2.1.2 Policy Details Tab

This topic explains the policy details tab of Policy Maintenance Detail screen.

1. On Policy Maintenance Detail screen, click Policy Details tab to enter the details.
   The Policy details are displayed.

   Figure 2-3 Policy Maintenance Detail_Policy Details Tab

   
   

   
   Description of "Figure 2-3 Policy Maintenance Detail_Policy Details Tab"

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

   Table 2-5 Policy Details - Field Description

   Field	Description
   Policy Dates	This section displays the following details.
   Creation Date	Date Format; Mandatory This signifies the date on which Policy record was entered into the system.
   Policy Start Date	Date Format, Mandatory Specify the date from which the Policy is available for transactions. The Policy Start Date can be a past date if backdating is allowed for the product (if you have selected the option BackDating Allowed? in the Product Maintenance Detail screen), but it must not be earlier than the Product Start Date.
   Maturity Date Basis	Mandatory The option you select here, will decide on what basis the maturity date will be calculated. You have the following two options: Retirement Tenure Minimum Tenure You can select the option Retirement Tenure only if you have selected the option YES against the field Retirement Features Supported. In such a case, the maturity date will be calculated on the basis of the age of retirement you will specify at the Product level. If you select the option Minimum Tenure, the maturity date will be calculated on the basis of the minimum tenure you will specify at the Product level.
   Maturity Date	Date Format, Mandatory When the Start Date of the Policy is specified, the system computes the maturity date for the Policy by adding the Minimum Tenure that has been specified at the product level for all policies, to the Policy Start Date, and defaults the computed date in this field. You can change this date. The concept of a Maturity Date enables the AMC to keep track of premature closures of policies that take place, so that the applicable exit fees may be levied. A Policy that has matured continues to exist in the product for all activities, but no transactions will be accepted into the Policy after the Policy End Date.
   Policy End Date	Date Format, Mandatory Specify the date beyond which the Policy should cease to be active. This date must not be earlier than the application date or the Policy Start Date.
   Type of Policy	Alphanumeric; 2 Characters; Optional Specify whether the Policy being created is a new Policy, a rollover from an existing Policy or whether the customer is transferring retirement assets. Transfer-in option is applicable for fresh investment. If Balance Transfer-in is chosen from the drop-down list the policy asset allocation will be enhanced to capture the unit transferred in each fund and WAC. The system will generate unit based transaction for such an initial investment. Note: The option list includes the option Accelerated Annuity. If you select this option, in case of death of a policy holder, the policy will be transferred to a new policy opened in the name of the beneficiary .The initial amount of the new policy will be the maturity amount of the old one and the entire maturity proceed will be paid out over number of occurrences and frequency (maintained in the annuity tab).
   Description	Display The system displays the description of the selected policy type.
   Nature of Fund	Alphanumeric; 3 Characters; Optional Specify the nature of the fund based on param maintenance. The adjoining option list displays all valid accounts maintained in the system. You can choose the appropriate one. The combination of product and the nature of the fund will then determine if PIGS rules can be applied while capturing the contributions and switches for the policy. Once applied, the system will apply PIGS rules for all transactions under the policy.
   Reg28 Auto Switch Required?	Optional Select if Reg28 auto switching is required or not from the drop-down list. The list displays the following values: Yes No This field is mandatory for PIGS compliant product.
   PIGS Status	Optional Select the contract status from the adjoining drop-down list. Following are the options available: GrandFathered Regulated Not Applicable Policy PIGS Status is applicable only for those products for which PIGS and FOREX compliance is true. If Policy start date is greater than or equal to PIGSREGDATE and product is PIGS compliant (with appropriate Nature of fund), then the system will mark the contract status as Regulated. If PIGSREGDATE is null then all Policy PIGS status will be by default Grandfathered. The system will display an warning message if you select Regulated option. If nature of fund is not mapped, Contract status will be derived based on PIGS compliance status at product level and PIGSREGDATE. You can change PIGS status from Regulated to GrandFathered manually for policy which policy start date greater than or equal to PIGSREGDATE. For policies with GrandFathered status, the system will not change policy status automatically to Regulated on material change before PIGSREGDATE. If you change policy status manually to Regulated before PIGSREGDATE, then the system will not validate for material change and policy will continue to be in Regulated status.

• Validate PIGS and FOREX
  This topic provides information to validate PIGS and FOREX.
• Processing Auto Switch
  This topic provides information on processing Auto Switch.
• Dates Defaulting and Product Level Defaulting
  This topic explains the Dates Defaulting and Product Level Defaulting sections of the Policy Maintenance Detail screen.