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This page allows you to generate sundry payment vouchers. You can modify the payment period and the frequency of the payment. You can also modify the dates and amounts on which the payment is due. The system generates a sundry payment voucher number for the premium payments on the due date after the policy is authorized. The status of the generated sundry payment voucher is updated as “Fresh”. The status of the policy is updated as “Active”. The details of the voucher is stored along with the premium due amounts.
Select the “Payment Information” link at the bottom of the “Authorize Insurance Policy” page.
The “Payment Information” page appears.
The system displays the following:
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Policy No |
The code identifying the policy. |
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Renewal No |
The code identifying the renewal. |
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Policy Type |
The type of the insurance policy. |
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Policy Desc. |
A textual description of the insurance policy. |
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Insurance Company |
The code identifying the insurance company that has issued the policy. |
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Premium Amount |
The amount to be paid as the premium for the policy. |
Modify the following fields if required:
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Payment Start Date |
The start date of the period in which the payment is to be effected (Date Format). |
Note: The date entered in this field must be before the date entered in the “End Date” field.
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End Date |
The end date of the period in which the payment is to be effected (Date Format). |
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Frequency |
Use the drop-down list box to select the frequency of the payment from “Monthly”, “Quarterly”, “Half-yearly” or “Yearly”. The system displays “Monthly” by default on launch of the page. |
Note: The system generates the payment due date in regular monthly, quarterly, half-yearly and yearly intervals in the “Payment Setup” multiline based on the selected “Frequency” and the entered start / end dates.
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Flat Amount |
A flat amount, which is to be paid as premium in regular intervals of time (Decimal). This amount must be greater than zero. |
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Press <Enter> key. | |
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The system retrieves the amount entered in this field as the due amount in the “Payment Setup” multiline. |
Modify the following fields if required in the “Payment Setup” multiline:
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Due Date |
The date on which the payment is due (Date Format). Mandatory. This date must be in the valid date format. The due date must fall within the effective period of the policy. |
Note: This field must not be left blank if a date has been entered in the “Pay Date” field.
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Due Amount |
The premium amount due for payment on the due date (Decimal). Mandatory. The value entered in this field must be greater than zero. |
Note: This field must not be left blank if a date has been entered in the “Due Date” field.
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Pay Date |
The date on which the payment is to be made (Date Format). Mandatory. The system displays the due date by default if this field is left blank. |
Click the “Compute Total” pushbutton to calculate the total due amount.
The system calculates and displays the following:
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Total Due Amount |
The total premium amount due for payment, which is the total sum of all the due amounts, entered in the “Payment Setup” multiline. |
Note: This amount must be equal to the total premium amount of the policy.
Click the “Generate Voucher” pushbutton to generate the payment voucher.
The system generates a sundry payment voucher in the “Fresh” status for premium amount payable on the due dates. The system saves the details of the voucher along with the payment by finance book.
The status of the policy is updated as “Active”.
