The policy lifecycle
A policy moves through a set of statuses over its life:Proposal
The starting point, created from an approved application before it is fully issued.
Active
In force. Premiums are due on schedule and cover is live.
Lapsed
Cover has dropped because a premium was missed beyond the grace window. It may be
revivable within the revival window.
Surrendered
The policyholder ended the policy early and took the surrender value.
Matured
The policy ran its full term and paid out on maturity.
Cancelled
The policy was cancelled, for example within the free-look period.
The system tracks the dates that drive these transitions for you: the next premium due
date, the grace end date, the free-look end date, and the revival due date. It also
scores each active policy for lapse risk (High, Medium, or Low) so at-risk policies
surface before they slip.
Field guide: the policy record
Recalculating the premium
A Calculate Premium action works out the base, annual, and per-installment premium from the plan’s rate, the sum assured, and the client’s age, so you don’t have to key the figures in by hand. It is available two ways:- On the policy record’s form (for a draft policy), the Calculate Premium button fills in the premium fields; review them and save.
- In the advisor portal’s policy detail, Calculate premium does the same for a draft policy and saves it. For a policy that has already been issued it only shows the computed figure (labelled Verify premium) without changing the record; repricing an in-force policy is done through an amendment, not an edit.
The premium schedule
The premium schedule is the timetable of installments for the policy. Each row is one installment.
When a premium payment is recorded, the matching schedule row is marked Paid and the
next due date advances. See Premiums and commissions.
Nominees
Nominees are the people who receive the policy benefit. Every policy’s nominee shares must add up to exactly 100%.Downloading policy documents
Once a policy is issued (that is, no longer just a Proposal), you can download its documents as PDFs.- Policy statement
- Portfolio summary
From Policies in the advisor portal, or from the client record, download a
single policy’s statement. Customers can download the same statement from My
Policies in their portal.
Printing a Policy Certificate
Open the policy record and use its print view to produce a formal Policy Certificate on agency letterhead. You can read it on screen or save it as a PDF to send or file. The agency name, address, logo, and contact details are filled in from your agency settings at the moment you print, so keeping those settings current keeps every printed certificate correct. Applications, claims, illustrations, client profiles, leads, service requests, and advisor cards all print the same way from their own records.When a policy is activated, the client can also get a WhatsApp message confirming it, if
they have opted in. See Customer self-service.
Who does what
Dependencies
- Before a policy exists: an application must be filed and approved. See Advisory tools.
- What a policy needs: a client, a product, a sum assured, and a nominee set that totals 100%.
- What a policy feeds: the premium schedule drives payments, and payments raise invoices and book commissions. See Premiums and commissions.
Best practices
- Set nominees correctly at issue. Getting shares to total 100% and adding an appointee for any minor up front avoids a rejected save and a later service request.
- Act on lapse-risk flags. A policy banded High for lapse risk is telling you a premium is slipping; reach out before the grace end date.
- Watch the key dates. The next premium due date, grace end date, and revival due date are the difference between an in-force policy and a lapsed one.
- Only issued policies produce documents. A policy still in Proposal has no statement yet; complete issuance before promising a client their PDF.