3.7 Premium and Annuity Details Tab

This topic explains the Premium and Annuity details tab of Product Maintenance Detail screen.

You will be able to see this link only if you have chosen a product type for which the option Premium and Annuity Applicable? is set to Yes.

1. On Product Maintenance Detail screen, click Premium and Annuity Details tab to enter the details.
   The Premium and Annuity details are displayed.

   Figure 3-7 Product Maintenance Detail_Premium and Annuity Details Tab

   
   

   
   Description of "Figure 3-7 Product Maintenance Detail_Premium and Annuity Details Tab"

   
   
2. On Premium and Annuity Details tab, specify the fields.
   For more information on fields, refer to the field description table.

   Table 3-7 Premium and Annuity Details - Field Description

   Field	Description
   Premiums and Annuities	This section displays the following fields.
   Multiple Premiums Allowed?	Optional Select Yes from the drop-down list, if multiple premiums are allowed on the Product.
   Minimum Premium Amount	Numeric; 18 Characters; Optional Specify the minimum premium amount that the Policy Holder needs to pay.
   Maximum Premium Amount	Numeric; 18 Characters; Optional Specify the maximum premium amount that the Policy Holder needs to pay.
   Premium Step Amt	Numeric; 18 Characters; Optional Specify the step amount for payment of premium. The premium amount will be a multiple of the step amount.
   Auto Premium Recovery	Optional If you select Yes, the system will automatically generate all pending premium transactions if one of the following cases is applicable: The premium payment that has stopped, becomes Active again. Premium payments are not made, the status of the same is marked PUP by the AMC. Once the premium payment is made, the AMC changes the status to Active. If you select No, then no pending premium transactions are generated.
   Annuity Applicable?	Optional An annuity is a deferred payment made to the Policy Holder over a period, for lump-sum payments or premium payments received from the Policy Holder. You can select Yes if annuities are applicable to this product. Note: The next few fields Minimum Annuity Amount, Maximum Annuity Amount, Minimum Annuity Ratio and Maximum Annuity Ratio are enabled only if you have selected the option Annuity Applicable?.
   Minimum Annuity Amount	Numeric; 18 Characters; Optional Specify the minimum amount to be paid out as annuity to the Policy Holder for any policy in the Product.
   Maximum Annuity Amount	Numeric; 18 Characters; Optional Specify the maximum amount allowed to be paid out as annuity to the Policy Holder for any policy in this Product.
   Minimum Annuity Ratio	Numeric; 3 Characters; Optional Specify the ratio of annuity to the net investment amount. This will determine the lower limit of annuity amount payable in a policy. Note: This will be used for the 5/20 validation during Batch functions. Refer to the topic Batch Functions in this User Manual for further information on the 5/20 validation.
   Maximum Annuity Ratio	Numeric; 3 Characters; Optional Specify the ratio of annuity to the net investment amount. This will determine the upper limit of annuity amount payable in a policy. Note: This will be used for the 5/20 validation during Batch functions. Refer to the topic Batch Functions in this User Manual for further information on the 5/20 validation.
   Others	This section displays the following fields.
   Annuity By Fund?	Optional Select whether annuities are paid out for on the basis of the funds in the Product from the drop-down list.
   Certificate of Existence Applicable	Optional You can select Yes from the drop-down list to indicate the Policy Holder needs to produce a certificate of existence.
   Life Cover Applicable	Optional Select Yes from the drop-down list to indicate whether the Policy Holder has an option to opt for a life cover while subscribing to this Product.
   Annuity Tax Computation Basis	Optional If the Withholding Tax Applicable for Annuity is selected, you can select the annuity tax computation basis from the drop-down list as Policy or Policy Holder. If the maintenance for Annuity Tax Basis at the product level is at policy holder, the gross annualized amount for all policies pertains to the Policy Holder gets added up for a Product. If it is at Policy level, gross annualized amount of the Policy level would be taken.
   Bonus Applicable?	Optional Select Yes to indicate this Product declares a bonus.
   Guaranteed Annuity?	Optional Select Yes from drop-down list to indicate annuity is guaranteed on a policy in this Product.
   Life Cover Amount	Numeric; 18 Characters; Mandatory if Life Cover Applicable box is checked Specify the amount to be paid by the Policy Holder as a fee for obtaining the life cover for any policy held by him in this Product. Note: This field is enabled only if you have selected the option Life Cover Applicable.