Amending payment information details

This page allows you to amend the payment information details of the selected policy and generate a new voucher based on the changes. You can amend the payment information of an insurance policy that is in the “Active” status. The total premium amount due to the company must be the difference between the earlier premium due amount and the amended premium amount.

Select the “Payment Information” link at the bottom of the “Amend Insurance Policy” page.

The “Payment Information” page appears.

The system displays the following:

Policy No	The code identifying the policy.
Renewal No	The code identifying the renewal if the policy has been renewed.
Policy Type	The type of the insurance policy.
Policy Desc.	A textual description of the policy.
Insurance Company	The code identifying the insurance company that has issued the policy.
Premium Amount	The amount to be paid as premium for the policy.

Enter the following fields:

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.

End Date	The end date of the period in which the payment is to be effected (Date Format).
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.

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.
	Press <Enter> key.
	The system retrieves the amount entered in this field as the due amount in the “Payment Setup” multiline.

Enter the following fields in the “Payment Setup” multiline:

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.

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 be not be left blank if a date has been entered in the “Due Date” field.

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:

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.

To proceed, carry out the following

Select the “ Attach Notes” link at the bottom of the page to modify the additional information regarding the insurance policy.