Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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The Guarantees offered to the members of group defined contribution scheme by the sponsors fall into the following two categories: Investment returns and Benefits.
Investment return guarantees can be: Real, Nominal, Fixed and Indexed.
Minimum benefit guarantees usually relate to the amount of pension on retirement, for example, the minimum of 1/100th or 1/70th of the members salary at retirement for each year of service.
The Group Department generally asks the individual member data in specified format at time of new scheme and at date of renewal.
Once the data is received for Group Insurance Scheme from group owner, the same is validated and quote is generated.
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