Creating a Premium Period - A summary of the activity

Through this activity, you can define premium periods for a specified benefit year. Creating a premium period is a prerequisite for processing of premiums of various plans. Premium Period is the interval of time for which premiums of various plans are processed. You can create premium periods for various frequencies. The frequencies can be weekly, monthly, quarterly, yearly etc.

Creating Premium period involves specifying

• The frequency at which the premium period is to be defined.

• Short and long description for the premium period.

• The effective dates for each premium period.

Note that the effective dates of the premium period must be within of the date range of selected benefit year. Premium periods must be continuous and not overlapping for a given frequency.

Generated Premium Period Code: When you save the premium period details, the system generates a unique premium period code.

Getting familiar with the pages inside

What you can do in this activity

Through this activity, you can define premium periods for a specified benefit year