Insurance and Pension Fund Management

Insurance Management
Insurance is a business system that provides protection or financial (compensation) for life, property, health etc. Insurance is used to obtain reimbursement of events that can not be expected to occur such as death, loss, damage or illness, which involves the payment of premiums on a regular basis within a specified period in exchange for a policy that ensures the protection.

Pension Funds
Under Law No. 11 of 1992, in Indonesia know the 3 types of pension funds, namely:

• employer pension funds, the pension fund established olehè person or entity that employs the employees, as the founder, and for a defined benefit pension plan or a defined contribution pension plan, for the benefit of part or all of its employees as participants, and create liability against the employer.  
• Pension funds financial institutions, is a pension fund that dibentukè by banks or insurance companies to defined contribution pension plans, for individuals, both employees and independent pkerja separate from employer pension fund for employees atai bank life insurance company.  
• Pension funds based on profit, is a pension fund employer defined contribution pension plan, the employer's contribution is only based on a formula linked to the advantage of employers.

Benefit pension fund

• Normal retirement benefits, pension benefits for participants is that the participants began to be paid upon retirement after reaching normal retirement age or later.

• retirement benefits, pension benefits for participants are paid when participants retire at a certain age before normal retirement age.

• disability pension benefits, pension benefits for participants are paid when the participant becomes disabled

 

Differences insurance and pension funds

a). PENSION PLAN

Is a product of Employer Pension Fund (EPF) or Financial Institution Pension Fund (Pension Fund). This product can be marketed their own company-specific internal or external to the market. Some QUOTE company employees in pension plans held by the Pension Fund but some are self-administered. Some examples are the Pension Fund: Pension Fund Manulife, Winterthur Life, Bringinlife, Allianz, and others. While some examples of EPF are: EPF Garuda, Samudera Indonesia, Pertamina, etc. INCO. In the midst of this era of bancassurance; DPLK product can be marketed through the banks as an example: DPLK BRI BRI marketed in counter, Product "Symphony" DPLK BNI BNI is marketed as a product, and so on.
Simplified pension product can be understood as a product of the general public "savings bank". Pension Fund has the following characteristics:

• The results follow the results of the managed fund investments made by investment managers with diverse investment placement options. Average Pension Fund / Pension Fund to provide funding growth assumption of 10-22%.

• Investment returns are subject to a variety of costs depending DPLK / EPF. Some common expenses are: registration fees, management fees, withdrawal fees, removal costs and other types of investment.

• The investment income will be taxed progressively in accordance with Law No. 11/1992 regarding the pension fund.

b). INSURANCE PLAN
Is a product of insurance, to meet the rapidly growing especially Law No. 13/2002 on Labour. Some insurance companies named this product as Old Age Security (JHT) as PT. Social Security, or Old Age Savings (ENT) / Old Age Welfare (KHT) in several other insurance companies.
Pension insurance products primarily intended for:

• Meets the value of employee severance in the event of layoffs, for example employees worked many years it will receive severance pay many times the final salary. Emphasis on pension insurance products are a MUST RESULT Act mandated as reply.

• Provide funds in case of the death and disability risks. The employee will receive a death benefit for heirs or disability compensation.

On the second point is the salient difference with Insurance Retirement Pension Funds in addition to the pension insurance WILL RESULT.

Source :

http://kelolauang.com/www.

http://hery-yaningsih.blogspot.com/

http://id.wikipedia.org/wiki/Asuransi

http://id.wikipedia.org/wiki/Dana_pensiun