6. Policy Transactions – Surrender

A Policy Holder can initiate any of the following transactions in a policy that he has purchased:

Note

Policy transactions can be carried out through the Agency Branch component only.

During policy transaction, system displays a warning message if there is a security cession marked against this policy. Warning message would be displayed on top of the Policy Transaction Screen.

Warning: There is a Security Cession recorded against this policy. Transaction may only be executed with the agreement of both parties.

Policy Transactions can only be initiated into authorized policies for which the underlying initial investment transaction has already been generated. The policy transaction must be authorized before it becomes effective and the underlying transactions are generated and allotted.

Note

This chapter deals with Surrender transactions.

This chapter contains the following topics:

6.1 Surrender Transactions

This section contains the following topics:

6.1.1 Entering Surrender Transaction

A partial or total surrender transaction could happen in a policy in any one of the following situations:

The following are the steps you need to follow to enter and save a Surrender transaction. Each of these steps is explained in detail in subsequent sections.

6.1.2 Invoking Policy Transaction-Surrender Detail Screen

You can invoke the ‘Policy Transaction-Surrender Detail’ screen by typing ‘LEDPLSUR’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.

 

Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the Policy Transaction Surrender.

You can specify the following fields in this screen:

Policy Transaction

In the Policy Transaction section, you will have to enter information in the following fields:

Policy Txn Number

Display

This is a unique identification for the policy transaction that is effected in this Policy. It is generated by the system when all details that are mandatory for the transaction profile have been successfully entered, and the transaction record is saved.

Reference Number

Alphanumeric; 16 Characters; Optional

Specify a unique identification for this policy transaction that will be used in all subsequent references to this transaction, before it is authorized.

Policy Number

Alphanumeric; 16 Characters; Mandatory

Select the policy on which this transaction is to be effected. You can use the Find Policy Options screen. The policy selected must be an authorized, active policy on which the underlying initial investment transaction has already been generated.

If a policy has been surrendered by mistake, the system will allow you to re-activate it. On re-activation, the system will reverse the redemption transactions generated during policy surrender and change the status of the policy from ‘SUR’ to ‘ACT’. Annuities, premiums, dividends and broker commissions that have been missed out can be computed through the back data propagation facility. This computation will not be done by the system during re-activation of the policy.

Policy Start Date

Display

When you select the Policy Number, the start date of the selected Policy is displayed here.

Product ID

Display

When the Policy is specified, the ID of the product under which the corresponding policy has been created is displayed in this field.

Product Name

Display

When the Policy is specified, the name of the product under which the corresponding policy has been created is displayed in this field.

Policy Holder ID

Display

When you specify the Policy Number, the ID of the Policy Holder is displayed here.

Policy Holder Name

Display

When the Policy Number is selected, the name of the corresponding Policy Holder is displayed here.

Maturity Date

Display

The maturity date of the policy is taken from the policy creation details and displayed here. You will not be allowed to change the same.

You will also have to enter information in the fields in the following tabs in this screen:

6.1.2.1 Policy Financial Wizard Button

When you click ‘Policy Financial Wizard’ button, the screen in invoked:

 

The Policy Financial Wizard enables a Policy Holder to know, at a glance, the value of his policy, and the details of his holdings in the funds. The following details are displayed based on the Policy Number selected:

Options Section

The details of the holdings that can be viewed are given below:

Select one of the options (the option ‘All of the above’ allows you to view all details together) and click ‘View Information’ button. The following details are displayed:

The position of the Policy Holder’s investment and the holding value in product base currency are thus available at a glance, and will aid him, when transaction amounts are specified.

6.1.2.2 PH Deal Button

Click ‘Ph Deal’ button to view the details of all the deals set up for the unit holder.

 

To retrieve the details of a record in the UnitHolder Summary screen, you need to specify the search criteria for the system to retrieve records. You can retrieve records based on:

You can specify any or all of the search criteria. Click ‘Search’ button to view the records.

You can view the record details by double-clicking on the particular record. The details of the selected record will be displayed in the ‘UnitHolderDeal Maintenance’ screen.

6.1.3 Transaction Details Tab

 

You will need to enter the following information in this tab:

Transaction Currency

Alphanumeric; 3 Characters; Mandatory

If redemption is done in a currency other than the policy base currency, then you are required to specify the transaction currency. If you do not, then the system will default the base currency of the corresponding policy or plan from the Policy details record as the transaction currency.

Currency Name

Display

The system displays the currency name for the transaction currency.

Transaction Date

Date Format, Mandatory

Specify the date for the transaction. You can enter a backdated transaction here, if backdated transactions are allowed in the corresponding product. If backdated transactions are not allowed, then this date must not be earlier than the application date.

The transaction date must be earlier than the End Date of the Policy, and must not be a holiday. The transaction date cannot be earlier than the first Rule Effective Date of the policy.

Transaction Entry Date

Display

By default, the application date is displayed in this field, and it cannot be altered.

Transaction Amount

Numeric; 30 Characters; Mandatory if the Transaction Mode is ‘Amount’

Specify the portion of the transaction amount that is to be redeemed in each of the selected funds. The sum of these amounts must not be greater than the total transaction amount specified in the transaction details tab for this transaction. Typically, this field is only applicable for transactions for which the mode is ‘Amount’.

Policy Base Currency

Display

When the Policy is selected, the corresponding Plan (or Policy) Base Currency is displayed here from the policy details record. This currency cannot be changed at this stage.

Net based transactions will be allowed only for amount based surrenders and in case of 100% surrender, unit based gross transactions will be generated.

For surrender transactions Account currency of garnishee should be same as Policy base currency.

For annuity transactions also, the Account currency of garnishee should be same as Policy base currency

Transaction Mode

Mandatory

Select the mode in which the transaction must be put through, from the drop-down list. The list displays the following values:

Portfolio Surrender?

Optional

You can select ‘Yes’ to indicate the surrender is a complete or partial surrender transaction within the funds in which the investor as invested.

Percentage

Numeric; 5 Characters; Mandatory if Transaction Mode is ‘Percentage of Holdings’

If the specified Transaction Mode is ‘Percentage of Holdings’, then specify the percentage of the Policy Holder’s holdings that is to be reckoned as the transaction amount for this transaction.

When you specify this percentage, the transaction amount is computed and displayed in the ‘Transaction Amount’ field, and locked. In case you have specified the percentage as 100, then the transaction amount is displayed as zero.

The percentage you specify here must not exceed one hundred.

Adjustment Transaction

Mandatory

Select the adjustment transaction status from the drop-down list.

If the transaction is an adjustment withdrawal, then system would not validate the No. of withdrawals allowed at Product/Policy level. Also, the withdrawal counter at the policy level would not be updated.

Phase In To Be Cancelled

Alphanumeric; 16 Characters; Optional

You can choose to cancel all, none or specific IDs of the active PhaseIn setup.

Sub Type

Alphanumeric; 3 Characters; Mandatory

Specify the sub type.

Sub Type Description

Display

The system displays the description for the selected sub type.

Surrender Money Payable

Alphanumeric; 1 Character; Mandatory

Specify to whom the surrender money is payable, by selecting the same from the option list.

Description

Display

The system displays the description for the selected surrender money payable.

Remarks

Alphanumeric; 255 Characters; Optional

Enter a brief description of the transaction, or any applicable remarks about the transaction.

Exchange Rate Details

The policy transaction currency can be different from the base currency of the policy. In this section, you can maintain the details related to the exchange rate to be used for currency conversion.

Amount Applied

Display

The amount calculated based on the exchange rate specified gets displayed here, after the calculation.

Exchange Rate Applied

Alphanumeric; 21 Characters; Optional

The exchange rate corresponding to the combination of policy base currency and policy transaction currency gets displayed here. The exchange rate for a surrender transaction will be between policy base currency and transaction currency.

Source ID

Alphanumeric; 6 Characters; Mandatory

Specify the source from which the exchange rate is obtained or select the source ID from the option list provided.

Override Exchange Rate

Optional

Select the option to indicate if you wish to override the exchange rate that gets defaulted. Select ‘Yes’ to indicate that you wish to override the exchange rate and ‘No’ to indicate otherwise.

FX Value Date

Date Format; Optional

Select the FX value date.

FX Deal Date

Date Format; Optional

Select the FX deal date.

Click ‘Enrich’ button to display the transaction details.

6.1.4 Asset Allocation Tab

 

Capture the fund-wise pattern of distribution of the surrender amount in the Asset Allocation Details section of this tab. If the redemption is in different currencies, you need to mention the currency-wise details here.

Fund ID

Alphanumeric; 6 Characters; Mandatory

All the funds mapped for the selected product where the Policy holder has a balance are displayed in the option list. Select the required funds.

Fund Name

Display

The name of the fund that you select will be displayed.

Ratio

Numeric, 15 Characters; Optional

Specify the percentage of the amount that must be redeemed in each of the selected funds. The sum of all such percentages must add up to 100, and not fall below or exceed it. The percentages specified here must not be fractional. Typically, this field is only applicable for transactions for which the Transaction Mode is ‘Percentage’.

If there are many currencies specified as part of settlements, then the system will not allow you to enter a ratio. Instead you need to enter the transaction currency and transaction amount for each currency. The system will compute and display the ratio based on the currency and amount details provided. To calculate the ratio, the transaction amounts will be converted to policy transaction currency based on the exchange rate defined in settlements.

If the settlements are maintained in only one currency, then you can enter either the ratio or the transaction amount

Note

If you have specified the investment amounts in each fund, the investment ratios are com­puted and displayed here, and this field is locked.

Transaction Amount

Numeric; 30 Characters; Optional

Specify the portion of the transaction amount that is to be redeemed in each of the selected funds. The sum of these amounts must not be greater than the total transaction amount specified in the transaction details tab for this transaction.

Typically, this field is only applicable for transactions for which the mode is ‘Amount’.

If different currencies have been mentioned in settlements, then you can specify only the transaction amount. The system will default the ratio. If all the currencies in settlements are the same, then you can specify either the transaction amount or the ratio.

Note

If you have specified the investment ratios in each fund, the investment amounts are com­puted and displayed here, and this field is locked.

Units

Numeric; 27 Characters; Optional

The Units field enables you to allot units applied for each fund under asset allocation. This is based on the gross amount of the unit/product. To show the number of units applied to the fund under allocation, specify the number of units allocated.

Once the Transaction Mode is selected as units, the following fields are defaulted:

It is necessary for you to enter the Units applied for each Fund, under the asset allocation details.

Transaction Currency

Alphanumeric; 3 Characters; Optional

Specify the transaction currency for the transaction. If many currencies have been mentioned in the settlements, then you are required to enter the amount for individual currencies. You can specify a transaction currency only if the transaction is amount-based.

Source ID

Alphanumeric; 6 Characters; Optional

The system will display the exchange source maintained at the default set-up in system parameters. You can change it by selecting the required exchange rate source from the adjoining option list. This will be used by the system to convert the transaction amount in terms of fund base currency.

Override Exchange Rate?

Optional

Select ‘Yes’ if you wish to change the exchange rate that is displayed here. If you select ‘Yes’, however, you need to specify the exchange rate to be used for the transaction in the ‘Exchange Rate Applied’ field. Select ‘No’ if you wish to retain the exchange rate that is displayed by the system.

Exchange Rate Applied

Numeric; 21 Characters; Optional

The system will default the exchange rate available for the currency based on the exchange source specified. If you have elected to override the exchange rate, you need to enter the exchange rate to be used here. If exchange rate is not available, then the system will generate the transactions as incomplete ones. Such transactions can be enriched later through the ‘Policy Transaction Enrichment Screen’.

FX Deal Date

Date format; Optional

Select the FX deal date from the adjoining calendar.

FX Value Date

Date format; Optional

Select the FX value date from the adjoining calendar.

Auto Clear Provisional Balance

Mandatory

For a complete surrender transaction, you can use this field to indicate that the outflow transaction should include units in provisional balance.

If the policy transaction already has an underlying UT transaction with this option checked, then system throws up a warning and tracks the provisionally allotted transactions for auto clearing.

Auto Clear Reinvestments

Mandatory

Use this field to indicate that for a complete surrender transaction, the out flow transaction should include freeze held and reinvestment units.

Note

The ‘Auto Clear Provisional Balance’ and ‘Auto Clear Reinvestments’ fields will be checked or unchecked based on the specification for the same in the policy maintenance screen. However, you can change the defaulted value. These options will be enabled if the ‘Percentage of Holdings’ is specified as 100..

KIID Compliant

Optional

Select if the policy is KIID compliant or not from the adjoining drop-down list. Following are the options available:

6.1.5 Payment Details Tab

 

Capture the details of payments made to the Policy Holder towards processing of the transaction in this tab.

Payment Details

Payment Mode

Optional

Select the mode through which the payment is made to the Policy Holder or Product. The following are the options available:

Note

Though the above mentioned options are available, for a Surrender Transaction, the ac­ceptable Mode of Payment is ‘Money Transfer’. The system will not allow you to save a Surrender Transaction with any Mode of Payment other than ‘Money Transfer.

Clearing Date

Date Format, Optional

Specify the Clearing Date of the payment.

Beneficiary Details

Payment Type

Mandatory

Specify the type of payment. Following are the options available:

Note

Product ID/ Beneficiary ID/ Garnishee ID

Alphanumeric; 12 Characters; Optional

Select the product, beneficiary or Garnishee ID. Alternatively, you can select these ID from the option list. The system displays all valid Product/ Beneficiary/ Garnishee ID maintianed in the system.

On selecting a valid Garnishee ID in the Product/Beneficiary/Garnishee ID, the system will populate the bank details from the Garnishee details maintained at Policy Level.

Branch Code

Alphanumeric; 12 Characters; Optional

Select the Branch code from the option list.

Branch Name

Display

The system displays the name of the selected branch code.

Ratio

Numeric; 5 Characters; Optional

Specify the ratio of payment to be made in the specified payment mode.

If the Mode of Payment is specified as ‘Cheque’ or as ‘Demand Draft’, you will have to specify the following:

Check Number

Alphanumeric; 16 Characters; Optional

Enter the cheque number of the cheque /draft number of the demand draft by which the payment is being made.

Cheque Date

Date Format, Optional

Enter the cheque date of the cheque /draft number of the demand draft by which the payment is being made.

Bank

Alphanumeric; 12 Characters; Optional

Select the Drawee Bank from the option list.

Bank Name

Display

The system displays the name of the bank.

IBAN

Alphanumeric; 40 Characters; Optional

Specify the IBAN (International Bank Account Number) of the account holder.

Contact Name

Alphanumeric; 100 Characters; Optional

Enter the name of the contact person.

Account Holder Name

Alphanumeric; 100 Characters; Optional

Specify the account holder name.

Account Type

Alphanumeric; 1 Character; Optional

Specify the type of account.

Address Line1 and Line 2

Alphanumeric, 255 Characters; Optional

Specify the address of the third party for which the transfer payment must be made.

Account Number

Alphanumeric; 16 Characters; Optional

Specify the number of the transfer account.

Account Currency

Alphanumeric; 3 Characters; Optional

Specify the transaction currency.

For surrender transactions, account currency of garnishee should be same as Policy base currency.

Identification Number

Alphanumeric; 50 Characters; Optional

Enter the identification number assigned to the third party.

6.1.6 Broker Details Tab

 

Broker Code

Alphanumeric; 12 Characters; Mandatory

Select the broker code from the option list.

Broker Name

Display

Once you select the broker code, the broker name gets populated.

Parent Broker Code

Display

Once you select the broker code, the parent broker code gets populated.

Split Percentage

Numeric; 5 Characters; Mandatory

Specify the percentage of the commission that the selected broker is entitled to receive on any transactions put through for the investor. When the Policy Number is selected the split percentage as mentioned in the policy is defaulted here.

This percentage must not exceed one hundred percent.

Note

If you specify more than one broker in this section, the split percentages for all brokers, when summed up, must not exceed or fall below one hundred percent.

Click ‘Fetch Broker Details’ button to display the broker details.

6.1.7 Load Override Details Tab

You can override or alter the value of load mapped to the selected fund. You can do so in the Load Override Details screen which is invoked when you click on the Load Override Details Link.

 

You can override or alter the value of load mapped to the selected fund. You can do so in the Load Override Details screen which is invoked when you click on the Load Override Details Link. The following details are displayed:

If you click ‘Load Override Details’ button, the system defaults the load details. If you do not click this button, then the system will not default even if the fund has load. In this case, load will get computed during allocation only.

Fund ID

Display

The system displays the fund ID.

Load ID

Display

The ID of the allocation time load that has been mapped to the fund for the transaction type is displayed here. The load ID is displayed as a link. To view details of the load, click the ID link.

If a derived load has been mapped, it is also displayed here and can be overridden.

Load Description

Display

The description of the allocation time load that has been mapped to the fund for the transaction type is displayed here.

Change Value

Display

The system displays the change value details.

Change Type

Display

When you override or alter an allocation time load at the time of entering a transaction, you can effect the change in any of the following ways:

Group ID

Display

The system displays the group ID.

Transaction Type

Display

The system displays the transaction type.

Ref Type

Display

The system displays the reference type.

Derived Load Override Details

The system displays the following values:

Fund ID

Display

The system displays the fund ID.

Load ID

Display

The system displays the load ID.

Load Description

Display

The system displays the load description.

Parent Load ID

Display

The system displays the parent load ID.

Load Description

Display

The system displays the load description.

Change Type

Display

The system displays the change type.

Change Value

Display

The system displays the change value.

Transaction Type

Display

The system displays the transaction type.

Ref Type

Display

The system displays the reference type.

6.1.8 Add Info Tab

 

You can specify the following details:

Other Info Field

Display

The system displays the other information details.

Field Value

Alphanumeric; 60 Characters; Optional

Specify the field values.

6.1.9 Saving Information Entered

When you have entered all the mandatory information, click ‘Ok’ button.

The following message will be displayed:

The system displays the confirmation message as “Record Successfully Saved”.

This indicates the record has been saved. Click ‘Ok’ button.

On saving the policy, the system provides a feature to withdraw the units.

6.1.9.1 Fee Transaction Generated Prior to Surrender Transaction

During the 100% surrender transaction process, the system will check for any fee transaction that is Un-Allotted. If there is an Un-allotted fee transaction, then the transaction will be reversed. The fee must be taken through fee override and the fee transaction will not get generated.

Note

For 100% Unit Transfer Surrender Transaction with transaction type as ‘BALANCE TRANSFER OUT’, fee transaction generated for the policy will get reversed & will not be overridden.

6.1.9.2 Surrender Transaction Generated Prior to Fee Transaction

During the fee redemption transaction generation process, the system will check for any 100% surrender transaction that is Un-Allotted. If there is an Un-allotted transaction, then the Fee would be taken through fee override and the fee transaction will not get generated.

Note

For 100% Unit Transfer Surrender Transaction with transaction type as ‘BALANCE TRANSFER OUT’, fee transaction will not be generated & will not be overridden.

6.1.9.3 Surrender Transaction before Annuity Generation

When you have entered all the mandatory information for a 100% surrender transaction, system will if the annuity is applicable for the policy and for the month.

Annuity transaction is applicable for this policy, are you sure you wish to proceed with this transaction?

You can select override the message and proceed the transaction.

You will not be allowed to proceed with this transaction.

6.1.10 Processing Back Data Propagation for Transactions

You can correct erroneous transactions as well as enter those that have been missed out and compute the effect these have on the current holdings of the unit holder through the back data propagation process. To facilitate this propagation process, two schemas are used – the business (or normal) schema and the report schema. You are required to enter the correct data in the business schema for the required transactions and select these for propagation, again from the business schema. The transactions will be simulated in the report schema and the results can be viewed in the business schema.

Refer the chapter ‘Back Data Propagation’ for more details on the back data propagation process

6.1.11 Automatic Surrender of Policy

The system facilitates automatic surrender of policy when the policy’s market value goes below certain threshold amount. This amount parameterizes at the system level. This surrender is paid to the product account and not to the policy holder.

‘Process Automatic Surrender’ and ‘Threshold Policy Market Value’ defined in the Product maintenance screen accounts for the automatic surrender of policy. This can be explained as follows:

The System then triggers an automatic surrender transaction with the following parameters:

Refer to the chapter “Product and Batch Activities” for further information on Automatic Surrender.

6.2 Policy Transaction Surrender Summary Screen

This section contains the following topics:

6.2.1 Retrieving Surrender Transaction in Policy Transaction Surrender Screen

You can retrieve a previously entered record in the Summary screen, as follows:

 

Specify any or all of the following details in the Policy Transaction Surrender Summary screen:

  1. Select the status of the record in the Authorization Status field. If you choose the “Blank Space” option, then all the records are retrieved.
  2. Select the status of the record in the Record Status field. If you choose the “Blank Space” option, then all the records are retrieved.

After you have specified the required details, click ‘Search’ button. All records with the specified details are retrieved and displayed in the lower portion of the screen.

Note

You can also retrieve the individual record detail from the detail screen by doing query in the following manner:-

You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operation by selecting from the Action list.

You can also search the record by using combination of % and alphanumeric value.

Example

You can search the record for Product ID by using the combination of % and alphanumeric value as follows:-

6.2.2 Editing Surrender Transaction

You can modify the details of a record that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:

  1. Invoke the Policy Transaction Surrender Summary screen from the Browser.
  2. Select the status of the record that you want to retrieve for modification in the Authorization Status field. You can only modify records that are unauthorized. Accordingly, choose the Unauthorized option from the drop down list.
  3. Specify any or all of the details of the record in the corresponding fields on the screen to retrieve the record that is to be modified. All unauthorized records with the specified details are retrieved and displayed in the lower portion of the screen.
  4. Double click the record that you want to modify in the list of displayed records. The Policy Transaction Surrender Detail screen is displayed.
  5. Select Unlock Operation from Action list to modify the record. Modify the necessary information.
  6. Click Save to save your changes. The Policy Transaction Surrender Detail screen is closed and the changes made are reflected in the Policy Transaction Surrender Summary screen.

6.2.3 Viewing Surrender Transaction

To view a Surrender Transaction you have previously entered, you must retrieve the same in the Policy Transaction Surrender Summary screen, as follows:

  1. Invoke the Summary Screen from the Browser.
  2. Select the status of the Surrender Transaction that you want to retrieve for viewing in the Authorization Status field. You can also view all records that are either unauthorized or authorized only, by choosing the Unauthorized / Authorized option.
  3. Specify any or all of the details of the records in the corresponding fields on the screen, and click ‘Search’ button. All records with the specified details are retrieved and displayed in the lower portion of the screen.
  4. Double click the record that you want to view in the list of displayed records, in the lower portion of the screen. The Policy Transaction Surrender screen is opened in view mode.

6.2.4 Deleting Surrender Transaction

You can delete only unauthorized records in the system.

To delete a record that you have previously entered, you must retrieve the same in the Policy Transaction Surrender Summary screen, as follows:

  1. Invoke the Policy Transaction Surrender Summary screen from the browser.
  2. Select the status of the record that you want to retrieve for deletion.
  3. Specify any or all of the details of the record in the corresponding fields on the screen, and click ‘Search’ button. All records with the specified details are retrieved and displayed in the lower portion of the screen.
  4. Double click the record that you want to delete in the list of displayed records, in the lower portion of the screen. The Policy Transaction Surrender Detail screen is opened in View mode.
  5. Select Delete operation from the Action list. The system prompts you to confirm the deletion, and the record is deleted physically from the system database.

6.2.5 Authorizing Surrender Transaction

An unauthorized record must be authorized in the system for it to be processed.

To authorize a record, you must first retrieve the same in the Policy Transaction Surrender Summary screen.

  1. Invoke the Policy Transaction Surrender Summary screen from the Browser.
  2. Select the status of the record that you want to retrieve for authorization. Typically, choose the Unauthorized option from the drop down list.
  3. Specify any or all of the details of the record in the corresponding fields on the screen. Click ‘Search’ button. All records with the specified details that are pending authorization are retrieved and displayed in the lower portion of the screen.
  4. Double click the record that you wish to authorize. The Policy Transaction Surrender Detail screen is opened in View mode.
  5. Select Authorize operation from Action list.

When the checker authorizes a record, details of validations, if any, that were overridden by the maker of the record during the Save operation, are displayed. If any of these overrides results in an error, the checker must reject the record.

6.2.6 Amending Surrender Transaction

After a record is authorized, it can be modified using the Unlock operation from Action list. To make changes to a record after authorization, you must invoke the Unlock operation which is termed as Amend Operation.

  1. Invoke the Policy Transaction Surrender Summary screen from the Browser.
  2. Select the status of the record that you wish to retrieve for amendment. You can only amend records that are authorized.
  3. Specify any or all of the details of the record in the corresponding fields on the screen. All records with the specified details are retrieved and displayed in the lower portion of the screen.
  4. Double click the record that you want to amend. The Policy Transaction Surrender screen will be displayed in Amendment mode. Click the Unlock operation from the Action list to amend the record.
  5. Amend the necessary information. Click the Save button to save your changes.

6.2.7 Authorizing Amended Surrender Transaction

An amended Surrender Transaction must be authorized for the amendment to be made effective in the system.

Authorization of amended records can only be done from Fund Manager Module and Agency branch Module. The process of authorization is subsequently the same as that for normal transactions.

6.2.8 Reversing Surrender Transaction

You can reverse a transaction that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:

  1. Invoke the Policy Transaction Surrender Summary screen from the browser.
  2. Select the status of the record that you want to retrieve for reversal.
  3. Specify any or all of the details of the record in the corresponding fields on the screen, and click ‘Search’ button. All records with the specified details are retrieved and displayed in the lower portion of the screen.
  4. Double click the record that you want to reverse in the list of displayed records, in the lower portion of the screen. The Policy Transaction Surrender Detail screen is opened in View mode.
  5. Select Reverse operation from the Action list. The system prompts you to confirm the reversal of record.
  6. Click the Save button to save your changes.

Refer to the chapter “Allocation Details” for information on the Allocation Details screen