GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____is the period between the date of subscription to an insurance-cum-pension policy and the time at which the first instalment of pension is received.
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Deferment
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Recognition
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Depreciation
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Appreciation
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Explanation:
Detailed explanation-1: -The Pay & Accounts Officer should issue the pension payment order/authorization at least one month in advance of the date of retirement of the Government servant.
Detailed explanation-2: -Commuted Pension-Definition You decide to receive 20% of your monthly pension of Rs 25, 000 in advance for the next five years’ worth. The amount will be paid to you as a lump sum and will be calculated as: 20% of 25000*12*5 = Rs 3, 00, 000. This amount is your commuted pension.
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