Question

Which of the following is/are the feature(s) of social insurance?

• A. There is no close correspondence between workers own contribution, and the benefits granted to them.
• B. Benefits are granted as a matter of right.
• C. Social insurance is now provided on a compulsory basis so that its benefits might reach all the needy persons.
• D. All of the above

Answer 1

The correct option is D All of the above

Social insurance involves the establishment of a common monetary fund out of which the benefits are paid. Social insurance can be defined as compulsory contribution which is to be done to create a fund for social purpose in order to avail some benefits. Features of social insurance are:a) There is no close correspondence between workers own contribution, and the benefits granted to them.

b) Benefits are granted as a matter of right.

c) Social insurance is now provided on a compulsory basis so that its benefits might reach all the needy persons.