> ## Documentation Index
> Fetch the complete documentation index at: https://docs.bizaxl.com/llms.txt
> Use this file to discover all available pages before exploring further.
# Insurance Premium Schedule
> View and manage the complete payment schedule for an insurance policy, track instalment statuses, and understand how invoices are generated and payments recorded.
**Created automatically.** You do not create a Premium Schedule manually. The system generates it the moment an Insurance Policy is approved and confirmed.
**Comes after:** [Insurance Policy](./insurance-policy) (approved and submitted)
**Leads to:** Each instalment generates an invoice. A paid [Insurance Claim](./insurance-claim) will close the entire schedule.
***
## Overview
When an Insurance Policy is approved, the system automatically creates an Insurance Premium Schedule. This is a complete table of every payment the policyholder must make - from the first month to the last - for the entire life of the policy.
Think of it as a repayment calendar. Each row in the schedule represents one instalment: the amount due, the date it is due, and whether it has been paid or invoiced.
As each payment falls due, the system automatically creates an invoice for it. Your accounts team can then collect payment and mark it accordingly.
The schedule closes automatically when a claim is fully paid out.
***
## Who Uses This Feature
| Role | What They Do |
| -------------------------------- | ---------------------------------------------------------------------------------- |
| **Insurance Billing Specialist** | Reviews the schedule, monitors payment statuses, manages invoicing and amendments |
| **Insurance Manager** | Oversees the schedule, approves corrections, and can view the full payment history |
| **Accounts Team** | Processes invoices and records payments against individual instalments |
| **Customer Service Team** | No access to the Premium Schedule - they work only with the policy |
***
## Before You Start
The Premium Schedule is created automatically - you do not need to do anything to create it. However, to work with a schedule you need:
* An [Insurance Policy](./insurance-policy) that has been **approved and submitted**
* The policy must have a valid policyholder (Customer), an Insurance Product with premium rates set, and a confirmed policy duration
If an approved policy does not have a schedule, contact your administrator. This may indicate the automatic creation did not complete successfully.
***
## Understanding the Premium Schedule
When you open a Premium Schedule, you will see two main areas:
**The header** - information about the policy this schedule belongs to:
* Which policy it is linked to
* The policyholder (customer)
* The start and end dates of the schedule
* The company the policy is issued through
* The overall status: **Open** (active, payments ongoing) or **Closed** (all done, either paid out or a claim was settled)
**The instalments table** - one row per payment period, showing:
* The instalment number (1, 2, 3…)
* The date payment is due
* The premium amount for that period
* The current status of that instalment
* The invoice number (if an invoice has been raised)
* The payment reference (if payment has been received)
* The date payment was made
***
## Instalment Statuses
Each instalment moves through these statuses as the payment process progresses:
| Status | What It Means |
| ------------ | ------------------------------------------------------------------ |
| **Unpaid** | The instalment is due but no invoice has been raised yet |
| **Invoiced** | An invoice has been sent to the policyholder - payment is expected |
| **Paid** | Payment has been received and recorded |
| **Overdue** | The due date has passed and the instalment is still unpaid |
***
## Field Guide
**Schedule Header**
| Field | Purpose |
| ----------------------- | ----------------------------------------------------------- |
| **Insurance Policy** | The policy this schedule belongs to |
| **Policy Proposal** | The original proposal linked to this policy |
| **Schedule Start Date** | The date the first payment is due |
| **Schedule End Date** | The date the last payment is due (end of the policy term) |
| **Policyholder** | The customer paying the premiums |
| **Company** | The company the policy is issued through |
| **Status** | Whether the schedule is Open (ongoing) or Closed (complete) |
| **Generated On** | The date the schedule was created |
**Instalment Rows**
| Field | Purpose |
| --------------------- | ---------------------------------------------------------------------- |
| **Instalment No.** | Sequential number - 1 for the first month, 2 for the second, and so on |
| **Due Date** | The date this payment must be made |
| **Premium Amount** | How much is due for this instalment |
| **Status** | Unpaid, Invoiced, Paid, or Overdue |
| **Invoice** | The invoice raised for this instalment - click to open it |
| **Payment Reference** | The payment entry recorded when this instalment was paid |
| **Paid Date** | The date the payment was received |
***
## Workflow Journey
The Premium Schedule itself does not have a multi-stage approval process. It moves between two overall statuses:
```mermaid theme={null}
%%{init: {'theme':'base','themeVariables':{'fontFamily':'DM Sans','primaryColor':'#e7fdf6','primaryBorderColor':'#14f1b1','primaryTextColor':'#0f172a','lineColor':'#14f1b1'}}}%%
flowchart TD
A[Open] -->|All instalments paid, or claim settled| B[Closed]
```
| Stage | What It Means |
| ---------- | ----------------------------------------------------------------------------------------------------------------------------- |
| **Open** | The schedule is active. Instalments are being invoiced and collected each period. |
| **Closed** | All activity on the schedule has ended - either all instalments are paid, or a claim has been settled and the policy is done. |
Individual instalments follow their own progression:
```mermaid theme={null}
%%{init: {'theme':'base','themeVariables':{'fontFamily':'DM Sans','primaryColor':'#e7fdf6','primaryBorderColor':'#14f1b1','primaryTextColor':'#0f172a','lineColor':'#14f1b1'}}}%%
flowchart TD
A[Unpaid] -->|Invoice raised| B[Invoiced]
B -->|Payment received| C[Paid]
B -->|Due date passed, unpaid| D[Overdue]
```
***
## What Happens Next
As the schedule runs:
* Each time the schedule is saved (and an unpaid instalment exists), the system creates an invoice for that instalment and marks it as **Invoiced**
* Your accounts team collects payment and records it, which updates the instalment to **Paid**
* If a policyholder makes a claim and the claim is fully paid out, the system automatically **closes the schedule** - all remaining unpaid instalments are marked as closed and the schedule status becomes **Closed**
***
## Automatic Actions
As soon as an Insurance Policy is approved and submitted, the system creates the complete Premium Schedule in one go. Every monthly instalment for the entire policy duration is listed immediately. You do not need to create individual instalments - the system builds the full table from the policy's start date, end date, and premium amount.
The system also prevents duplicate schedules. If a schedule already exists for a policy, it will not create another one.
Each time a Premium Schedule is saved (after it has been confirmed), the system checks for the first instalment with an **Unpaid** status and automatically creates a Sales Invoice for it. The instalment is then marked as **Invoiced**.
The invoice is linked directly to both the policy and the premium schedule, making it easy for the accounts team to trace every payment back to the correct policy.
A reminder notification is also sent to the policyholder when the invoice is raised.
When a policyholder's claim is fully settled and marked as **Paid**, the system automatically closes the Premium Schedule. All instalments that have not yet been paid are marked as closed, and the schedule's overall status changes to **Closed**. This happens without any manual action from the team.
***
## Best Practices
### Do
* **Check the schedule immediately after a policy is approved** - confirm it has been created and that the start and end dates look correct
* **Monitor overdue instalments regularly** - use the Insurance Management dashboard to see how many instalments have passed their due date without payment
* **Keep invoice and payment records updated** - each instalment should have its invoice and payment references filled in so you have a complete audit trail
* **Contact the policyholder promptly when instalments go overdue** - early follow-up prevents policies from lapsing
### Don't
* **Don't try to create a Premium Schedule manually** - the system creates it automatically. If you create one manually, you risk duplicates and incorrect data.
* **Don't edit the instalment amounts directly** - if the premium amount needs to change, this must be done by amending the policy itself, not by editing the schedule rows
* **Don't ignore the Overdue status** - an overdue instalment may result in the policy lapsing. Check the policy's lapse rules and follow up immediately.
* **Don't close the schedule manually unless instructed** - the schedule closes automatically when a claim is paid. Manual closure should only happen in exceptional cases approved by the Insurance Manager.
***
## Common Mistakes & Troubleshooting
If the Premium Schedule was not created after the policy was approved, check that the policy was both approved **and** submitted (not just approved). The schedule is triggered when the policy is confirmed. If it is still missing, ask your administrator to check the system logs.
If you see an instalment marked **Overdue**, act quickly. Depending on the insurance product's settings, policies can lapse if premiums are not paid within a certain number of days. A lapsed policy cannot accept new claims until it is reinstated.
You can open any invoice directly from the instalment row by clicking the invoice number. This takes you straight to the billing record without having to search for it separately.
The **Status** field at the top of the schedule (Open / Closed) reflects the overall schedule state. The **Status** column in the instalments table reflects each individual payment. These are different - a schedule can be Open while some instalments are already Paid.
Use the **Insurance Management Dashboard** to see a summary of all open schedules, overdue instalments, and recently paid policies at a glance - without opening individual records.
***
## Workspace Access
You reach Insurance Premium Schedule through the **Insurance Management** workspace.
**Path:** Insurance Management workspace → **Insurance Management** card group → **Insurance Premium Schedule**
The visual workflow pipeline shows the Premium Schedule as the fourth step in the **Insurance Process** lane - after Insurance Policy and before Sales Invoice. This reflects exactly how it works: the schedule sits between the policy and the billing cycle.
You can also access linked Sales Invoices and Payment Entries directly from the workspace by clicking those links in the same card group.
***
## Number Cards - What to Watch
One number card on the workspace relates directly to Premium Schedule payments:
### Paid Instalments
**What it shows:** The total count of Sales Invoices with item code "Installment Amount" that have been paid.
**Who should act:** Insurance Billing Specialist, Accounts Team.
**What to do:** Use this as a collection health indicator. Compare the number of paid instalments to the total number of invoiced instalments across all active schedules. If this number is growing slowly relative to total invoiced, follow up on unpaid invoices proactively.
To see total invoiced instalments for comparison, open the Insurance Premium Schedule list and filter for Status = Open. Count the rows with Invoiced instalments inside those schedules.
***
## Monitoring Without Reports
There are no dedicated reports for Premium Schedules. Use the **list view** and **instalment table filters** to monitor collections:
**Schedule-level monitoring:**
| What You Want to See | Filter To Apply |
| -------------------------------------------------------- | ----------------------------------- |
| All active, ongoing schedules | Status = Open |
| Schedules that have been closed (claim paid or complete) | Status = Closed |
| Schedules for a specific policyholder | Policy Holder = \[customer name] |
| Schedules linked to a specific policy | Insurance Policy = \[policy number] |
**Instalment-level monitoring (inside a schedule):**
| What You Want to See | How to Find It |
| --------------------------------------- | -------------------------------------------------------------------- |
| Unpaid instalments across all schedules | Open each schedule and look for rows with Status = Unpaid or Overdue |
| Overdue payments | Filter the instalment table inside the schedule for Status = Overdue |
| Invoices already raised | Status = Invoiced (invoice number will be filled in) |
| Confirmed paid instalments | Status = Paid (payment reference will be filled in) |
Sort the instalment table by Due Date to quickly spot which payments are coming up or already overdue.
***
## Notifications & Alerts
### Premium Payment Reminder - Sent to Customer Automatically
**When it fires:** On the day an instalment's due date matches today's date - meaning the reminder fires on the exact day payment is due.
**Who receives it:** The customer linked to the premium schedule.
**What the email contains:**
* Policy number
* Premium amount due
* Due date
**What you need to do:** Nothing - the reminder goes out automatically each day when a due date matches today. If a customer says they never received a reminder, check:
1. That the customer's email address is correctly saved on their Customer record
2. That today's date matches the instalment's due date (the reminder only fires on the exact due date, not before)
The reminder fires on the instalment's due date only. If the customer misses a payment and the due date passes, no further automatic reminder is sent. You will need to follow up manually for overdue instalments.
The reminder uses the policy number field in the email template. If the policy number is not filled in on the schedule, the subject line will show a blank. Ensure the policy reference is correctly linked when the schedule is created.
***
## Related Features
* [Insurance Policy](./insurance-policy) - the policy this schedule is linked to and created from
* [Insurance Claim](./insurance-claim) - a settled claim automatically closes this schedule
* **Sales Invoices** - each instalment generates an invoice in the Accounts module for billing and payment collection