Adding A New Policyholder (Endowment New Policyholder Details)

Surname

The policyholder’s name.

Note:

If the Membership is linked to a Corporate Client, the Corporate Client Name will be displayed in this field

Mandatory field

Maiden Name

In the case of a married female, this is her family name before she was married.

First Name(s)

The policyholder’s first names.

The capture of at least one name is mandatory.

Title

Select the required title for the policyholder from the drop-down box.

Optional field

Initials

The policyholder’s initials.

Mandatory field

Date of Birth

The policyholder’s date of birth.

The Policyholder must not be older than 60 or younger than 18.

Mandatory field

Marital Status

Select the policyholder’s marital status from the drop-down box.

Mandatory field

Gender

Select the policyholder’s gender from the drop-down box.

Mandatory field

Language

The policyholder’s preferred language.

The system defaults to ENGLISH.  If a different language applies, select a value from the drop-down box.

ID Number

The policyholder’s identity number.

Mandatory field

ID Type

Select the type of ID from the drop-down box.

Mandatory field

Passport Country

The Country for which a Passport Number applies.  If the value for ID Type is PASSPORT DOCUMENT then select the required Country from the drop-down box.

Optional field

Guardian

A nominated adult in cases where one or more of the beneficiaries are minors.

Click the LIST button to flow to the Person Search screen and select a Guardian from a list.

Processing

The system will create a Natural Person record and a Client Relationship record with a Client Relationship Type of GUARDIAN linking the Person to the Policyholder and a value for Beneficiary Relationship equal to the value selected.

If there is an existing Client Relationship record with a Client Relationship Type of GUARDIAN linked to the Policyholder, the system will update the End Date with a date equal to the Start Date of the new record less one day.

Relationship to Guardian

Select the relationship of the Beneficiary to the Guardian from the drop-down list.

Occupation

The policyholder's occupation.  Select a value from the drop-down list.

Mandatory field

Employer

The name of the Employer. 

Click the LIST button to flow to a list of employers and select one. 

Note:

When the LIST button for the Employer field in the Employment Details section of the Policyholder Details screen is selected, the following screen is displayed:

Select an Employer and click SELECT.

Mandatory field

Date of Employment

The date the policyholder commenced employment with the current employer.

Mandatory field

Employee Number

The Company Reference Number of the Policyholder.

Optional field

Sum Assured

The guaranteed maturity value that the Policyholder will receive when the policy matures.

The sum assured amount must greater than 9999.00 ZMW and less than 250 000.01 ZMW.

Note:

For more information, refer to Save policyholder details below.

Mandatory if Type of Fund is ENDOWMENT.

Maturity Date

The date on which the Endowment Policy matures. 

Note:

Once the policyholder has been saved, the system will display a date calculated as date of birth plus 66.

Staff Indicator

Whether the Policyholder is a staff member or not. 

Select a value from the drop-down list: 

NON STAFF

STAFF

Note:

Policyholders who are Staff members receive a 10% staff discount on their premiums payable.

Mandatory field

Policy Type

The default benefit membership group to which the Policyholder is linked. 

Select a value from the drop-down list.  Examples:

PREMIUM – PREMIUM PAYING MEMBERS

PAID UP – PAID UP MEMBERS

DTHPREMWAIVER – DEATH PREMIUM WAIVER BENEFIT

Note:

If the Benefit Membership Group is changed, i.e. a different value selected for Policy Type, the system will recalculate the Premium Amount.  Refer to the Payment Details section below.

Mandatory field

Term in years

The term of a payment expressed in years.

Select a value from the drop-down list.

Mandatory field

Policy Purpose

The level of education for which the Policy has been bought.

Select a value from the drop-down list.  The list of Policy Purpose options displayed are filtered, based on the country on the scheme.

Mandatory field

Date of Commencement

The date on which this membership / Policyholder commences.

The date may not be greater than 3 months from today’s date.  The following message will be displayed if the date is greater than 3 months.

Date of commencement cannot be greater than 3 months from today.

Click OK to remove the message.  Capture a date less than 3 months from today’s date.

The payment date will be used as the commencement date for a policy in the letters.

Mandatory field

Payment Day

The day on which payments must be made.

The system default is 1.

If the day captured is greater than 31, the following message will be displayed:

Please supply a numeric value for Payment Day less than 31.

Click OK to remove the message.  Capture a date of 31 or less.

Mandatory field

Premium Amount

CALCULATE

The amount of premium that the policyholder will pay.

Click CALCULATE for the system to use the Rate Tables to calculate and display the amount of premium.

This is a protected field and a value cannot be captured other than by selecting CALCULATE.

Processing:

When calculating the premium the system will read rate table with a Parameter Type of BENCALC and a Parameter Sub-Type equal to the value for the Calculation Parameter on the Benefit Product with a Description of PREMIUM RATE CALC linked to the Benefit Package with an Event Category of OTHER and a Benefit Event of PREMIUM RATES CALC and linked to the Benefit Membership Group selected.

Note:

If the Benefit Membership Group is changed, i.e. a different value selected for Policy Type, the system will recalculate the Premium Amount.  Refer to the Cover Details section above.

Rounding

For Products in countries where decimal places are rounded, any premium amounts collected via debit order and any payment values will have their financial transactions values rounded to the nearest 5 cents.

When calculating a premium, the system will read the value for Rounding Method on the Benefit Product linked to the Benefit Package with an Event Category of OTHER and a Benefit Event of PREMIUM RATES CALC and linked to the Benefit Membership Group selected.  If it is NEAREST 0.05, the calculated premium amount will be rounded to the nearest 0.05 e.g. if the value calculated is 95.03 it will be rounded to 95.05, if it is 95.02 it will be rounded to 95.00, if it is 95.06 it will be rounded to 95.00, etc.

Mandatory field.

Frequency

The frequency of payments. 

Processing:

The system will read the value for Frequency on the rate table with a Parameter Type of BENCALC and a Parameter Sub-Type equal to the value for the Calculation Parameter on the Benefit Scale linked to the Benefit Product with a Description of PREMIUM RATE CALC linked to the Benefit Package with an Event Category of OTHER and a Benefit Event of PREMIUM RATES CALC and linked to the Benefit Membership Group selected and default this to the value found.

Mandatory field

Pay Centre

The Pay Centre from which the policyholder’s contribution / premium data is collected. 

Select a Pay Centre from the drop-down list.

Optional field

Annual Increase %

The percentage by which an annuity must be increased annually.  Select a value from the drop-down list.

Optional field

Company

The name of the Company for the replacement policy.

Optional field

Insured Amount

The amount insured.

Policy Number

The Policy Number of the Policy.

Optional

Intermediary Group

The name of an Intermediary Group.

Click the LIST button to flow to a list of Intermediary Groups and select one.

Note:

If applicable, the system will display the Branch of the Intermediary Group to which the Intermediary is linked.

Optional field.

Commission Group

The name of a Commission Group.

Click the LIST button to flow to a list of Commission Groups and select one.

Mandatory field.

Financial Advisor

The name of the financial advisor.

Click the LIST button to flow to a list of employers and select one.

Note:

The list for selection will not be displayed until an Intermediary Group has been selected.

Mandatory field

Sales Branch

The sales branch for this policy.

Click the LIST button to flow to a list of Sales Branches and select one.

If a Financial Advisor is selected then this field is mandatory.

Role

The role which the Financial Advisor plays.

Policy Number

The number of the Policyholder.  If this field is left blank, a number will be generated by the system.

CSA Reference

The number identifying a Corporate Client or Person for external system purposes.

Note:

If no CSA number is received, the bank account number can be used.

Optional field

Date of Application

The date on which the Policy was applied for.

The system will pre-populate this field with the current date.

This field may be amended to a date that is less than or equal to the current date.

Source of Funds

The actual source of funds for the policy.

Tax Reference/Pin

The tax Reference Number or PIN for the Policyholder.

Client Classification

Values are displayed for selection based on the country of the scheme, as per the table below:

Effective Date

The date effective for the Endowment Policy.

This date will only be displayed once a new Policyholder has been created.