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 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
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 Rejection intimation
Claim Payment
Confirmation (Ref Template id 309)
Premium Due/
Renewal Premium Notice
Intimating claim
handler that Claim has been initiated
Intimating
customers regarding additional documents required
Policy lapsation
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
Address change
request approval
Nomination change
request approval
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.
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
Request for Change
of agents on a 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.
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