Step 1: The Contribution with respect to defined benefit group fund based Schemes shall be made in accordance with the Actuary's certificate as per AS 15 (Revised) obtained by the Employer.
Step 2: The Company will earmark assets for this product separately and the Policy Account under the product shall be disclosed on a daily basis on the company’s website through specifically assigned identification number (SAIN) for the fund for this product
Step 3: The contributions may be made monthly, quarterly, half-yearly or yearly.
Step 4: A Policy Account will be maintained in respect of every scheme as a whole.
Step 5: Shadow policy account value shall be maintained on daily basis. Such shadow policy account shall be computed based on the actual accruals of all income elements like premiums, income from investments as and when received and all actual debits from the policy account value as and when debited, to arrive at the actual gross investment return and reduction in yield to the policy account value, at the end of each policy year.
Step 6: An insurance cover of ₹1,000 shall be provided under this plan and the mortality charges for the same shall be deducted from Policy Account Value at the start of every year.