Page 174 - Group Insurance and Retirement Benefit IC 83 E- Book
P. 174
LIC calculates contribution payable on actuarial basis but does not follow Projected Unit
Credit Method as laid down by Revised AS (15); in fact it follows Aggregate Method
which results in lower contribution and lower level of funding. On adoption of Revised
AS (15) incremental liability will have to be adjusted against Revenue Reserves / Surplus
since old AS (15) did not lay down Projected Unit Credit Method.
