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Conversion

Conversion. Session Overview and Objective. To provide information about the features and process of Conversion At the end of the session, participants should be able to Describe the features of Conversion List the mandatory documents for Conversion

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Conversion

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  1. Conversion YRM, PLI - Conversion

  2. Session Overview and Objective • To provide information about the features and process of Conversion • At the end of the session, participants should be able to • Describe the features of Conversion • List the mandatory documents for Conversion • Explain the process involved in Conversion YRM, PLI - Conversion

  3. Definition of Conversion “Conversion” means any alteration affecting the date of maturity of a contract of insurance and includes not only alteration from Whole Life Insurance class to the Endowment class but also the antedating or post dating of the maturity of an Endowment policy and consequent increase/decrease of premium Rule 5 (8) of POLI Rules 2011 YRM, PLI - Conversion

  4. Rule 51(1) of POLI Rule-2011 • Conversion is allowed In the case of policies other than Anticipated Endowment Assurance policies and 10 Year Rural PLI • Conversions involving alteration of policy terms other than reduction, discontinuance or commutation of premia • Conversion will be allowed only after payment of premia for an integral number of years • No alteration from Anticipated Endowment Assurance and 10 Year Rural PLI policy to other classes of policies or vice-versa, or alterations in the selected term or in the sum assured of the Anticipated Endowment Assurance policy and 10 Year Rural PLI policy will be allowed. YRM, PLI - Conversion

  5. Rule 51(1) of POLI Rule-2011 • Conversions will be permitted only once on the duration of each policy without a fee • Second and subsequent conversions shall be subject to a small fee not exceeding Rs. 20/- or as may be fixed by the Department, in each case • No such conversion of a policy as would put the date of maturity or of cessation of premium to a date preceding or within one year from the date of conversion is admissible. • In case, where policy holder intend to extend the premium term or to defer the maturity date, he has to produce a medical certificate of good health YRM, PLI - Conversion

  6. Features • Conversion means any change that affects the date of maturity of an insurance contract • Conversion is allowed for policies other than Anticipated Endowment Assurance policies and 10 Year Rural PLI • Conversion also results in increase or decrease of the policy premium • Policy bond and other policy term will change • Certificate of Good Health needs to be given by a Authorized /Registered Medical Practitioner at the expense of assured • At the time of Conversion, date of maturity can be ante-dated or post-dated YRM, PLI - Conversion

  7. Features • The Whole Life Assurance product can be changed to another Whole Life Assurance preceding the Premium Ceasing Age. • Conversion is allowed after year from date of acceptance of policy and before one year from date of maturity or cessation of premium • Convertible Whole Life Assurance can be converted as Endowment Assurance after 5 years from the commencement of the risk (with a grace period at the end of six years) • Bonus of EA will be paid since commencement of the police in case of CWLA • In case of WLA policies, bonus attached prior to ordinary conversion will remain unchanged. YRM, PLI - Conversion

  8. Types of conversion YRM, PLI - Conversion

  9. List of products that have the Conversion Feature YRM, PLI - Conversion

  10. Mandatory Documents • Request Form • Policy Bond • Consent letter • Premium Receipt Book or Disbursingofficer’s certificate • Certificate of Good Health (GHC) YRM, PLI - Conversion

  11. Process Flow YRM, PLI - Conversion

  12. Conversion Process • Logging in to the Application • Generating a Quote • Indexing the request • Scanning the documents • Reserving the request • Entering details for the request • Checking quality of the details submitted for the request • Approving the request YRM, PLI - Conversion

  13. Demo Use the application to do the following actions: • Logging in to the Application • Searching for the policy • Generating a Quote • Indexing the Conversion request • Scanning the documents • Reserving the request • Entering details for the request • Checking quality of the details submitted for the request • Approving the request YRM, PLI - Conversion

  14. Short Question & Answer YRM, PTC, Mys-10, PA-ADP

  15. Question No. 1 • Is Conversion is alteration affect the date of maturity ? • Ans : Yes YRM, PLI - Conversion

  16. Question No. 2 • What is the fees for second and subsequent conversion? • Ans: Rs.20 YRM, PLI - Conversion

  17. Question No. 3 • Which are the policies which are not having conversion features? • Ans: Anticipated Endowment Assurance and 10 year RPLI YRM, PLI - Conversion

  18. Question No. 4 • Which is the other mandatory document apart from Request form, Policy bond, PRB or DOC, Certificate of Good health? • Ans : Consent Letter YRM, PLI - Conversion

  19. Question No. 5 • When CWL Assurance can be converted as EA? • Ans : After 5 years (Grace period at the end of 6 years) YRM, PLI - Conversion

  20. Question No. 6 • Will policy bond and other policy term change after conversion? • Ans. Yes YRM, PLI - Conversion

  21. Question No. 7 • What is the first step in McCamish process flow for conversion? • Ans : Providing a Conversion Quote Value YRM, PLI - Conversion

  22. Question No. 8 • What is the next step in McCamish process flow of conversion after approver gives approve? • Ans : Intimation sent to A/csdept for passing necessary remarks YRM, PLI - Conversion

  23. Question No. 9 • Is new policy bond is issued after conversion process is completed? • Ans : Yes YRM, PLI - Conversion

  24. Question No. 10 • Mr. Ram has taken a EA policy which is maturing on 31.01.2015. He request for conversion of policy. Is it allowed? • Ans : NO YRM, PLI - Conversion

  25. Summary • Now you should be able to • Describe the features of Conversion. • List the mandatory documents for Conversion. • Explain the process involved in Conversion. YRM, PLI - Conversion

  26. YRM, PTC, Mys-10, PA-ADP

  27. YRM, PTC, Mys-10, PA-ADP

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