Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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National Pension System is an initiative of Pension Fund Regulatory and Development Authority, the apex body established by Government of India to regulate and develop the pension sector in India: Tier-I NPS account is madatory for all Government servants joining Government service on or after 1 January 2004. Others can contribute for it on voluntary basis. In addition to the Tier I pension account, each individual can have a voluntary Tier-II withdrawable account at his option.
To extend the coverage of NPS to the weaker and economically disadvantaged sections of the society with their limited investment potential, PFRDA has launched NPS-Swavalamban which specifically targets the marginal investors and promotes small savings during their productive life.
Group insurance involves providing insurance to a group of individuals who share some common attribute, through a single policy contract.
Group insurance policies offer life insurance protection to all types of groups such as: Employer-employee groups, Professionals, Co-operatives & Associations, Creditors-Debtors, Weaker sections of society.
Group insurance plans may be of two types: Contributory or Non-contributory.
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