Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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The minimum guaranteed interest rate applicable to the discountinued fund/discontinued policy account shall be at an interest rate of 4 per cent per annum.
Surrender value: All individual linked insurance and pension products shall acquire surrender value in the following manner: Linked products other than linked pension products shall acquire surrender value stipulated in Regulation 15 herein; Linked Pension Products shall acquire surrender value stipulated in Regulation 27 herein.
No partial withdrawal shall be allowed in case of: Linked pension products and fund based group linked products.
The changes levied under the linked insurance products shall be: Premium allocation charge, Fund management charge, Guarantee charge, Policy administration charge, Surrender charge, Switching charge, Mortality charge, Rider charge, Partial withdrawal charge and MIscellaneous charge.
The NAV computed in respect of each Segregated Fund, shall be Audited by the Concurrent Auditor on a day-to-day basis.
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