ePAT is CTC’s pre-retirement pension, protection and savings illustrations system. For more details, select one of the links below.
• ePat for Pensions
• ePat for Savings
CTC’s module for Protection based products, whether written as Life Assurance or General Insurance, utilise the core parameterisation already in existence within the CTC Illustration engine.
These can be both premium or benefit driven and can be run as rider benefits or in stand-alone mode, utilising unit-linked or non-profit rating bases.
The CTC system incorporates substantial flexibility through the concept of contribution/benefit streams within a single product. With regard to “contribution streams” this functionality allows:-
- Different charges to be applied to different contribution streams.
- Different charges to be applied to contribution streams commencing at different dates.
- Fund choice to vary by contribution stream.
- Multiple funds to be chosen within a stream, with calculations reflecting different growth rates/AMCs for different funds chosen.
- The rules applied at the benefit stream level can allow for benefits to be calculated according to differing definitions for differing types of benefit or cover and include allowance for statutory restrictions.
The CTC system also allows a differentiation between the contribution streams and the benefit streams. This means that multiple forms of contribution can be defined, with the monies arising aggregated to allow for charges relating to the benefits chosen to be specified and deducted and for the appropriate benefits to be reflected in illustrations and calculations arising on surrender, death or maturity.
The stream structure allows for benefits such as life cover, critical illness, elderly care cover, permanent disability and income protection, together with allowance for the different factors relating to each type of stream.
- Different forms of cover (e.g. sum assured/benefit per annum).
- Single life, joint life (first death, second death and independent).
- Term of coverage.
- Indexation of coverage.
- Deferred periods.
- Underwriting and occupational ratings.
The characteristics of each benefit stream can be utilised to define the appropriate mortality/morbidity charge.
The benefit stream structure allows such matters as minimum and maximum ages and contribution levels to be defined, this structure also allows limits on minimum and maximum coverage and appropriate cross validations (e.g. where several benefits must utilise similar definitions).