Updating renewed payment details

This page allows you to enter the payment information of the renewed policy if it has not been authorized. You can enter 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 enter the details.

This page also allows you to authorize the insurance policy after entering the payment details. The status of the policy after authorization is updated as “Active”. The system generates sundry payment vouchers in the “Fresh” status for the payment to be made.

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

The “Payment Information” page appears.

The system displays the following:

Policy No	The code identifying the expiring policy.
Renewal No	The code identifying the renewal of the policy.
Policy Type	The type of the policy.
Policy Desc.	A textual description of the policy.
Insurance Company	The name of the insurance company that has issued the policy.
Premium Amount	The premium amount due 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 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.
Bank Code	The code identifying the bank account codes.
Finance Book	The code identifying the finance book to which the accounting entries must be posted.

Click the “Compute Total” pushbutton to calculate the total premium 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 details.

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 details and authorize the renewed 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 by finance book along with the payment voucher.

To proceed, carry out the following

Select the “Attach Notes” link at the bottom of the page to modify the additional information entered.
Select the “Collaborate” link at the bottom of the page to record or to view the observations or comments or discussions regarding the document.