4.1 Process Policy Transaction-Switch Detail

This topic provides the systematic instructions to enter and save a switch transaction.

A partial or total switch transaction is effected when a Policy Holder chooses to re-allocate his assets in the underlying funds of the policy. As a result, he re-distributes his investment in some or all funds of the policy. He may choose to invest in a different fund set or change his investment ratios in the same funds. The funds he wishes to invest should be mapped as allowable portfolios for the product.

In the system, a switch transaction is processed as two separate transaction:
  • The first involving a redemption from the first or From fund, and
  • The second involving a subscription to the second or To fund
The following are the steps you need to follow to enter and save a Switch Transaction. Each of these steps is explained in detail in subsequent sections.
  • Start the Policy Transaction-Switch Detail screen.
  • Enter information in the Policy Transaction-Switch Detail screen.
  • Save the information entered.

Invoke Policy Transaction-Switch Detail

  1. On Home screen, type LEDPLSWI in the text box, and click Next.
    The Policy Transaction-Switch Detail screen is displayed.

    Figure 4-1 Policy Transaction-Switch Detail


    Description of Figure 4-1 follows
    Description of "Figure 4-1 Policy Transaction-Switch Detail"

  2. On Policy Transaction-Switch Detail screen, click New to enter the details.
    For more information on fields, refer to the field description table.

    Table 4-1 Policy Transaction-Switch Detail - Field Description

    Field Description
    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.
    Transaction 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 from the option list. The policy selected must be an authorized, active policy on which the underlying initial investment transaction has already been generated.
    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.
    Name

    Display

    When the Policy Number is selected, the name of the corresponding Policyholder is displayed here.
    Policy 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:
    • Transaction Details
    • Asset Allocation
    • Brokers Details
  3. Click Save when you have entered all the mandatory information.
    The system displays the following confirmation message Record Successfully Saved.
  4. Click Ok button from the dialog box.
    This indicates the record has been saved.

Parent topic: Policy Transactions-Switch