collection options for metlife india insurance company...

Collection Options for MetLife India Insurance Company Limited

of 7

Collection Options for MetLife India Insurance Company Limited Nov 2011


of 7

There are three options for collecting premium for life Insurance with MetLife India Insurance Company Limited

1. Collection vide lien option 2. Collection vide PAYPREM module 3. Collections vide Auto Debit Mandate of PNB account holders.

1. Collection vide Lien Option (New Proposals):

Under this option a lien needs to be created on the customers’ account for the amount as

mentioned in the debit authority provided by the customer along with the application form.

A sample of the debit authority mandate is enclosed, a copy of the mandate needs to be

retained by PNB branch and a copy returned along with the MetLife India application form

stamped and signed by the bank official. The amount is not to be immediately debited only a

lien for the equal amount is to be marked

Debit Mandate vide Lien

The recovery of such amount would be done centrally by the Tropical Building branch based on

request from MetLife India.

All new proposals are subject to approval by MetLife authorities. In the cases, accompanied by

debit authority to debit PNB customer account for the initial premium, the amount is not to be

immediately debited. Instead a lien for the equal amount is to be marked.

In this regard the following procedure is to be adopted in Finacle :

Finacle Menu option ‘ALM’

Entry:

Choose Function ‘A’

Under A/c ID enter the 16 digit account number on which the lien is to be marked.

Press F4. Cursor will come on bottom of screen.


of 7

Then enter following values in the Lien details:

New Lien Amount Enter the amount of lien

Old Lien Amount Keep Blank

Expiry Date Enter future date after 10 days of the current date

Lien Reason Press F2 to get list and select ‘AIMET’ (Lien Reason Code for MetLife Insurance)

by pressing Shift + F4

In the field for remarks include the Application number mentioned on the application form

accompanied with the debit authority.

After above entries, press F10 for saving the details.

Verification:

Under Finacle Menu ALM, choose function ‘V’ and enter the 16 digit Account Number for which the lien

is to be verified. Press F4. All details of lien entry would be displayed by system. Please ensure that the

details entered are correct and then press F10 for final saving.


of 7

2. Collection vide PAYPREM Option: Under this option a customer can pay vide PNB or Non-PNB cheque , which is local or Multi City.On

receipt of the instrument PNB bank official can reciept and forward the instrument for

clearing/realisation based on the process below.

A copy of the PAY PREM challan is enclosed.

Procedure of payment of premium of Metlife Insurance Policies at branches through CBS System

1. Menu Option: ‘PAYPREM’


of 7

2. Following screen will appear:

- Enter ‘A’ in Function and press F4

3. Following blank screen will appear:

Press ‘F2’ in the field “Insurance Id’ to get valid list of Insurance.

Select ‘INS03’ by pressing ‘shift F4’.

In Company’s Name, name of MetLife India Insurance Co. Ltd. will be displayed.

Remaining columns may be filled up as per the details furnished by the customers as below.

Customer Name – Name of the customer on the application or policy owner.

Premium Type – F – for application ( first time payment from customer ) where the

customer has nine digit (numeric) application number on the application form,

R – for renewal premium ( second time payment where the customer has eight digit

(numeric)policy number .

Branch Insurance Code – MET

Frequency – Mode of policy ( M – monthly payment, Q – Quarterly payment, H – Half Yearly

payment, y – Yearly payment).


of 7

©sh/(T)fr/(L)Clg – Only local cheques to be accepted (L) under PAYPREM and Multi City

T – For PNB cheques select option T,

– No cash or account transfer to be accepted.

Dr. Account Number – Not valid for cheque transactions.

– (VC/CHQ) –CHQ to mention the PNB or non PNB cheque number (CHQ) –

Only Cheque / Demand Draft to be accepted vide PAYPREM.

Cheque Number – Cheque number of the customer’s cheque.

Chq. Date – Cheque date of the customer’s cheque.

Tran Code – Two digit Transaction code given on Cheque MICR band

Sort Code – Nine digit sort code given on cheque MICR band.

Bank Name – Auto populated basis Code above

Branch Name – Auto populated basis Code above

Zone Code – To be selected for the clearing zone based on the validation available for

selection ( basis Ctrl + D – it will take you to the last page of the list and by arrow key the

correct clearing zone for the day can be selected.

Zone Date – Auto populated based on the Zone code selection by the branch.

Premium Amount – the amount of the cheque

Commission Amount – Zero

Total Amount – Populated as the amount of Premium

Payment Date – Date of accepting the cheque

In the last field ‘Tran (Y/N), enter ‘Y’ if the particulars are correct and press ‘F4.’


of 7

4. Customer / MetLife copy to be duly acknowledged with bank stamp and handed over to

customer or representative

5. Post the above activities the instrument should be made a part of daily clearing.

6. MIS for entries would be shared by the PNB Tropical Building branch with MetLife India central

team for recording in their system for the particular system.

7. Tropical Building branch would share MIS at the lodgment of cheques and again on the

clearance of the instruments.

Note: Branch should send instruments for clearing on the same day to avoid any fund value loss

due to delay in clearance and allocation of premium

3. Collections vide Auto Debit Mandate of PNB account holders

Under this option the customer can choose to pay the future renewal premium for his policy vide a

standing instruction method from his PNB bank account. The process to be followed under this option

would be as follows;

The customer or MetLife representative shall furnish a duly filled debit mandate as enclosed and

the bank official shall stamp and approve basis the verification at a local level.

The original debit mandate shall be returned along with the application to MetLife India

Insurance company limited representative.

On receipt of the debit mandate, MetLife India shall forward the debit mandate to the PNB

Tropical Bldg. branch for registration

Post successful registration future premiums can be recovered from the customers PNB bank

account based on MetLife India request to Tropical Bldg branch as per the periodicity of the

policy

A sample copy of the debit mandate/Standing instruction is enclosed.

DEBIT MANDATE or STANDING INSTRUCTION

PNB DD Payment in Finacle Screen / Menu Option PAYPREM

• DR Account Number : Suspense Account of the Branch • Trans Code : 2 digit on the DD on the Right Side • Sort Code : Unique Branch Code of the PNB Branch

collection options for metlife india insurance company...

Documents