Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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Pension Products may be offered on any of the following platforms: Individual non-linked pension products; Group non-linked pension products.
All individual pension products shall have explicitly defined assured benefit that is payable on death and vesting.
The sum of all the rider premiums attached to the pension product shall not exceed 15% of the premium paid for the pension policy.
If the policyholder dies during the deferment period, the nominee shall exercise one of the following options: To utilise the entire proceeds of the policy or part thereof for purchasing an annuity at the then prevailing rate from the same insurer or Withdraw the entire proceeds of the policy.
Fund based group non-linked products are those which are offered to Employer-Employee groups and consists of : Group Non-linked superannuation product, Group non-linked gratuity product, Group leave encashment product.
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