Cadangan Prospektif Produk Asuransi Jiwa Endowment dengan Metode Gross Premium Valuation

Abstract

Determination of life insurance reserves involving expenses in premiums is important to be calculated correctly so that insurance companies can manage benefit reserves properly. This study will calculate the reserve value of the single life double decrement endowment life insurance product (death and total disability) using the Gross Premium Valuation (GPV) method with a prospective approach. The reserve value obtained from the prospective GPV approach is zero at the beginning of the first year’s reserves. This shows that all incoming premium in the first year are used to cover expenses that must be incurred by the company. Furthermore, the value of GPV reserve will continue to increase so that at the end of the policy year it will be the same as the endowment benefits promised to the policyholder. In this study, administrative expenses, policy expenses, and loyalty bonuses are also involved. The result given is the amount of gross premium that must be paid from the insured woman aged 30 years, with a protection period of 20 years and a premium payment period of 20 years paid at the beginning of each year, which is Rp6.680.206,00 for an interest rate of 7% and Rp6.126.428,00 for an interest rate of 8%. Reserves that must be prepared by the insurance company at the end of the first year are Rp2.581.881,00 for an interest rate of 7% and Rp2.309.611,00 for an interest rate of 8% and will increase until the end of the 20th year of Rp200.000.000,00. The result is that gross premium and reserves will have a smaller value for a higher interest rate. The results of this study can be used by insurance companies as a reference for calculating reserves and interest rate sensitivity used in the GPV method.