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प्रश्न
A person takes a life policy for ₹2,00,000 for a period of 20 years. He pays premium for 10 years during which bonus was declared at an average rate of ₹20 per year per thousand. Find the paid up value of the policy if he discontinues paying premium after 10 years.
उत्तर
Given, Policy value = ₹2,00,000
Period of policy = 20 years
∴ Premium per year = `"Policy Value"/"Period of policy"`
= `(2,00,000)/(20)`
= ₹10,000
But, the person pays premium for 10 years.
∴ Premium paid by the person
= 10,000 x 10
= ₹1,00,000
Rate of bonus = ₹20 per year for thousand,
Bonus for 1 year = `(20)/(1,000) xx 2,00,000`
= ₹4,000
∴ Bonus for 10 years
= 4,000 x 10
= ₹40,000
∴ Paid up vallue of the policy
= Perimum paid of the person + Bonus for 10 years
= 1,00,000 + 40,000
= ₹1,40,000
∴ Paid up value of the policy is ₹1,40,000 if the person discontinues paying the premium after 10 years.
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संबंधित प्रश्न
State Whether the Following Statement Are True Or False (Give Reason)
The principle of indemnity is applicable to life insurance.
Distinguish between the following:
Fire Insurance and Marine Insurance
Define Fire Insurance.
Define Life Insurance.
Distinguish between the following:
Fire Insurance & Marine Insurance
Explain briefly the principles of insurance with suitable examples?
A shop is valued at ₹3,60,000 for 75% of its value. If the rate of premium is 0.9%, find the premium paid by the owner of the shop. Also, find the agents commission if the agent gets commission at 15% of the premium.
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A shop and a godown worth ₹1,00,000 and ₹2,00,000 respectively were insured through an agent who was paid 12% of the total premium. If the shop was insured for 80% and the godown for 60% of their respective values, find the agent's commission, given that the rate of premium was 0.80% less 20%.
Insurance companies collect a fixed amount from their customers at a fixed interval of time. This amount is called ______.
Choose the correct alternative :
Following are different types of insurance.
I. Life insurance
II. Health insurance
III. Liability insurance
Fill in the blank :
General insurance covers all risks except __________.
Fill in the blank :
The proportion of property value to insured value is called __________.
State whether the following is True or False :
Premium is the amount paid to the insurance company every month.
Solve the following :
A person holding a life policy of ₹1,20,000 for a term of 25 years wants to discontinue after paying premium for 8 years at the rate of ₹58 per thousand p. a. Find the amount of paid up value he will receive on the policy. Find the amount he will receive if the surrender value granted is 35% of the premiums paid, excluding the first year’s premium.
State whether the following statement is True or False:
The value of insured property is called policy value
Policy value = ₹ 80,000
Period of policy = 20 years
Amount of money paid in 10 years = `square`
Annualized average rate per bonus = ₹ 20 per thousand per year
For one year, bonus = `square/1000 xx 80,000`
= ₹ 1,600
Bonus for 10 years = `10 xx square`
= ₹ 16,000
Total amount after 10 years = `square + 16000`
= ₹ `square`
