Auto Pay Start

Policy holders may prefer to have automatic payments made to the policy that are directly deducted from their bank account(s) on a constant basis.  This is a commonly offered feature for insurance products, as it saves the policy holder the time and effort of mailing checks.

AutoPayStart activity allows a user to initiate the automatic payment to the policy.  On processing the AutoPayStart activity, AutoPay is spawned, which in turn spawns AutoPay for the next designated period.

AutoPayStart Activity on Activity Screen

In order to set-up AutoPay, Deferred Annuity must be configured to use automatic payment.  This is done by selecting Yes in the Automatic Payment field and entering the following field information.

Automatic Payment Fields in Deferred Annuity

Start Date:  Must be 30 days after the effective date.

Frequency:  The payment schedule.

Amount:  The amount that is automatically paid.

Termination Date:  Date when payments should end.

Automatic Payment allocations must also be configured using Allocations on the Left Navigation menu.