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4. Collect on Preferred Day Before Instalment Period
Default is an optional field, used to set the installment due date always before the installment period.
Scenario when you switched on this feature and the preferred collection day is 28th, and purchased a policy in the near start date
The policy covers the period from January 15, 2023, to December 31, 2023. It was purchased on January 1, 2023 with a grace period of 18 days.
The first installment is expected to be falls in the grace period so is due on January 19, 2023
The subsequent installments are anticipated to be due on the 28th day of each month.
Scenario when you switched on this feature and the preferred collection day is 28th, and purchased a policy in the far future start date
The policy covers the period from Febuary 01, 2023, to January 31, 2024. It was purchased on January 1, 2023 with a grace period of 18 days.
The first installment is expected to be due on January 28, 2023
And the subsequent installments are anticipated to be due on the 28th day of each month.
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