Configure the Policy Suspension Duration

To configure the default suspension duration (in days), follow the steps below:

1. From the main menu, navigate to Contract Management > Contract Management Settings > Insurance Settings > Insurance Parameters. The list of existing insurance parameters is displayed.

2. Double click the Policy Suspension parameter. The default value of the suspension is set to 30 days.

   

3. Click New Version to create an editable version of the parameter.

4. Update the Value field with the desired suspension duration, expressed in days.

5. Click Save and Close. The new parameter version is now available for approval in the History tab of the parameter record. You can also define the default suspension duration at product level when configuring a product through the Product Factory page.

   

Suspension Duration Behavior

Policies that enter Suspended status with a suspension duration set to zero (0) transition directly to Lapsed status. From a business perspective, this means the policy will lapse immediately after the due date and any applicable grace period have passed, without entering a suspension phase. Policyholders should therefore ensure timely payment to avoid loss of coverage.