important Days, Books, Authors and Organisations
3. 3

   Banking and Financial Awareness

   4 topics

   • Indian Financial System Structure
   • RBI, Monetary Policy and Banking Regulation
   • Capital Market Regulators (SEBI, IRDAI, PFRDA)
   • Money Market and Financial Instruments
4. 4

   Insurance Sector Awareness

   4 topics

   • History and Evolution of Insurance in India
   • IRDAI Role, Functions and Recent Regulations
   • Key Insurance Schemes and Initiatives
     • PMJJBY, PMSBY and Ayushman Bharat
   • Insurance Terminology and Industry Bodies

General Awareness flashcards for IRDAI Assistant Manager

19 of 50 cards from the General Awareness deck — real questions with worked answers.

1. What is the full form of IRDAI, and in which year was the IRDA Act passed establishing it?

   Insurance Regulatory and Development Authority of India. The IRDA Act was passed in 1999; IRDAI was constituted as a statutory body in 2000. Its headquarters is in Hyderabad.

2. Which committee's recommendations led to the opening up of the Indian insurance sector and creation of IRDA?

   The Malhotra Committee (1993, chaired by R.N. Malhotra, former RBI Governor), which recommended privatisation and the formation of an independent insurance regulator.

3. Who was India's first life insurance company, and in what year was it established?

   Oriental Life Insurance Company, established in Calcutta in 1818.

4. In what year was the Life Insurance Corporation (LIC) of India nationalised and established?

   LIC was established in 1956 by nationalising and merging 245 life insurance companies under the LIC Act, 1956.

5. In what year was general (non-life) insurance nationalised in India, and which body was formed?

   1972, under the General Insurance Business (Nationalisation) Act (GIBNA); the General Insurance Corporation of India (GIC) was formed in 1973 with four subsidiaries.

6. What is the maximum permitted Foreign Direct Investment (FDI) in Indian insurance companies as of recent reforms?

   74%, raised from 49% by the Insurance (Amendment) Act, 2021.

7. What are the four key functions of IRDAI?

   Protecting policyholders' interests; regulating and licensing insurers and intermediaries; promoting and ensuring orderly growth of the insurance industry; and setting standards/codes of conduct for the sector.

8. What is the minimum paid-up equity capital required to start a life or general insurance company in India?

   Rs 100 crore for life and general insurers, and Rs 200 crore for a reinsurance company, as per the Insurance Act.

9. What does the term 'insurable interest' mean in insurance law?

   A legal right of the insured to insure something because they would suffer a financial loss from its damage or loss; it must exist for a valid contract (at inception for life, at time of loss for general insurance).

10. What is the principle of 'utmost good faith' (uberrimae fidei) in insurance?

    Both parties must disclose all material facts honestly and fully; the proposer must reveal everything relevant to the risk, even if not specifically asked.

11. What is the principle of 'indemnity' in insurance, and to which type does it NOT apply?

    Indemnity means the insured is compensated only to the extent of actual loss, not to profit. It does not apply to life insurance and personal accident insurance, which are 'contracts of assurance' for fixed sums.

12. Define 'subrogation' in insurance.

    After indemnifying the insured, the insurer acquires the insured's legal right to recover the loss amount from a responsible third party. It prevents the insured from being compensated twice.

13. What is 'reinsurance' and who is the national reinsurer of India?

    Reinsurance is insurance bought by an insurer to transfer part of its risk to another insurer. India's national reinsurer is GIC Re (General Insurance Corporation of India).

14. What is the difference between 'premium' and 'sum assured' in a life insurance policy?

    Premium is the periodic amount paid by the policyholder to keep the policy in force; sum assured is the guaranteed amount the insurer pays to the beneficiary on the insured event.

15. What is the 'free-look period' in an insurance policy under IRDAI rules?

    A period (now 30 days for all policies as per recent IRDAI norms) during which a policyholder can review and cancel a newly purchased policy and get a refund after deductions.

16. What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

    A government-backed term life insurance scheme offering Rs 2 lakh cover on death (any cause) for an annual premium of Rs 436, available to bank account holders aged 18-50.

17. What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

    An accident insurance scheme providing Rs 2 lakh for accidental death/total disability and Rs 1 lakh for partial disability, at an annual premium of Rs 20, for ages 18-70.

18. What is the Ayushman Bharat - PM-JAY scheme?

    Pradhan Mantri Jan Arogya Yojana, the world's largest health assurance scheme, providing health cover of Rs 5 lakh per family per year for secondary and tertiary hospitalisation to poor and vulnerable families.

19. What is the crop insurance scheme launched by the Government of India in 2016?

    Pradhan Mantri Fasal Bima Yojana (PMFBY), which provides insurance coverage and financial support to farmers in case of crop failure due to natural calamities, pests, or diseases.

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