Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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A Master policy is issued incorporating the contract between the insurance company on the one hand and a legal entity like Employer, Trustees, Association etc. on the other hand defining the group of lives to be covered, benefits, contributions and terms and conditions on which the contract is entered into.
The product structure will be classified as : Participating products and Non-participating products.
Par products can be offered only under non-linked platform. Non-par products may be offered either under a linked platform or a non-linked platform.
The benefits or interest rates, in respect of fund based group insurance products: Shall not be linked to any index or benchmark and Are explicity stated in advance at the inception of the policy.
Commission on Pension products: In case of single premium, 2 per cent of single premium, In case of other than single premium: 7 1/2 per cent of the first years premium, and 2 per cent of each renewal premium.
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