5.1.3 Transaction Details Tab

This topic explains the transaction details tab of Policy Transaction-Surrender Detail screen.

1. On Policy Transaction-Surrender Detail screen, click Transaction Details tab.
   The Transaction Details are displayed.

   Figure 5-4 Policy Transaction-Surrender Detail_Transaction Details Tab

   
   

   
   Description of "Figure 5-4 Policy Transaction-Surrender Detail_Transaction Details Tab"

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

   Table 5-3 Transaction Details - Field Description

   Field	Description
   Transaction Details	This section displays the following details.
   Transaction Currency	Alphanumeric; 3 Characters; Mandatory If redemption is done in a currency other than the policy base currency, then you are required to specify the transaction currency. If you do not, then the system will default the base currency of the corresponding policy or plan from the Policy details record as the transaction currency.
   Currency Name	Display The system displays the currency name for the transaction currency.
   Transaction Date	Date Format; Mandatory Specify the date for the transaction. You can enter a backdated transaction here, if backdated transactions are allowed in the corresponding product. If backdated transactions are not allowed, then this date must not be earlier than the application date. The transaction date must be earlier than the End Date of the Policy, and must not be a holiday. The transaction date cannot be earlier than the first Rule Effective Date of the policy.
   Transaction Entry Date	Display By default, the application date is displayed in this field, and it cannot be altered.
   Transaction Amount	Numeric; 30 Characters; Mandatory if the Transaction Mode is ‘Amount’ Specify the portion of the transaction amount that is to be redeemed in each of the selected funds. The sum of these amounts must not be greater than the total transaction amount specified in the transaction details tab for this transaction. Typically, this field is only applicable for transactions for which the mode is Amount.
   Policy Base Currency	Display When the Policy is selected, the corresponding Plan (or Policy) Base Currency is displayed here from the policy details record. This currency cannot be changed at this stage. Net based transactions will be allowed only for amount based surrenders and in case of 100% surrender, unit based gross transactions will be generated. For surrender transactions Account currency of garnishee should be same as Policy base currency. For annuity transactions also, the Account currency of garnishee should be same as Policy base currency.
   Transaction Mode	Mandatory Select the mode in which the transaction must be put through, from the drop-down list. The list displays the following values: Amount Percent Units
   Portfolio Surrender?	Optional You can select Yes to indicate the surrender is a complete or partial surrender transaction within the funds in which the investor as invested.
   Percentage	Numeric; 5 Characters; Mandatory if Transaction Mode is ‘Percentage of Holdings’ If the specified Transaction Mode is Percentage of Holdings, then specify the percentage of the Policy Holder’s holdings that is to be reckoned as the transaction amount for this transaction. When you specify this percentage, the transaction amount is computed and displayed in the Transaction Amount field, and locked. In case you have specified the percentage as 100, then the transaction amount is displayed as zero. The percentage you specify here must not exceed one hundred.
   Adjustment Transaction	Mandatory Select the adjustment transaction status from the drop-down list. If the transaction is an adjustment withdrawal, then system would not validate the No. of withdrawals allowed at Product/Policy level. Also, the withdrawal counter at the policy level would not be updated.
   Phase In To Be Cancelled	Alphanumeric; 16 Characters; Optional You can choose to cancel all, none or specific IDs of the active PhaseIn setup.
   Sub Type	Alphanumeric; 3 Characters; Mandatory Specify the sub type.
   Sub Type Description	Display The system displays the description for the selected sub type.
   Surrender Money Payable	Alphanumeric; 1 Character; Mandatory Specify to whom the surrender money is payable, by selecting the same from the option list.
   Description	Display The system displays the description for the selected surrender money payable.
   Remarks	Alphanumeric; 255 Characters; Optional Enter a brief description of the transaction, or any applicable remarks about the transaction.
   Exchange Rate Details	The policy transaction currency can be different from the base currency of the policy. In this section, you can maintain the details related to the exchange rate to be used for currency conversion.
   Amount Applied	Display The amount calculated based on the exchange rate specified gets displayed here, after the calculation.
   Exchange Rate Applied	Alphanumeric; 21 Characters; Optional The exchange rate corresponding to the combination of policy base currency and policy transaction currency gets displayed here. The exchange rate for a surrender transaction will be between policy base currency and transaction currency.
   Source ID	Alphanumeric; 6 Characters; Mandatory Specify the source from which the exchange rate is obtained or select the source ID from the option list provided.
   Override Exchange Rate	Optional Select the option to indicate if you wish to override the exchange rate that gets defaulted. Select Yes to indicate that you wish to override the exchange rate and No to indicate otherwise.
   FX Deal Date	Date Format; Optional Specify the FX deal date.
   FX Value Date	Date Format; Optional Specify the FX value date.

3. Click the Enrich button to display the transaction details.