2.1.2.3 Dates Defaulting and Product Level Defaulting
This topic explains the Dates Defaulting and Product Level Defaulting sections of the Policy Maintenance Detail screen.
- On Policy Details tab, you can enter the Dates Defaulting and Product Level Defaulting.
- On Policy Details Tab, specify the Dates Defaulting and Product Level Defaulting fields. For more information on fields, refer to the field description table.
Table 2-6 Policy Details Tab - Field Description
Field Description Dates Defaulting This section displays the following details.
Next Anniversary Date Date Format; Mandatory
Specify the Anniversary Date for the annuity payment.
Previous Anniversary Value Numeric; 30 Characters; Optional
Specify the preceding anniversary amount.
Note: Post authorization, you will be allowed to amend the Anniversary Value and the Previous Anniversary Value fields provided the Override Anniversary Date? option has been checked.
Override Anniversary Details? Mandatory
Select if anniversary details has to be overridden or not from the drop-down list. The list displays the following values:- Yes
- No
When you enter the Start Date of the Policy in the Policy Details section of this screen, the system defaults the Anniversary Date to a date that is exactly one year after the Start Date.
Policy Administrator Alphanumeric; 60 Characters; Optional
Specify the Policy Administrator details.
Policy Amount Numeric; 30 Characters; Mandatory
Specify an indicative amount for which the Policy is taken in the product. The system does not perform any validation against this amount, and it is used only for information purposes.
ROA Applicable Optional
Indicate whether a Rate of accumulation is applicable for the policy from the drop-down list. The list displays the following values:- Policy Level
- Policy Holder Level
- Across Product
The initial Administrator and Broker will use the market value at policy level to derive the fee return value. The fee is calculated based on the gross amount of the individual transaction value.
You can select the applicable ROA for policy and policy holder. On selecting the Right of accumulation for Policy, an accumulation rate is applied on the policy, being created. On selecting Unit holder, the Right of Accumulation is applicable for all the policies mapped to the particular Unitholder.
For an ROA function to be applicable, a cumulative load would have to be setup and mapped in the Load Product.
Allow ROA at CIF Level Optional
Indicate if ROA is to be allowed at CIF level or not by choosing from the drop-down list.
Product Level Defaulting This section displays the following details.
Statement Frequency Alphanumeric; 1 Character; Mandatory
Specify the frequency at which the Policy statement must be mailed to the Policy Holder for this Policy.
Note: This frequency overrides the frequency specified for the Product.
Description Display
The system displays the description of the specified statement frequency.
Policy Base Currency Alphanumeric; 3 Character; Mandatory
Specify the base currency to be associated with the policy or select the policy base currency from the option list provided. All currencies maintained in the system get displayed in the option list.
While saving the record, the system validates whether the selected currency is supported by product and saves the record on successful validation.
Description Display
The system displays the description of the specified policy base currency.
Life Cover Applicable Mandatory
This field indicates whether or not the Policy Holder has an option to opt for a life cover while subscribing to this product. Select Yes or No from the drop-down list.
Life Cover Amount Numeric; 30 Characters; Optional
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.
Proof of Existence Certificate Mandatory
Select whether or not the Policy Holder will need to produce a certificate of existence.
Guarantee Period Numeric; 3 Characters; Optional
Specify the guarantee period.
Take on Annuity Amount Numeric; 30 Characters; Optional
Enter the take-on annuity amount here. The annuity details will be calculated by the system based on the amount you enter here and not the annuity percentage, till the first anniversary. The annuity details will be taken into consideration after the first anniversary.
Number of Withdrawals Allowed Numeric; 5 Characters; Optional
Specify the number of withdrawals allowed
Withdrawal Counter Display
This field displays the number of withdrawals taken by the policy holder. It will be displayed irrespective of the product to which the policy belongs.
System will update the Withdrawal counter at policy level after doing a withdrawal transaction, and also validates with the No. of withdrawals allowed at Policy level.
Example: If you enter the Start Date of the Policy as 3rd June 2005, the Anniversary Date will be defaulted to 3rd June 2006.
If you wish to change the Anniversary Date of the annuity payment, check the box Override Anniversary Date.
This field is enabled only if the Override Anniversary Date? option has been checked.
Retirement Age Numeric; 3 Characters; Optional (Enabled only if Maturity Date Basis for Product is Retirement Age)
Specify the age that will be considered as retirement age for Policy Holders under this product. After this age, the Policy Holders will become eligible for retirement benefits, if any.
Note: This field will be enabled only if, for the Product, in the Product Maintenance screen:- You have selected the option Yes against the field Retirement Features Supported?
- You have selected the option Retirement Age against the field Maturity Date Basis
Life Expectancy Numeric; 3 Characters; Optional
User can enter life expectancy.
Policy Term (Years) Numeric; 3 Characters; Optional
You can enter the policy term.
Parent topic: Policy Details Tab