This topic provides information on Life insurance details screen of specific collateral input details.

1. On Home screen select Limits and Collaterals. Under Limits and Collaterals, select Collaterals. Under Collaterals, select Maintenances.
2. Under Maintenances, select Collateral Types. Under Collateral Types, select Life Insurance.
3. Under Life Insurance, select Life Insurance Maintenance.
   The Life Insurance Maintenanace screen is displayed.

   Multiple life insurance records can be linked to same customer collateral. Collateral value is updated duly considering amount of these life insurance policies.

   Figure 3-123 Life Insurance

   
   

   
   Description of "Figure 3-123 Life Insurance"

   
   
4. Click
   
   
   
   icon.
   The Life Insurance Details screen is displayed.

   Figure 3-124 Life Insurance Details

   
   

   
   Description of "Figure 3-124 Life Insurance Details"

   
   

   For more information on fields, refer to the field description table.

   Table 3-96 Life Insurance Details - Field Description

   Field	Description
   Policy No	Specify the life insurance policy number. Policy number has to be unique across multiple policies added to the same collateral. This will be shown under reference number in applicable sub systems for attaching sub system record to a child collateral.
   Name of the Policy	Specify the policy name.
   Policy Status	Select the status from the drop-down list. The available options are: Inforce Lapsed PaidUp Note: Policy value is updated appropriately when the policy status is lapsed.
   Policy Holder Name	Specify policy holder name.
   Currency	Select the currency of policy to signify insurance amount.
   Insurance Amount	Specify the sum assured amount.
   Amount in Collateral Currency	Wherever life insurance value currency is different from collateral currency, life insurance value in the collateral is converted to collateral currency as per rate configured and amount in collateral currency is updated.
   Insurance Surrender Value	Insurance surrender value is considered for updating collateral value.
   Premium Amount	Specify the premium amount.
   Policy Issue Date	Specify the issue date of the policy. Policy issue date cannot be after policy start date. Note: Policy issue date is defaulted as policy start date unless it is specified.
   Policy Start Date	Specify the start date of the policy. Policy start date cannot be future dated.
   Policy End Date	On policy end date, collateral value is updated as zero. When multiple policies are having different end dates, collateral value is reduced to the extent of policy on reaching end date. Policy end date cannot be back dated. Note: When multiple life insurance policies with different end dates are linked to same collateral, farthest end date is updated as collateral end date. On policy end date, collateral value is updated as zero. When multiple policies are having different end dates, collateral value is reduced to the extent of policy on reaching end date.
   Policy Tenure (in days)	Policy tenure is derived based on policy start date and policy end date.
   Assignment Date	Specify the date of assigning the policy to the bank. Assignment date cannot be prior to policy start date and also future dated. Assignment date cannot be prior to policy issue date. Assignment date cannot be after policy end date.
   Date of Agreement	Specify the date on which the bank and the customer signed the collateral agreement.
   Insurer Details	Specify the details of insurance company like nature of policy, term, and so on.
   Insurer Address	Specify the insurance company address.
   Beneficiary	Specify the beneficiary details.
   Remarks	Specify the remarks for the Life Insurance type collateral, if any.

5. Click Save to save the record.

• View Life Insurance
  This topic describes the systematic instructions to view the life insurance.