5 Policy Transactions - Surrender

This topic provides information on Surrender Transactions.

A Policy Holder can initiate any of the following transactions in a policy that he has purchased:
  • Top Ups
  • Partial or Full Redemption Transactions, known as Surrender Transactions
  • Partial or Full Switch Transactions

Note:

Policy transactions can be carried out through the Agency Branch component only.

During policy transaction, system displays a warning message if there is a security cession marked against this policy. The warning message would be displayed on top of the Policy Transaction screen.

Warning: There is a Security Cession recorded against this policy. Transaction may only be executed with the agreement of both parties.

Policy Transactions can only be initiated into authorized policies for which the underlying initial investment transaction has already been generated. The policy transaction must be authorized before it becomes effective and the underlying transactions are generated and allotted.

Note:

This topic deals with Surrender transactions.

This topic contains the following sub-topics: