5.1 Process Policy Transaction-Surrender Detail

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

A partial or total surrender transaction could happen in a policy in any one of the following situations:
  • When the policy is claimed or redeemed by the Policy Holder
  • When the policy is closed before maturity (that is, prematurely) for various reasons
  • A partial redemption or surrender is effected
The following are the steps you need to follow to enter and save a Surrender transaction. Each of these steps is explained in detail in subsequent sections:
  • Start the Policy Transaction-Surrender Detail screen.
  • Enter information in the Policy Transaction-Surrender Detail screen.
  • Save the information entered.

Invoke Policy Transaction-Surrender Detail

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

    Figure 5-1 Policy Transaction-Surrender Detail


    Description of Figure 5-1 follows
    Description of "Figure 5-1 Policy Transaction-Surrender Detail"

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

    Table 5-1 Policy Transaction-Surrender 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.
    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. You can use the Find Policy Options screen. The policy selected must be an authorized, active policy on which the underlying initial investment transaction has already been generated.

    If a policy has been surrendered by mistake, the system will allow you to re-activate it. On reactivation, the system will reverse the redemption transactions generated during policy surrender and change the status of the policy from SUR to ACT. Annuities, premiums, dividends and broker commissions that have been missed out can be computed through the back data propagation facility. This computation will not be done by the system during reactivation of the policy.

    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.
    Policy Holder Name

    Display

    When the Policy Number is selected, the name of the corresponding Policy Holder is displayed here.
    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.
  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.
  • Policy Fin Wizard Detail
    This topic provides the systematic instructions to know the details of the holdings in the funds.
  • Ph Deal
    This topic provides the systematic instructions to view the details of all the deals set up for the unit holder.
  • Transaction Details Tab
    This topic explains the transaction details tab of Policy Transaction-Surrender Detail screen.
  • Asset Allocation Tab
    This topic explains the asset allocation tab of Policy Transaction-Surrender Detail screen.
  • Payment Details Tab
    This topic explains the Payment details tab of Policy Transaction-Surrender Detail screen.
  • Broker Details Tab
    This topic explains the broker details tab of Policy Transaction-Surrender Detail screen.
  • Load Override Details Tab
    This topic explains the load override details tab of Policy Transaction-Surrender Detail screen.
  • Add Info Tab
    This topic explains the add info tab of Policy Transaction-Surrender Detail screen.
  • Surrender Transaction Process
    This topic provides information on Surrender Transactions process.
  • Processing Back Data Propagation for Transactions
    This topic provides information on processing Back Data Propagation for transactions.

Parent topic: Policy Transactions - Surrender