E. Program Kesejahteraan Karyawan 1.

General provisions This product is a one type of pension plans Program Kesejahteraan Karyawan is a product that designed to improve the welfare of employee in a company at the time of retirement, death, or total disability. This product is sold in IDR currency with Premium payments in monthly

2. Insurance Benefits

This product has several types of benefits, including periodic benefit payments in the form of life annuity, lump sum benefits, and benefit in according with UU No.13 2003. a. Annuity If the employee as the insured dies during the insurance, then paid to the spouse, the benefit in the form of periodic life annuity in the amount of F11 x MKtot x GDA When the employee becomes disability at insurance period, insurer pays beneficiary periodic payment benefit in form of a life annuity in the amount of F12 x MKtot x GDA When the employee retire early, insurer will pay beneficiary periodic payment benefit in form of a life annuity in the amount of F13 x MK x GDA When the employee survive at retirement, insurer will pay beneficiary periodic payment benefit in form of a life annuity in the amount of F13 x MK x GDA

b. Lump sum When the employee, as insured, dies at insurance period, insurer will pay beneficiary lump sum benefit in the amount of F21 x MKtot x GDA When the employee becomes disabled at insurance period, insurer will pay beneficiary lump sum benefit in the amount of F22 x MKtot x GDA When the employee retire earlier, insurer will pay beneficiary lump sum benefit in the amount of F23 x MK x GDA When the employee survive at retirement, insurer will pay beneficiary lump sum benefit in the amount of F23 x MK x GDA

c. UU No.13 2003 When the employee, as insured, dies at insurance period, insurer will pay beneficiary lump sum benefit according UU No.13 2003 When the employee becomes disabled at insurance period, insurer will pay beneficiary lump sum benefit according UU No.13 2003 When the employee retire earlier, insurer will pay beneficiary lump sum benefit according UU No.13 2003 When the employee survive at retirement, insurer will pay beneficiary lump sum benefit according UU No.13 2003

3. Premium Rate The product commonly has two types of premium, including Initial Liability or Past Service Liability (PSL) and monthly premium. Actuarial Assumption The product needs construction of multiple decrement tables in actuarial work, given tables of Mortality, Disability, and Retirement Mortality Table Disability Table Retirement Table Interest rate Salary Increasing rate Age of retirement PSL Cost The first-years cost = CSO 80 or GAT 83 = Standard = Standard = 7% per annum = 7% per annum (or on required) = 56 years (or on required) = 15% = 17.5%

The second-years cost etc = 7.5% Premium Formula a. Annuity

b. Lump sum

c. UU No.13 2003

F31, F32, and F33 are factor of working period in amount of according UU No.13 2003

a. General Formula

Normal Cost (NC) or Past Service Liability (PSL) commonly are adjusted to the ability of companies, so we have 

4. Cash Value


 

are factor of cash value in amount of according past working period, such

MK 1 2 3 4 5 6 7 8 9 10

Factor F(1) F(2) F(3) F(4) F(5) F(6) F(7) F(8) F(9) F(10)

MK 11 12 13 14 15 16 17 18 19 20

Factor F(11) F(12) F(13) F(14) F(15) F(16) F(17) F(18) F(19) F(20)

MK 21 22 23 24 25 26 27 28 29 30

Factor F(21) F(22) F(23) F(24) F(25) F(26) F(27) F(28) F(29) F(30)

5. Reserve