BNI Life Insurance is an insurance company that is growing rapidly with various insurance products offered to customers.One of them is a whole life insurance product, namely the Old Age Guarantee Program.Participants who take part in the insurance program are required to make premium payments according to what has been agreed.The Markov chain is a statistical method that can be used to analyze life insurance premium calculations.The aim of this research is to determine the premium value of Old Age Security Program participants using the Markov Chain method.Several other independent variables that are needed are the participant's survival probability value, the probability density value of the participant's risk of failure, the interest rate, and the sum insured proposed by the insurance participant.The results of this research are that the older the insurance participant gets, the smaller the premium value that must be paid by the insurance participant.
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Fatekurohman et al. (2024) studied this question.
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