How To Get A Health Insurance Plan In Munich
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1 L-42- Valuation Basis (Life Insurance - Individual ) A chapter on Valuation basis covering the following minimum criteria should also be displayed on the web-site of the Insurers. a. How the policy data needed for valuation is accessed. The policy data is extracted from policy masters maintained at branch level. The data is consolidated first at the Divisional level and then at Zonal level. The summary files are created for every zone and sent to Corporate office where they are merged after verification for purity and consistency. b. How the valuation bases are supplied to the system Once the valuation parameters are decided they are keyed in to the system to create explicit parameter file, in a form compatible to the system. The program for calculating reserves takes input from two files, viz. parameter file and policy data file. I) Interest : Maximum and minimum interest rate taken for each segment 1. Life- Participating policies 2. Life- Non-participating Policies 3. Annuities- Participating policies 4. Annuities Non-participating policies 5. Annuities- Individual Pension Plan 6. Unit Linked 7. Health Insurance II) Mortality Rates : the mortality rates used for each segment 1. Life- Participating policies 2. Life- Non-participating Policies 3. Annuities- Participating policies During Deferment 4. Annuities Non-participating policies During Deferment 5. Annuities- Individual Pension Plan During Deferment 6. Unit Linked 7.Health Insurance (Mortality Rate) (Morbidity Rates) After Vesting After Vesting After Vesting Under Plans 191,193 & 194 All linked plans except above Max Min 8.5% p.a. 6.8% p.a. 6.8% p.a. 6.8% p.a. 9.00% p.a. 7.00% p.a. 7.00% p.a. 7.00% p.a. 7.50% p.a. 7.50% p.a. 6.8% p.a. 6.8% p.a. 6.80% p.a. 6.80% p.a rated up 2 years rated up 2 years rated up 1 year LIC a ( ) Ult. rated down 1 year rated up 1 year LIC a ( ) Ult. rated down 1 year rated up 1 year LIC a ( ) Ult. rated down 1 year 125% of IALM ( ) rated up 2 years NIL HCB & MSB: 135% of Munich Re Incidence Rates D:\kalyan work\lic\pdf\dec\20th\new Folder\L42_ Page 1 of 8
2 III) Expense : 1. Life- Participating policies For reduced & fully paid-up 2. Life- Non-participating Policies For reduced & fully paid-up 3. Annuities- Participating policies 4. Annuities Non-participating policies 5. Annuities- Individual Pension Plan 6. Unit Linked For inforce plans For reduced paid up and SP plans % of premium Rs.260/- per policy Rs.130/- per policy 6.25% of premium Rs.260/- per policy Rs.130/- per policy Rs.80/- per policy p.a. & Rs.120 for claim payments 2.25% of premium, Rs. 260/- per policy for premium paying and Rs.130/- per policy for reduce paid up, fully paid & single premium policies Rs.80/- per policy p.a. & Rs.120 for claim payments 2.25% of premium, Rs. 260/- per policy for premium paying and Rs.130/- per policy for reduce paid up, fully paid & single premium policies Rs.80/- per policy p.a. & Rs.120 for claim payments 5% of premium for endowment & 2.25% of premium for other options. Rs.260 per policy for premium paying and Rs 130 per reduce paid up, fully paid up and single premium. 1.5% to 4.0% of premium depending on plan Rs.300/- per policy Rs.150/- per policy 7. Health Insurance Premium related New Business Renewal Policy related For reduced paid-up & SP policies 35.00% of premium 6.25% of premium Rs.360/- per policy Rs.180/- per policy. **Per policy inflation rate is 3% p.a. for all plans IV) Bonus Rates : Valuation yearwise Bonus Rates V) Policyholders Reasonable Expectations : Future bonuses valued at the current declared rates. VI) Taxation and Shareholder Transfers Life- Participating policies % & 5% 2. Life- Non-participating Policies 3. Annuities- Participating policies % & 5% 4. Annuities Non-participating policies 5. Annuities- Individual Pension Plan Exempted from tax. 6. Unit Linked 7. Health Insurance D:\kalyan work\lic\pdf\dec\20th\new Folder\L42_ Page 2 of 8
3 VII) Basis of provisions for Incurred But Not Reported (IBNR) VIII)Change in Valuation Methods or Bases 1. Individuals Assurances A. Life Participating Policies For reduced & fully paid-up B. Life- Non-Participating policies For reduced & fully paid-up 2. Annuities & Pension A. Participating Policies Decrease by 0.50% Increased by Rs 50/- Increased by Rs.25/- Decrease by 0.50% Increased by Rs 50/- Increased by Rs.25/- B. Non-Participating Policies C. Individual Pension Plan Reduce by 1.25% and Increase in policy related expenses by 260/- and 130/- per policy for premium paying term and fully paid up, reduced paidup and SP respectively Reduce by 1.25% and Increase in policy related expenses by 260/- and 130/- per policy for premium paying term and fully paid up, reduced paidup and SP respectively Increase by 0.25% pa for other options; Increase by 260/- and 130/- per policy for premium paying policies and fully paidup, reduced paidup and SP respectively; Decrease by 1 per 1000 NCO per policy D:\kalyan work\lic\pdf\dec\20th\new Folder\L42_ Page 3 of 8
4 3. Unit Linked 4. Health For inforce plans For reduced paid up and SP plans Premium related New Business Renewal Policy related For reduced paid-up & SP policies Decrease by 0.20% p.a. Increase by 1.30% pa Increase by 0.5% pa depending on the plan Increase of Rs.60/- Increase of Rs.30/- Increase by 0.80% p.a. Decrease by 0.25% Increase of Rs.100/- per policy Increase of Rs.50/- per policy D:\kalyan work\lic\pdf\dec\20th\new Folder\L42_ Page 4 of 8
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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. a. How the policy data needed for valuation is accessed? 1: Input data for
A chapter on Valuation basis covering the following minimum criteria should also be displayed on the web-site of the Insurers.
L-42 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. Data The company maintains the Policy
L-42- Valuation Basis (Life Insurance)
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
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The glossary contains explanations of certain terms and definitions used in this prospectus in connection with us and our business. The terms and their meanings may not correspond to standard industry
A chapter on Valuation basis covering the following minimum criteria should also be displayed on the web-site of the Insurers.
L-42 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. Data The company maintains the Policy
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