MVAFunds Prototype

The MVAAmountFormula provides a modified syntax to calculate the adjustment amount. The output of this function will be available in transaction math and the regular assignments will be available for MVA related funds.

Prerequisites

  1. User should be able to add MVA fund at the policy level.
  2. User should be able to add the 'MVADeposit', ‘MVAWithdrawal’ and ‘MVATransfer’ transactions in the application.

New Items

  • Two new transactions called 'MVADeposit','MVAWithdrawal' and 'MVATransfer' transactions are created under 'Index Prototype Plan'.
  • A new fund 'MVA Fund' is added at the 'Index Prototype Plan' level.
  • A new business rule is created in the name of MVAAmountFormula which will calculate the MVAAmount depending on the MVAStartDate, MVAEndDate, and CashValue. MVA override is created for the new fund.
  • A new override for InterestRateCalculation is added at the 'MVA fund' Level.

Transaction name: MVADeposit

Company name: Prototype Individual Child Company

Product Name: Individual Prototype Product

Plan Name: Index Prototype Plan

Transaction name: MVAWithdrawal

Company name: Prototype Individual Child Company

Product Name: Individual Prototype Product

Plan Name: Index Prototype Plan

Transaction name: MVATransfer

Company name: Prototype Individual Child Company

Product Name: Individual Prototype Product

Plan Name: Index Prototype Plan

Changes to Existing Items

CopyBook-AllValuesIndex is altered to include MVA Fund name into it.

Configuration Details

  • MVAAmountFormula : The configuration is done as such to calculate the MVAAmount with the help of MVAStartDate, MVAEndDate, CashValue of MVA fund using the formula provided.
  • MVADeposit: This configuration will have an input field which captures the deposit amount to the funds. With the help of assignment, the captured amount will be invested into MVA Fund.
  • MVAWithdrawal: This configuration will have an input field which captures the withdrawal amount from the funds. The WithdrawalAmount captured from the transaction is added with the MVAAmountFromula output. The summed up amount will be deducted from the fund with the help of RemoveByFund assignment.
  • MVATransfer: This transaction will remove the amount from the MVA Fund and invests the money to other allocations which is present at the Policy Level on the basis of fund count.