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INSURANCE

(Insurance is “risk transfer through risk pooling”) 

 Events in life are unpredictable and hence sometimes they may be the cause of economic loss and grief.

 HISTORY OF INSURANCE IN INDIA

  The Oriental Life Insurance Co. Ltd was the first life insurance company in India. It was

an English company.

  Triton Insurance Co. Ltd. - The first non-life insurer to be established in India.

 Bombay Mutual Assurance Society Ltd.-The first Indian insurance company was formed in 1870 in Mumbai.

 National Insurance Company Ltd. is the oldest insurance company (existing) in India founded in 1906. The

 Insurance Act 1938 was the first legislation enacted to regulate the conduct of insurance companies in

 India.

 

 Nationalisation of life insurance: Life insurance business was nationalised on 1st September 1956 and

the Life Insurance Corporation of India (LIC) was formed.

 

 Nationalisation of non-life insurance:  With the enactment of General Insurance Business

 Nationalisation Act (GIBNA) in 1972, the non-life insurance business was also nationalised and the

General Insurance Corporation of India (GIC) and its four subsidiaries were set up.

 

GIBNA- General Insurance Business Nationalisation Act 1972.

 

The Employees State Insurance Act, 1948 provides for Employees State Insurance Corporation to pay

 for the expenses of sickness, disablement, maternity and death for the benefit of industrial employees and

their families, who are insured persons.

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  The Malhotra Committee (1993) recommended the privatisation as well as formation of regulatory

body in its report in 1994.

 As a result, Insurance Regulatory Authority (IRA) was established in 1997. The passing of the

 Insurance Regulatory& Development Act, 1999(IRDA) led to the  formation of Insurance Regulatory

and Development Authority (IRDA) in April 2000 as a statutory regulatory body both for life and non-

life insurance industry.

 

There are 24 insurance companies reg istered as “Life Insurance” companies. o

   Life Insurance Corporation (LIC) of India is a public sector company.

o  There are 23 life insurance companies in the private sector.

o  The Indian Postal Department provides Postal Life Insurance (exempt from the purview of the

regulator)

  There are 28 insurance companies registered as “General Insurance” companies. 

  There are 5 standalone Health Insurance companies.

 INSURANCE AND ASSURANCE

 Assurance refers to protection against an event that will happen e.g. death. Assurance policies are associated

with life cover.

 Insurance refers to protection against an event that might happen. It provides cover against a risk. Burden of

risk refers to the costs, losses and disabilities one has to bear as a result of being exposed to a given loss

 situation/event.

 Insurance is only one of the methods of risk transfer. Burden of risk can be of two types namely primary

(occurrence of an event like fire) and secondary (feeling of insecurity due to uncertainty).

 HUMAN LIFE VALUE

The HLV concept considers human life as a kind of property or asset that earns an income. It thus measures the

value of human life based on an individual’s expected net future earnings.

(Net earnings means income a person expects to earn each year in the future, less the amount he would spend on self.)

 HLV = Net future earnings / Rate of interest

(The concept of HLV was given by Prof. Hubener)

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 SPECIAL FEATURES OF INSURANCE:

 

“ Uberrima Fides”  means that every party to the contract must disclose all material facts relating to

the subject matter of insurance. It is also termed as “Utmost Good Faith” 

 

“Insurable interest" in something is when loss or damage to it would cause to suffer a financial loss

or certain other kinds of losses.

 

“Proximate cause”   is concerned with how the loss or damage actually occurred and whether it is

indeed a result of an insured peril.

TERMS USED IN INSURANCE INDUSTRY.

 

 An asset or human life value (HLV) can be tangible (e.g. building), intangible (e.g. goodwill) or

 personal (e.g. body parts including health). It is believed that a human would earn a certain amount

after meeting all his personal expenses in his life.

 

 Reinstatement (revival) of a lapsed policy is the process by which a life insurance company puts it

back into force.

 

“Grace Period”   is an additional period of time to pay the premium after it has become due. The

 standard length of the grace period is one month or 31 days.

 

“Policy document”  is the evidence of the contract between the assured and the insurance company. 

  The FPR (first premium receipt) is the evidence that the policy contract has begun.

  The RPRs (renewal premium receipts) act as proofs of payment in the event of any disputes related

to premium payment

   Policy lapse is a term used for discontinuing premium payment for a policy by a policyholder.

   Risk  is the chance of loss in the value of an asset on the happening of a certain event.

   Peril is any event which may cause a risk (like a fire, flood, earthquake or an accident or illness)

   Pooling   is the collection of numerous individual contributions (known as premiums) from various

 persons. These persons have more or less similar assets which are exposed to similar risks. This pool of

 funds is used to compensate those who might suffer from the losses caused by a peril.   Premium is the contribution made by the insured in order to participate in the scheme/plans offered by

the insurer. An insurance company’s strength lies in the amount of premium collected. 

   Risk Avoidance is controlling risk by avoiding a loss situation.

 

 Risk Retention includes managing the impact, deciding to bear the risk and its effects by oneself. It isalso known as self-insurance.

 

 Risk transfer  is transferring the burden of losses to another party.

 

 Loss Prevention includes steps to reduce chance of occurrence of loss.

 

 Loss Reduction includes steps to reduce degree of loss.

 

 Indemnitymeans that after the occurrence of an event like fire, the insurer can assess the exact

amount of loss that has occurred and pays compensation only to the amount of loss –  no more, no less.

 

 I nsurer is an institution which pools funds and compensates those who might suffer from losses caused

by a peril.

   Insured is the person that seeks to participate in the scheme/plans offered by the insurer and enters an

insurance contract.

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   Life insurance is a contract  (Indian Contract Act, 1872) that pledges payment of an amount to the

 person assured (or his nominee) on the happening of an event insured against. The contract is valid for

 payment of the insured amount during:

o  The date of maturity, or

o  Specified dates at periodic intervals, or

o  Unfortunate death, if it occurs earlier.

 

 Keyman insurance  is taken by a business firm on the life of key employee(s) to protect the firm

against financial losses, which may occur due to the premature demise of the Keyman.

 

 Minors are not eligible to contract a life insurance contract. A proposal on the life of a minor

has to be submitted by another person who is related to the minor in the capacity of a parent or legal

 guardian.

   Adhesion contracts are ones in which insurance company has all the bargaining power on terms and

conditions. 

  Free-look period “cooling period”  is a duration within which a policyholder, has an option of

cancelling the policy, in case of disagreement. Free-look period is a duration within 15 days of

receiving the policy document.

 

 Sum assured   is the amount paid to the nominees or beneficiaries of the insured when he dies. This

amount is guaranteed by the insurance contract.

   A claim  is a demand that the insurer makes as promised in the insurance contract. It can be of two

types: survival claims and death claim .Queries or requirement of any kind, shall be raised all at once

within a period of 15 days of the receipt of the claim. A claim shall be paid or disputed within 30 days

 from the date of receipt of all required. {IRDA (Protection of Policyholders Interests) Regulations,

2002}.

   Maturity claim is when the policyholder (insured) survives the plan’s entire term. 

 

 Reserve is the amount collected from the policyholder in the early years of the insurance contract.

 

 Life Fund  is an excess amount left with an insurer after covering all the risks promised to the insured.

 Life insurers invest this fund and earn an interest.

 

“Consensus ad -idem”  means both the parties should agree to the same thing in the same sense.

 

“Caveat Emptor”  which means Buyer Beware.

   Material fact  has been defined as a fact that would affect the judgment of an insurance underwriter in

deciding whether to accept the risk and if so, the rate of premium and the terms and conditions.

   A rider  is an addition of supplementary benefits in the base policy to increase the maturity benefits of

an insurance policy.

   Subrogation means the transfer of all rights and remedies, with respect to the subject matter of

insurance, from the insured to the insurer.

 

 Arbitration is a method of settling disputes arising out of contracts  Term insurance  is valid only during a certain time period that has been specified in the contract.

There is no savings or cash value element accruing to the insured.

 

Whole life insurance is a permanent life insurance policy which has no fixed term of cover but theinsurer offers to pay the agreed upon death benefit when the insured dies, no matter whenever the death

might occur.

   Endowment assurance is a combination of term insurance along with a survival benefit component. 

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   Money back plan is an endowment plan with periodical returns and lump sum value at the end of the

term. 

   IRDA’s new guidelines for traditional products-

o   Death cover to be

i.  125% for single premium (for upto 45 years of age) and 110% for others.

ii. 10 times of annual premium (for upto 45 years of age) and 7 times for others.

o   Minimum death benefit to be sum assured plus additional benefits (if any).

o   Bonus / additional benefits to become payable on death if not paid earlier.

i.   For participating polices, bonus once announced becomes a guarantee called reversionary

bonus.

ii. For non-participating policies, the return on the policy is disclosed in the beginning of the

 policy itself.

 

Universal Life products are known as Variable Insurance Products (VIP).

   Non-traditional life insurance products.

o  Variable insurance plans were first introduced in the United States in 1977

o  Unit linked insurance plans, are also known as ULI. These plans were introduced in UK.

 

 Net Asset Value (NAV),  is the market value of assets in which the fund is invested. It is generally of

three types,

o   Equity Fund Debt Fund, Balanced Fund and Money Market Fund.

   Pension Plans are ones in which investment is made during working life which later provides financial

 security post retirement. Generally there are three types of pension schemes.

o   Public pensions (provided by the State).

o 

Occupational pensions (set up by employers).

o   Personal pensions (by market providers).

  The premium paid for health insurance policy qualifies for tax benefit under  Section 80D of Income

Tax Act. 

   MRI- Mortgage Redemption Insurance  is an insurance policy that provides financial protection for

home loan borrowers.

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   Insurance Ombudsman  (Redressal of Public Grievances Rules, 1998) - The Ombudsman, by mutual

agreement of the insured and the insurer can act as a mediator and counsellor within the terms of

reference. The decision of the Ombudsman, whether to accept or reject the complaint, is final. At present

there are 17 centres operating all over the country.

o  Complaint made to the Ombudsman should be in writing, signed by the insured or his legal

heirs.

o

 

 Recommendations made within one month of the receipt of such a complaint and to be acceptedby complainant within15 days.

o   Award should be made within a period of 3 months limited to maximum amount of 20 lacs.

  Claim Review Committee is to ensure that claims are not paid to fraudulent persons at the cost of honest

 policyholders.

  The claims which have arisen after a period of three years are treated as non-early claims and settled

within 30 days from the date of receipt of all requirements.

  The claims that have arisen within a period of two years from the date of commencement of the policy,

are treated as early claims and investigation is compulsory in such cases.

  TPA refers to “Third Party Administrator”. 

 

 EMI refers to “equated monthly instalment”. 

   PAYG refers to “Pay As You Go”. 

   PEDs refers to “Pre-existing diseases”.

   MWP Act refers to “Married Women’s Property Act, 1874”. 

   PAC refers to “policy allocation charge”. 

 

 KYC refers to “Know Your Customer”. 

   PMLA refers to “Prevention of Money Laundering Act”. 

 

GSV refers to “guaranteed surrender value”. 

   ROP refers to “Return on premium”. 

 

 AIC refers to “Agriculture Insurance Corporation of India”. 

 

GIPSA refers to “General Insurers' (Public Sector) Association of India”. 

   III refers to “Insurance Institute of India”. 

 

 MDRT refers to “Million Dollar Round Table”. 

 

 LAPAC refers to “Listen, Acknowledge, Probe, Answer and Confirm”. 

 

TAT refers to “turnaround times”. 

   IGMS refers to “Integrated Grievance Management System”. 

   ESIC refers to “Employees State Insurance Corporation”. 

   IVRS refers to “INTERACTIVE VOICE RESPONSE SYSTEMS”

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THE LIFE INSURANCE COMPANY OF INDIA

 Life Insurance Corporation of India was created on 1st September, 1956  , with an objective of spreading life

insurance much more widely and in particular to the rural areas with a view to reaching all the insurable

 persons in the country, providing them adequate financial cover at a reasonable cost. LIC of India enjoys the

 status of being the only public sector Life Insurance company commanding more than 70% market share even

after more than a decade of opening up of the insurance industry. Government of India being its only stake

holder, LIC policies come with sovereign guarantee.  LIC functions with 2048 fully computerized branch

offices, 113 divisional offices, 8 Zonal offices, 1381 Satellite offices and the corporate office. LIC’s Wide Area

 Network covers 113 Divisional offices and connects all the branches through a Metro Area Network. LIC has

launched ‘ SATELLITE SAMPARK ’ offices (smaller, leaner and closer to the customer). LIC of India started the

 Bancassurance & Alternate Channel in 2001. As on date, we have 11 PSU banks and 46 regional rural, privateand co-operative banks and 72 corporate agents as our Bancassurance and alternate channel partners. Total

6114 agents from LIC of India qualified for MDRT 2012. 

 MEMBERS ON THE BOARD OF THE CORPORATION

 Shri S. K. Roy (Chairman, LIC of India)

Shri S.B. Mainak (Managing Director, LIC of India)

Shri V K Sharma (Managing Director, LIC of India)

Smt Usha Sangwan (Managing Director, LIC of India)

Shri Shaktikanta Das

Smt. Snehlata Shrivastava

Shri Ashwani Kumar (CMD, Dena Bank)

Smt Manjari Kackar (Non-Official Member)

Shri Sanjay Kallapur (Non-Official Member)

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 RECENT AWARDS RECEIVED

•

Child Magazine Most Popular awards 2014

•  Pitch Top 50 Brands 2014•  Indian Insurance Awards 2014 - Claims

 Leader

•  Indian Insurance Awards 2014 Underserved

 Market Penetration

•  Indian Insurance awards 2014 - Life

 Insurance Company of the year

•  Lokmat BFSI Awards 2014 - Highest Claim

Settlement

•  Lokmat BFSI Awards 2014 - Best Life

 Insurance Company•  Asia BFSI Best CSR Practices

•  Asia BFSI Best Life Insurance Company

•  Skoch Order of Merit CSR Excellence

•  Indira Gandhi Award from President of India

•  NASEOH - Sri Vijay Merchant Memorial

 Award

•  Greentech CSR Award

 LIC also ranked among “Top -10 Most Trusted Brands in India” and was voted as Most Trusted Insurance

 Brand in the ET Brand Equity-Nielsen Survey-2013.

 LIC’S INSURANCE PRODUCTS  

 ENDOWMENT PLANS

   LIC’S JEEVAN PRAGATI  

   LIC ’ S JEEVAN SHIKHAR

   LIC’S JEEVAN LABH  

   LIC’S SINGLE PREMIUM ENDOWMENT PLAN  

   LIC’S NEW ENDOWMENT PLAN

   LIC’S NEW JEEVAN ANAND 

   LIC’S JEEVAN RAKSHAK  

 

 LIC’S LIMITED PREMIUM ENDOWMENT PLAN  

   LIC’S JEEVAN LAKSHYA 

 MONEY BACK PLANS

   LIC’S NEW MONEY BACK PLAN - 20 YEARS

   LIC’S NEW MONEY BACK PLAN - 25 YEARS

   LIC’S NEW BIMA BACHAT  

   LIC’S NEW CHILDREN'S MONEY BACK PLAN

   LIC’S JEEVAN TARUN  

TERM ASSURANCE PLANS   LIC’S ANMOL JEEVAN II  

   LIC’S AMULYA JEEVAN II  

   LIC’S E -TERM

   LIC’S NEW TERM ASSURANCE RIDER 

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 PENSION PLANS

   JEEVAN AKSHAY-VI

   LIC’S NEW JEEVAN NIDHI  

  UNIT PLAN

   LIC’s NEW ENDOWMENT  PLUS

 MICRO INSURANCE PLANS   LIC ’ S NEW JEEVAN MANGAL

   MICRO - INSURANCE FORMS

   LIC’S BHAGYA LAKSHMI PLAN  

GROUP INSURANCE

   LIC’S GROUP CREDIT LIFE INSURANCE  

   LIC’S SINGLE PREMIUM GROUP INSURANCE  

   LIC’S NEW GROUP LEAVE ENCASHMENT PLAN  

   LIC’S NEW GROUP SUPERANNUATION CASH ACCUMULATION PLAN

 

 LIC’S NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN I     LIC’S NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II  

   LIC’S NEW GROUP GRATUITY CASH ACCUMULATION PLAN  

 SOCIAL SECURITY SCHEME

 AAM ADMI BIMA YOJANA

 HEALTH PLAN

 LIC’S JEEVAN AROGYA 

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 INTERNATIONAL OPERATIONS / ASSOCIATES

 INTERNATIONAL OPERATIONS

   LIC FIJI

   LIC MAURITIUS

   LIC UNITED KINGDOM

 

 LIC (INTERNATIONAL) B.S.C (C), BAHRAIN

   LIC (NEPAL) LTD

   LIC (LANKA) LTD

  SAUDI INDIAN COMPANY FOR CO-OP. INSURANCE, KSA.

   KEN-INDIA ASSURANCE CO. LTD., KENYA.

   LIC CO-ORDINATING OFFICE IN INDIA

 ASSOCIATES

 

 LIC HFL FINANCIAL SERVICES LTD

   LIC HOUSING FINANCE LTD.

   LICHFL CARE HOMES LTD.

   LIC MUTUAL FUND AMC LTD.

   LIC CARDS SERVICES LTD.

   LIC PENSION FUND LIMITED 

GOLDEN JUBILEE FOUNDATION –  CORPORATE SOCIAL RESPONSIBILITY

 LIC Golden Jubilee Foundation was established on 20.10.2006, and registered with Charity Commissioner

under Bombay Public Trust Act 1950 with the objective of promoting education, health, relief of poverty or

distress and advancement of other objects of general public utility.

CURRENT AFFAIRS FOR LIC EXAM

1. 

 Japan and South Korea are on the list of 113 countries whose citizens can arrive in India through an

electronic tourist visa on arrival (e-TV) platform.

2. 

 Retired judge of the Allahabad High Court Justice Sanjay Mishra was sworn in as the new Lokayukta

of Uttar Pradesh.

3.  Vaccines manufacturer Bharat Biotech announced a breakthrough in developing the world’s first

 Zika vaccine.

4. 

 Former Lok Sabha Speaker and veteran Congress leader Balram Jakhar passed away.

5. 

 N ana Patekar will get the 'Godavari Gaurav' award, ‘Kusumagraj Prathishthan'  

6. 

 IFR, in its second edition, was held from February 4, 2016 to February 8, 2016 at Visakhapatnam.

7. 

The website ifr16.indiannavy.gov.in and the mobile app IFR-16 Indian Navy which will serve as the

 single window interface for interaction with the public and the participants have been launched.

8.  The theme of the event is 'United through Oceans' and the mascot is Dolphin.

9. 

 President Pranab Mukherjee, Supreme Commander of the Armed Forces, reviewed the fleet on

the Presidential Yacht INS Sumitra, accompanied by Prime Minister Narendra Modi,

10. 

Well-known cartoonist Sudhir Tailang, who was suffering from a brain tumour, passed away. He was

awarded Padma Shri in 2004 for his contribution to the art of cartooning.

11. 

The Rajasthan Government organised a one-day start-up (Start-up Oasis) fest at Udaipur, promotingentrepreneurship and giving a boost to start-ups in the state.

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12. 

The 14-day Indo-Nepal military exercise 'Surya Kiran' focusing on jungle warfare and counter

terrorism has begun at Pithoragarh in Uttarakhand.

13. 

This is the 9th such exercise between the two countries

14. 

 India's economy is forecasted to grow by 7.6% in 2016-17 (CSO)

15.  Reserve Bank of India (RBI) has cancelled the certificate of registration of four non-banking

 financial companies (NBFCs).

16. 

Goyal Commercial Pvt Ltd and First Debt Management Co. of India Ltd are the NBFCs belonging to

 Kolkata, while Nostalgia Finvest Private Limited and Narad Realtors Private Limited belong to Mumbai.

17. 

 Film actor Kajol is likely to be appointed as a part-time member of the Prasar Bharati board.

18.  Artificial Intelligence pioneer Marvin Minsky died.

19. World champion India held its nerve impressively , defeated Pakistan by 45 runs and lifted the

 first T20 Asia Cup for the Blind at the Nehru Stadium in Kochi.

20. 

 Noted Malayalam and Tamil actor Kalpana, 51, who is remembered for her roles in films

Sathileelavathy, Chinna Veedu and Dum Dum Dum, died in Hyderabad.

21. 

The government is considering the recommendations of the Parthasarathi Shome committee aimed at

 simplifying tax administration. Other recommendations were for the CBDT and the CBEC to be

merged and for the use of Permanent Account Number (PAN) to be widened.

22. 

 Mayank Mehta, who was a general manager at Union Bank of India, has been elevated as ED of

 Bank of Baroda.

23. 

Vinod Kumar Kathuria, who was a general manager in Punjab National Bank, has been appointed as

 ED of Union Bank of India.

24.  Nageswara Rao Y has been appointed as ED of Vijaya Bank.

25.  Rajkiran Rai G has taken charge of Gurgaon-based Oriental Bank of Commerce.

26. 

Veteran actor Rekha was honoured with the Yash Chopra Memorial Award evening in Mumbai for

her contribution to the film industry.

27. 

 According to Tr ansparency International’s International Corruption Perceptions Index 2015, India is

 placed at 76th position. Denmark the least corrupt country.28.

 

The Human Resource Development Ministry appointed Ashok K. Roopanwal, a former judge of the

 Allahabad High Court, as the one-man commission of enquiry into the circumstances that led to the

 January 17 suicide of Hyderabad University research scholar Rohit Vemula.

29. 

 A maximum of six tickets can be booked in a month by a single user ID on IRCTC website from 15

 February.

30. 

 India’s voting rights increase to 2.6 per cent from the current 2.3 per cent, and China’s to six per

cent from 3.8 in the IMF.

31. The former Army chief General K. V. Krishna Rao, who was the Governor of Jammu and Kashmir

 for two terms when militancy flared up has passed away.

32. 

 Renowned poet and lyricist Nida Fazli, who penned several soulful compositions like 'Kabhie kisi ko

mukamil jahan nahi milta', passed away.

33. 

 Brendon McCullum retires from ODI cricket (The Indian Express)

34. 

 Former Nepal PM Sushil Koirala dies at 78 (Indian Express)

35. Swedish Prime Minister Stefan Lofven to visit India (Business Standard)

36.  Heath Streak all set to become Gujarat Lions bowling coach (Indian Express)

37. 

 Aditya L-1 is the nation’s third big extra-terrestrial outing after Moon and Mars, all conceived and

designed by ADCOS, the multi-faculty body of the Indian Space Research Organisation.

38.  India ranks 37/38 in new US Chamber IP 'Infinite Possibilities' index(Business Standard)

39. 

 J&K set to host 10th edition of SaMaPa music fest (Business Standard)

40. 

Centre plans workshop for 23 cities to improve Smart city proposals

41. 

 Australia has appointed Harinder Sidhu as its next High Commissioner to India

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42. 

 Appointments Committee of the Cabinet has approved extension in service to Ratan P Watal, Finance

Secretary and Secretary, Department of Expenditure, Ministry of Finance for a period of two months

up to April 30, 2016.

43. 

 Amitabh Kant, will head Niti Aayog

44.  Former Forwards Markets Commission (FMC) chairman Ramesh Abhishek has been appointed

 secretary in the department of industrial policy and promotion (DIPP),

45. 

 Net neutrality debate: Facebook shuts down Free Basics in India (Economic times)

46. 

 Former Competition Commission of India chief Ashok Chawla was appointed the chairman of Teri(The Energy and Resources Institute)

47. 

 BCCI bans Pakistani umpire Asad Rauf for 5 years (The Hindu)

48.  India's Anirban Lahiri has been voted as the Hilton Asian Tour Golfer of Year by fans in an online

 poll.

49. Swachh Sarvekshan’ is a survey commissioned by the Ministry of Urban Development, that will be

conducted by the Quality Council of India (QCI) to assess sanitation and hygiene conditions of 75

major cities, including 53 cities with a population of above 10 lakh each and the State Capitals.

50. 

 Music maestro Ilaiyaraja has been selected for Kerala Tourism’s Nishagandhi Puraskaram 2016 for

his artistic excellence and contribution to the Indian film music industry.

51. The Union government and the World Bank signed a $50-million credit agreement for a project

aimed at helping young people from minority communities complete their education and improve

their employment opportunities.

52. 

 Mr. Adnan Sami has become an Indian citizen on 1st January.

53. 

Shyam Benegal to head CBFC revamp panel

54. 

The Union Information and Broadcasting Ministry constituted a committee, headed by film-maker

Shyam Benegal.

55.  Javed Ahmed, new Director General of Police, Uttar Pradesh

56. 

 Arunima Sinha, the amputee mountaineer who set a record by conquering Mount Everest, has

added another feather to her cap by conquering Mount Aconcagua in Argentina.

57. 

The latest edition of ‘Sahyog - Kaijin,’ the Indo-Japan Coast Guard Joint Exercise, will begin in the

 Bay of Bengal off the Chennai coast on January 12.58.

 

 R.M. Lodha Committee report said that government servants and ministers should be banned from

holding posts in the BCCI.

59. 

 Abidali Neemuchwala, 48, group president of India’s third largest software exporter, Wipro,

has been appointed as the company’s Chief Executive Officer  

60. 

Sarosh Homi Kapadia, the 38th Chief Justice of India, bade farewell to the world in Mumbai

61. 

 BCCI president, Shashank Manohar, presented the BCCI International Cricketer-of-the-Year Award

2014-15 to Test captain Virat Kohli at the ninth BCCI annual awards

62.  Polly Umrigar Trophy for International Cricketer-of-the-Year: Virat Kohli.

63. Col. C.K. Nayudu Lifetime Achievement Award: Syed Kirmani.

64. 

 Lala Amarnath Awards: for Best All-rounder in Ranji Trophy: Jalaj Saxena (Madhya Pradesh)

65. 

 For Best all-rounder in domestic limited-over competitions: Deepak Hooda (Baroda).

66. 

 Madhavrao Scindia Awards: for Highest scorer in Ranji Trophy: Robin Uthappa (Karnataka)

67. 

 Indian shooter Apurvi Chandela broke the world record on way to winning gold in the women’s 10

metre air rifle event at the Swedish Cup Grand Prix.

68.  In order to avoid duplication of work and to improve efficiency, the government merged the Ministry

of Overseas Indian Affairs (MOIA) with the Ministry of External Affairs.

69. 

Urjit Patel, Deputy Governor of Reserve Bank of India (RBI) in-charge of the monetary policy

department, has been re-appointed for a term of three years.

70. 

 Nobel Peace Prize winner Kailash Satyarthi launched his book “Azad Bachpan Ki or”, dedicated to

all the child labourers he has come across so far.

71. 

Telangana has become the first State to introduce compulsory gender education at the graduate level.72.

 

 Devender Kumar Sikri has taken over as the Chairman of Competition Commission of India (CCI).

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73. 

 Barcelona forward Lionel Messi won his fifth world player of the year crown at the FIFA Ballon

d ’Or ceremony. 

74. 

The Revenant and Mozart in the Jungle emerged as the top winners at the star-studded 73rd edition

of the Golden Globe awards.

75. The Revenant, a biographical Western film set in 1823 Montana and South Dakota, bagged three

awards  —   best drama film, best actor in a drama for Leonardo DiCaprio and best director for

 Alejandro G. Inarritu

76. 

 Pradhan Mantri Fasal Bima Yojana will bring about a huge change in the lives of farmers.Government liability on premium subsidy would be shared by the Central and State governments on a

50:50 basis.

77. The scheme will have a uniform premium of only two per cent to be paid by the farmers for all kharif

crops and 1.5 per cent for all Rabi crops.

78. There is no upper limit on government subsidy.

79. 

 Lieutenant-General J.F.R. Jacob, who died in New Delhi, was one of the heroes of the 1971 war with

 Pakistan.

80. 

 In the WIPO's Global Innovation Index 2015 that surveyed 141 economies in the world, India was

ranked 81. WIPO (World Intellectual Property Organisation) director Ms Louise Van Greunen.

81.  Facebook COO Sheryl Sandberg has decided to donate $ 31 million in Facebook stock to charity.

82. 

The Reserve Bank of India (RBI) has infused 1,000 crore of additional capital in National Housing

 Bank (NHB), a wholly owned entity of the central bank.

83. 

The government will set up a fund with an initial corpus of ₹ 2,500 crore and a total corpus of ₹

10,000 crore over a period of four- year funds for start-ups

84. 

 A Grand Challenge program called NIDHI (National Initiative for Developing and Harnessing

 Innovations) shall be instituted through Innovation and Entrepreneurship Development Centres

(IEDCs) to support and award INR 10 lakhs to 20 student innovations.

85. 

 Eastertime Kire, poet, novelist and children’s writer from Nagaland, won The Hindu Prize, 2015, for

her novel “When the River Sleeps” , a book about a lone hunter seeking a faraway river, to take from

it a stone that will give him untold powers.

86. 

Taiwan’s independence-leaning opposition leader Tsai Ing-wen won a convincing victory in presidential election

87.  Author Anuradha Roy won the DSC Prize for South Asian Literature, 2016, for her novel “ sleeping

on Jupiter ” , which deals with violence against women.

88. 

State Bank of India announced the introduction of SBI e-Smart SME to offer easy working capital to

online e-commerce players.

89. 

 EPFO has been awarded the national award on e-Governance for the year 2015-16.

90. 

The Indian Space Research Organisation (ISRO) launched IRNSS-1E, the fifth of the seven-satellite

 Indian Regional Navigation Satellite System (IRNSS) into space.

91. Veteran dancer and Padma Bhushan recipient Mrinalini Sarabhai passed away at her residence in

 Ahmedabad.

92. 

Senior Indian Revenue Service official Atulesh Jindal has been appointed the Chairman of the

Central Board of Direct Taxes (CBDT), India’s apex tax body.  

93. 

 Lance Naik Mohan Nath Goswami from the Army’s elite Para Special Forces has been awarded the

 Ashok Chakra, the country’s highest peacetime gallantry award, posthumously for his role in saving

two colleagues during an encounter with militants in Kashmir last year.

94. 

The Mysuru-Varanasi Express will become the country’s first Braille-embedded train.

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