2.12.5 Life Insurance Details screen

This topic provides information on Life insurance details screen of specific collateral input details.

Note:

The fields, which are marked with an asterisk, are mandatory.

1. On the Home screen, specify GCDCOLLI in the text box and click the icon.
   The Life Insurance screen is displayed.

   Multiple life insurance records can be linked to same customer collateral. Collateral value is updated duly considering amount of these life insurance policies.

   Figure 2-62 Life Insurance

   
   

   
   Description of "Figure 2-62 Life Insurance"

   
   
2. On Life Insurance screen , click the Life Insurance Details tab.
   The Life Insurance Details screen is displayed.

   Figure 2-63 Life Insurance Details

   
   

   
   Description of "Figure 2-63 Life Insurance Details"

   
   

   For more information on fields, refer to the field description table.

   Table 2-68 Life Insurance Details - Field Description

   Field	Description
   Policy No	Specify the life insurance policy number.
   Name of the Policy	Specify the policy name.
   Policy Status	Select the status from the drop-down list. The available options are: Inforce Lapsed PaidUp Note: Policy value is updated appropriately when the policy status is lapsed.
   Insurer Details	Specify the details of insurance company like nature of policy, term, and so on.
   Insurer Address	Specify the insurance company address.
   Beneficiary	Specify the beneficiary name.
   Currency	In case manual revaluation, you can select the currency from the adjoining option list. In case of external revaluation, currency gets populated based on the security code selected.
   Amount in Collateral Currency	Wherever life insurance value currency is different from collateral currency, life insurance value in the collateral is converted to collateral currency as per rate configured and collateral value is updated.
   Insurance Amount	Specify the sum assured amount.
   Premium Amount	Specify the premium amount.
   Insurance Surrender Value	Insurance surrender value is considered for updating collateral value.
   Policy Start Date	Specify the start date of the policy. Policy start date cannot be future dated.
   Policy Issue Date	Specify the issue date of the policy. Policy issue date cannot be after policy start date. Note: Policy issue date is defaulted as policy start date unless it is specified.
   Policy End Date	On policy end date, collateral value is updated as zero. When multiple policies are having different end dates, collateral value is reduced to the extent of policy on reaching end date. Policy end date cannot be back dated. Note: When multiple life insurance policies with different end dates are linked to same collateral, farthest end date is updated as collateral end date. On policy end date, collateral value is updated as zero. When multiple policies are having different end dates, collateral value is reduced to the extent of policy on reaching end date.
   Policy Tenure (in days)	Policy tenure is derived based on policy start date and policy end date.
   Renewal Frequency	Select the insurance policy renewal frequency from the adjoining option list.
   Assignment Date	Specify the date of assigning the policy to the bank. Assignment date cannot be prior to policy start date and also future dated. Assignment date cannot be prior to policy issue date. Assignment date cannot be after policy end date.
   Date of Agreement	Specify the date on which the bank and the customer signed the collateral agreement.
   Remarks	Specify the remarks for the Life Insurance type collateral, if any. Following sub-screens are not relevant to life insurance type of collateral. Appropriate message is displayed when the same are invoked for entering data at the time of collateral maintenance. Insurance Field Investigation details

3. Click Save to save the record.