Instead of liquidating a contract on maturity, you can roll it over into a new contract. The outstanding principal of the old contract can be rolled over with or without the interest outstanding on it. When a contract is rolled over (renewed), it is processed in the following manner:

• Original contract is liquidated
• A new contract is initiated

In the Product Rollover Details screen, you should specify the following tax details:

Whether tax has to be applied on the rolled-over contract

For tax to be applicable on a rolled-over contract:

• It should be applicable to the product involving the contract
• It should not have been waived for the original contract.

You have to indicate whether tax has to be applied on the rolled-over contract also.