L-42- Valuation Basis (Life Insurance)
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1 L-42- Valuation Basis (Life Insurance) A chapter on Valuation basis covering the following minimum criteria should also be displayed on the web-site of the Insurers. 1) a. How the policy data needed for valuation is accessed. Data is extracted for each month by IT. Once data extracted, actuaries perform reasonable checks, and the movements are reconciled with opening and closing data. After the validity, resonableness and completeness checks, the data is used for valuation. b. How the valuation bases are supplied to the system 1) Interest : Maximum and minimum interest rate taken for each segment A single discrete interest rate is assumed for valuation as below: i. Individual Business 1. Life- Participating policies 6.10% 2. Pension- Participating policies 6.10% (Including unitized non-pension policies) 5.85% 5.85% 5. Annuities- Participating policies 6.10% 7. Annuities- Individual Pension plan Non Unit Fund: 5.85% 5.85% 6.10% 2. Other Group policies 5.85% 2) Mortality/Morbidity Rates : The mortality/morbidity rates used for each segment i. Individual Business Shubh Nivesh (V1 & V2) : 130% of IAL Ultimate Others :115% of IAL Ultimate 110% of IAL Ultimate Saral Shield ( V1 & V2): 120% of IAL Ultimate Smart Shield ( V1 & V2) : 75% of IAL Ultimate Smart Income Shield : 110% of IAL Ultimate eshield : 85% of IAL Ultimate Flexismart : 120% of IAL Ultimate Others: 115% of IAL Ultimate 110% of IAL Ultimate 90% - 1% pa of Annuitant (adjusted for improvements) 115% of IAL Ultimate 130% of the Reinsurance rates 90% - 1% pa of Annuitant (adjusted for improvements) 2. Unit Linked 115% of IAL Ultimate 3. Other Group policies Dhanarashi: 130% of IAL Ultimate Grameen Shakti (V1 & V2) & Grameen Super suraksha : 135% of IAL Ultimate Swarna Ganga : 90% of IAL Ultimate Criti9: 110% of Reinsurance rates Others: 115% of IAL Ultimate
2 3) Expenses : i. Individual Business For Product Saral Swadhan + : - Single Premium :100 & Regular Premium : 125 Single Premium Policy: 150 Regular Premium Policy: Single Premium & Lapsed policies : 645 Regular Premium : 860 Single Premium Policy: Single Premium Policy: 150 Regular Premium Policy: 2. Other Group policies Single Premium Per Life: 100 Regular Premium Per Life: 125 For Products RBS : - All Type of premium per life: 175
3 4) Bonus Rates : i. Individual Business (Including unitized non-pension policies) 3. Other Group policies 5) Policyholders Reasonable Expectations The Policyholder Expectation is being taken into account while giving the discretionary benefits like reversionary bonuses. However the bonuses are declared after evaluating bonus earning capacity of each product further classified by mode of payment (Single/Regular Premium) and policy terms so that bonuses are equitable for groups of policyholders. Bonuses are smoothed and are based on pooled experience. 6) Taxation and Shareholder Transfers % 7) Basis of provisions for Incurred But Not Reported (IBNR) Calculated using Extended Chain Ladder Method 8) Change in Valuation Methods or Bases i. Individuals Assurances ii. Annuities 1. Interest a. Annuity in payment No change b. Annuity during deferred period c. Pension : All Plans No change iii. Unit Linked iv. Health v. Group
4 Annexure A Table A: Simple Reversionary,Interim and Terminal Bonus Rates Interim Bonus Sr. No. Product Name Premium Type Reversionary Bonus Rate(Future Bonus Terminal (in years) Rate # Rate) # Bonus Rate ## 1 Sudarshan Plan A Regular Premium % 2.50% 10.00% % 1.80% 10.00% % 1.65% 5.00% % 1.55% 5.00% 25 & above 1.45% 1.45% 5.00% Single Premium % 3.00% 10.00% % 2.50% 10.00% % 2.25% 5.00% % 2.25% 5.00% 25 & above 2.25% 2.25% 5.00% 2 Sudarshan Plan B Regular Premium % 2.00% 10.00% % 1.70% 10.00% % 1.55% 5.00% % 1.55% 5.00% 25 & above 1.55% 1.55% 5.00% Single Premium % 3.00% 10.00% % 3.00% 10.00% % 3.00% 5.00% % 3.00% 5.00% 25 & above 3.00% 3.00% 5.00% 3 Scholar Regular Premium % 2.75% 10.00% % 2.75% 10.00% % 2.75% 5.00% Single Premium % 3.25% 10.00% % 3.25% 10.00% % 3.25% 5.00% 4 Scholar II Regular Premium % 3.00% 10.00% % 3.10% 5.00% % 3.10% 5.00% Single Premium % 4.00% 10.00% % 4.00% 5.00% % 4.00% 5.00% 5 Money Back Regular Premium 10 (Plan-1) 1.80% 1.80% 10.00% 15 (Plan-2) 1.30% 1.30% 5.00% 20 (Plan-3) 1.30% 1.30% 5.00% 25 (Plan-4) 1.75% 1.75% 5.00% 6 Sanjeevan Supreme Regular Premium 15 (Plan-1) 3.25% 3.25% 5.00% 20 (Plan-2) 3.25% 3.25% 5.00% 20 (Plan-3) 3.25% 3.25% 5.00% 25 (Plan-4) 3.25% 3.25% 5.00% Single Premium 15 (Plan-1) 3.25% 3.25% 5.00% 20 (Plan-2) 3.25% 3.25% 5.00% 20 (Plan-3) 3.50% 3.50% 5.00% 25 (Plan-4) 3.50% 3.50% 5.00% 7 Shubh Nivesh Regular Premium % 3.00% 10.00% (UIN: 111N055V01) % 3.00% 5.00% % 3.00% 5.00% % 3.10% 5.00% 25 & above 3.10% 3.10% 5.00% Single Premium % 3.25% 10.00% % 3.25% 5.00% % 3.25% 5.00% % 3.25% 5.00% 25 & above 3.25% 3.25% 5.00% 8 Shubh Nivesh Regular Premium % 2.75% 5.00% (UIN: 111N055V02) % 2.75% 5.00% % 2.75% 5.00% % 2.75% 5.00% 25 & above 2.75% 2.75% 5.00% Single Premium % 2.75% 5.00% % 2.75% 5.00% % 2.75% 5.00% % 2.75% 5.00% 25 & above 2.75% 2.75% 5.00%
5 9 Sanjeevan Single Premium 20 (Plan 1) 1.25% 1.25% 5.00% 15 (Plan 2) 1.25% 1.25% 5.00% 10 (Plan 3) 1.25% 1.25% 10.00% 10 Young Sanjeevan Single Premium All 1.25% 1.25% 10.00% 11 Saral Life Regular Premium 10 (Plan-1) 2.75% 2.75% 5.00% 15 (Plan-2) 2.75% 2.75% 5.00% 20 (Plan-3) 3.00% 3.00% 5.00% 25 (Plan-4) 3.00% 3.00% 5.00% 12 Smart Money Back Regular Premium 12 (Plan-1) 3.00% 3.00% 5.00% 15 (Plan-2) 3.00% 3.00% 5.00% 20 (Plan-3) 3.00% 3.00% 5.00% 25 (Plan-4) 3.00% 3.00% 5.00% 13 Smart Money Back Gold Regular Premium 12 (Plan-1) 2.50% 2.50% 5.00% 15 (Plan-2) 2.50% 2.50% 5.00% 20 (Plan-3) 2.50% 2.50% 5.00% 25 (Plan-4) 2.50% 2.50% 5.00% 14 Smart Income Protect Regular Premium 5 (Plan-1) 2.75% 2.75% 5.00% 10 (Plan-2) 2.75% 2.75% 5.00% 15 (Plan-3) 2.75% 2.75% 5.00% 15 Saral Pension (UIN: 111N088V01) Regular Premium All 2.75% 2.75% 5.00% Single Premium All 2.75% 2.75% 5.00% 16 Saral Pension (UIN: 111N088V02) Regular Premium All 2.75% 2.75% 5.00% Single Premium All 2.75% 2.75% 5.00% # Bonus Rates as a percentage of Sum Assured. ## The rate of Terminal Bonus is a percentage of the total amount of bonuses (Reversionary plus Interim) and not a percentage of Sum Assured. The future Bonus rates are assumed as per the Interim bonus rates. Table B1 - Pension Products Sr. No. Product Name Premium Type (in years) Regular Accumulating Bonus Rate * Interim Bonus Rate * Terminal Bonus Rate * 1 Regular Premium All 7.50% 7.00% 7.50% Life Long Pension Plan - Individual Single Premium All 7.50% 7.00% 7.50% 2 Regular Premium All 7.50% 7.00% 7.50% Life Long Pension Plan - Group Single Premium All 7.50% 7.00% 7.50% Table B2 - VIP Products Sr. No. Product Name Bonus Type 1 Flexi Smart Plus - Individual Regular Premium Note: Bonus type B and C are in addition to A. (in years) Regular Accumulating Bonus Rate * Interim Bonus Rate * Terminal Bonus Rate * (A) Min. Guaranteed Bonus Interest Rate All 1.00% 1.00% - (B) Regular Bonus interest Rate All 6.50% 6.25% - (C)Residual Bonus Rate from 5th policy year onwards All * Regular Accumulating & Interim Bonus Rate as a percentage of { net premium paid & already attached bonuses} & Terminal bonus rate as a percentage of Total Bonus Allocated to PFA.
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