Subject: Difficulties arises while accepting arrears of premium with
respect to conversion cases.
This is regarding problems arise while
accepting arrears of premium
with respect to conversion cases. To overcome
such problems following guidelines
are issued for smooth functioning of Conversion
Branch.
1. In many conversion cases it is observed
that arrears/di(Terence of credit
informed to the insurant is already paid by
him/her. In such cases PM/SPM
will re-calculate the amount as per P R Book
record i.e. if premium has
already been paid by the insurant for that
particular month, in such case
PM/SPM will adjust amount accordingly or if
premium had been paid by
old rate, difference of premium as per
revised rate may be accepted.
2. If there
is any variation in interest calculation as compared to the software,
interest may be accepted as per software.
3. In case the insurant is unable to credit
said amount before due date. PM/SPM
will accept the arrears with interest for
next month.
4. In some cases, while issuing notice it is
not clear whether the insurant had paid the premium as per old rate up to date
or otherwise. In such cases PM/SPM should check the last payment record and
accept the premium or difference of premium accordingly.
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