a$)$ Differentiate between the whole life insurance policy and Endowment policy $[5$ Marks$]$ b$)$ Juma has a monthly salary of TZS $300,000$ of which $30\%$ is invested in a PSPST pension fund. The contributions to the Fund are made over $30$ years, and the average rate of return on the Fund is $6\%$ p$.$a$.$ in real terms $($i$.$e$.$ allowing for inflation$).$

The expected life expectancy at retirement is $20$ years. The real rate of return on government bonds at the time of retirement is $3\%.$ Required:

i$)$ What would be the expected value of a pension fund after $35$ years? $[5$ Marks$]$

ii$)$ What annual pension $($annuity$)$ should the person receive during $18$ years of retirement period? $[5$ Marks$]$iii$)$ Briefly explain different pension products offered by Pension Fund in Tanzania. $[5$ Marks$]$