3.5 Withdrawals Tab
This topic explains the Withdrawals tab of Product Maintenance Detail screen.
- On Product Maintenance Detail screen, click Withdrawals tab to enter the details.The Withdrawals details are displayed.
Figure 3-5 Product Maintenance Detail_Withdrawals Tab
- On Withdrawals tab, specify the fields.For more information on fields, refer to the field description table.
Table 3-5 Withdrawals - Field Description
Field Description Withdraw This section displays the following fields.
No. of Withdrawals Allowed Numeric; 5 Characters; Optional
Specify the number of partial surrender transactions that can be performed by the Policy Holder during the tenor of the policy. You have to mention the number above zero to select the applicable transaction sub types.
Withdrawal Limit Percentage Numeric; 5 Characters; Optional
This field will be enabled if you have specified the Withdrawal Limit Mode as Percentage. Specify the maximum percentage of holdings that the Policy Holder is allowed to withdraw.
Compounding Factor Numeric; 5 Characters; Optional
This field will be enabled if you have specified the Withdrawal Limit Mode as Percentage and the Withdrawal Limit Basis as Compounded Contribution. Specify the compounding factor to be used in calculations.
Minimum Withdrawal Amount Numeric; 18 Characters; Optional
This field will be enabled if you have specified the Withdrawal Limit Mode as Amount. Specify the minimum amount that a Policy Holder can be withdrawn from the holdings.
Withdrawal Limit Mode Optional
Select withdrawal limit mode from the drop-down list. The list displays the following values:- Percentage
- Amount
Select the option Percentage to indicate the withdrawal details will be specified in terms of the percentage of holdings.
Select the option Amount to indicate the withdrawal details will be specified in terms of the withdrawal amount.
Withdrawal Limit Basis Alphanumeric; 1 Character; Optional
This field will be enabled if you have specified the Withdrawal Limit Mode as Percentage. Specify the applicability of the withdrawal percentage.
The percentage you have specified might apply to the Contribution Amount, Compounded Contribution or Market Value.
Description Display
The system displays the description for the selected withdrawal limit basis.
Withdrawal Money Payable Alphanumeric; 1 Character; Optional
Specify whether the withdrawal money is payable to the Customer, Administrator or Product Account.
Description Display
The system displays the description for the selected withdrawal money payable.
Maximum Withdrawal Amount Numeric; 18 Characters; Optional
This field will be enabled if you have specified the Withdrawal Limit Mode as Amount. Specify the maximum amount that a Policy Holder can withdraw from the holdings.
Automatic Surrender This section displays the following fields.
Process Automatic Surrender Optional
Indicate whether a policy should be automatically surrendered if the market value of the policy goes below a threshold amount or not from the drop-down list.
Consequently, when you do surrender, by default, the money will be transferred to the unitholder's bank account. But, here, the money will be transferred to the bank account of the product and not to the unitholder.
Threshold Policy Market Value Alphanumeric; 15 Characters; Optional
You will be allowed to enter the threshold policy market value, if you have selected Yes for Automatic Surrender.
If the policy market value reaches less than the amount that you specify here, the system will automatically trigger a 100% policy withdrawal transaction.
Adjustment Transaction Sub Types Specify the applicable transaction sub types for the adjustment withdrawal. If you do not specify it, then all outflow transactions would affect withdrawal counter at policy level.
Adjustment Transaction Type Optional
Specify the adjustment transaction type.
Applicable Adjustment Transaction Type Description Display
The system displays the description for the selected adjustment type.
Parent topic: Product