McCamish| 4 new functionalities in Core Insurance Solution ...

     

McCamish| 4 new functionalities in Core Insurance Solution | www.postaltechi.com

      It is to inform that following 4 functionalities were deployed in Core Insurance Solutions Production on 10.08.20 night in McCamish.

Email
HUF / MWPA
Loan2
BCP

 Email 

        Email is being triggering in the below mentioned events.

      It is to inform that Registered email IDs are 8,15,110 only against 2.07 Crore Policies. Hence it is requested to register Mobile & Email at the time of occurrence of transactions.

Pending documents reminder to customers 

Proposal Acceptance Intimation 

Intimation of Issuance of Policy 

Premium Receipt Confirmation 

Intimation of Collection of Revival Premium (Single Premium)

Intimation of Collection of Revival Premium (Installment Premium)

Policy Conversion Confirmation 

Intimation of Commutation request acceptance 

Intimation of Acceptance of Reduced Paid Up request

Claim Registration Intimation 

Claim Approval Intimation 

Claim Rejection intimation

Claim Payment Confirmation (Ref Template id 309)

Cheque Dishonor Intimation 

Premium Due/ Renewal Premium Notice 

Intimating claim handler that Claim has been initiated 

Intimating customers regarding additional documents required 

Policy lapsation

Free look cancellation  

Intimation on Cancellation of Premium Paid 

Intimation of Rejection of Address change request

Intimation of Policy Assignment

Intimation of Name Change request approval

Intimation of Mobile No. Update request approval

Intimation of Billing Frequency Change request approval

Intimation of Billing Method Change request approval

Intimation of Merging Customer ID request approval

Request for Surrender on a Policy 

Receipt of Premium Payment

Address change request approval

Nomination change request approval

Receipt of Loan Request 

Intimation of Loan Repayment Schedule 

Reminder for Service Request pending in queue 

Intimation of Forced Surrender due to Loan-1st and 2nd Intimation.

Intimation of Forced Surrender due to Loan-3rd Intimation.

Forced Surrender Letter. 

Reminder to pay Interest due on Loan 

Agent application approval Intimation 

Intimation of Disbursement of Agent Incentive 

License Issue Intimation to Agent

License Expire Intimation to Agent

License Renewal Reminder 

Request for Change of agents on a policy 

Claim amount due on policy 

Reminder to claim investigator in case of delay 

License Expire Intimation to Managing Agent (Supervisor)                

License Expire Intimation to Agent

Maturity claim

Survival claim


HUF / MWPA

1) Married Women’s Property Act, 1874, (M.W.P. Act): Section 6 of the Married Women’s Property Act, 1874, (M.W.P. Act), provides that a policy of insurance effected by any married man (including Widower and divorced) on his own life, and expressed on the face of it to be for the benefit of his wife, or of his wife and children, or any of them, shall ensure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them according to the interests so expressed, and shall not, so long as any object of the trust remains, be subject to the control of the husband, or to his creditors, or form part of his estate.

(a) If the below criteria are satisfied, only then MWPA should be enabled in Policy Information screen:

     (i) Proposer should be same as insured

     (ii) Marital status should always be married            for MWPA policies.

     (iii) Gender should be Male for Insured

 (b) MWPA radio button should be enabled on Policy Information screen only when the Life     Assured/Insurant/Proposer are same for MWPA Policies.

(c) A policy other than Rural Children Policy, Yugal Suraksha and Children policy may be issued under MWPA.

(d) On selection of MWPA under Policy Information screen, MWPA details page will be enabled instead of nomination page.

(e) Policies under MWPA cannot be indexed for Loan, Surrender Nomination and Assignment.

(f) Maturity/ Death claim/ Survival Claim Payment should be made only to Beneficiary.

 (g) In respect of MWPA, policy effected by any married man on his own life and expressed on the face of it to be for the benefit of his wife, or of his wife and children or any of them; in such a case the policy ensures and is deemed to be a trust for the benefit of the insurant’ s wife or for the benefit of his wife and children or any of them according to the interest so expressed.

2) Hindu Undivided Family (HUF):

           The term 'Hindu Undivided Family' is defined under the Hindu Law as a family that consists of all persons lineally descended from a common ancestor, including wives and unmarried daughters. This means membership of a HUF does not come from a contract but from status of the person in such families. 

To Facilitate above, the following changes have been made in NBF screen :

(a) HUF radio button is enabled in Policy Information screen for the all policy types except Child policy and Yugal suraksha Policy

(b) As of Now Karta is alone able to take policy under HUF (Karta is the head of the family and acts on the behalf of all members of the family but an agent of members of the family).

(c) There is no nomination for policies taken under HUF.

(d)On selection of HUF under Policy Information screen, HUF details page will be enabled instead of nomination page.

(e) Karta’s PAN number and Karta’s Aadhar number should be mandatory for HUF policies. This PAN number and Aadhar Number is same as Proposer PAN Number and Adhar Number.

(f)  Policies under HUF cannot be indexed for Loan, Surrender Nomination and Assignment.

(g) Maturity/ Death Benefit should go to Karta Trust by default as Nominee details are not captured in this case.

(h) Maturity/ Death claim/ Survival Claim Payment should be made only to HUF account only and adding of payees should not be allowed.

 

Loan 2

 The following features have been incorporated pertaining to Loan :

1)     Loan Repayment Schedule & collection

(a) This option can be selected at the time of loan processing .

(b) Based on the term and frequency selected repayment instalment amount will be auto populated by the system.

(c) Loan Repayment Schedule Letter will be generated after approval of the process.

2) Forced Surrender when Loan outstanding amount including Interest is more than Gross Surrender Value.

 

(a) When the loan outstanding principal amount plus interest amount exceeds the surrender amount of the policy, then the policy will be auto-terminated.

(b) The amount to be paid for the loan with interest will be adjusted while approving the forced surrender.

(c) Notices regarding this process will be generated  when the Loan O/S amount including Interest exceeds Gross Surrender value 95%,98%,

(d)Intimation of Forced Surrender will be triggered at the time of 3rd Intimation when the Loan Capitalization amount => 100 % of Policy’s Surrender value.

(e) The requests will directly go to approver stage based on the CPC where the loan was issued.

(f)  SMSs will be triggered at the time of 1stand 2nd Intimations when the Loan Capitalization amount => 95 %,98 % of Policy’s Surrender value.

3)  On Full Loan Closure -Task created for Policy dispatch

(a) On full loan repayment, any holds placed on policy as security, should get removed accordingly. The life insurance policy should be returned  to the policy owner

 

 BCP :  

              PLI Directorate will issue instructions in this regard.