Modifying payment information details

This page allows you to modify the details of the payment information if the corresponding policy has not been authorized. You can modify the start and end dates of the period in which the payments are due and the frequency in which the payments are to be made. If a flat amount is to be paid as premium during the payment period, you can also enter the details.

This page also allows you to authorize the insurance policy after modifying the payment details. The status of the policy after authorization is updated as “Active”. The system generates a sundry payment voucher in the “Fresh” status if a blanket payment has not been paid for the authorized insurance policy.

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

The “Payment Information” page appears.

The system displays the following:

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

Modify the following fields if required:

Payment Start Date

The start date of the period during 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 during 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”.

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	An amount, which is to be paid as premium in regular intervals of time (Decimal). This value entered in this field 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.

Modify the following fields if required in the “Payment Setup” multiline:

Note: Data must be available in at least one row of the 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 is 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: The system displays the flat amount as the due amount, if a value has been entered in the “Flat Amount” field. This field must 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.

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 “Save” pushbutton to save the payment information.

The system saves the payment information and updates the status of the policy as “Fresh”.

Click the “Save and Authorize” pushbutton to save the payment information and authorize the policy.

The system saves the payment information and updates the status of the policy from “Fresh” to “Active”.

The system generates a sundry payment voucher in the “Fresh” status and stores the amount to be paid finance book wise along with the payment voucher.

To proceed, carry out the following

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