🔍
Policy Management

Policy Management — Complete Guide

🕒 8 min read 🕒 Updated 21 Apr 2026

🛡️ Policy Management — Complete Guide

The Policy Management module lets you track all your insurance and investment policies in one place — LIC, HDFC Life, SBI Life, health insurance, vehicle insurance, and more. You can add policies, track premium schedules, record payments, set reminders, and view your full payment history.

📍 How to Navigate to Policies

  1. Log in to Wevanta
  2. In the left sidebar, under Money Flow, click 🛡️ Policies
  3. You will see your Policy Dashboard with all active and historical policies

Alternatively, use the direct URL: /policies

➕ How to Add a New Policy

  1. Click the ＋ Add Policy button (top-right of the Policy page)
  2. Fill in the form — details below:

Policy Holder & Basic Info

FieldWhat to Enter
Policy Holder *Select the family member this policy belongs to (yourself, spouse, child, parent)
Policy Name *A short, memorable name — e.g. "LIC Jeevan Anand", "HDFC Click2Protect"
NomineeThe person who receives the benefit — e.g. "Priya Sharma"
Policy Type *Select from: Term, Life/Whole Life, Endowment, Money Back, Health, Vehicle, ULIP, Child Plan, Pension Plan, or Other

Insurer Details

FieldWhat to Enter
Policy Number *Your unique policy number from the policy document — e.g. "936756987"
Insurer Name *The insurance company — e.g. "LIC of India", "HDFC Life", "Star Health"
Branch NumberBranch code of the insurer (optional) — find on your policy document
Plan CodeThe insurer's internal plan/table number — e.g. "914" for LIC Jeevan Anand. Also called "Table No." in LIC policies
Plan YearThe year the insurance plan was launched by the insurer — e.g. "2018". Helps identify plan versions

Policy Dates & Term

FieldWhat to Enter
Policy Date *The commencement date of your policy — as printed on the first page of your policy bond
Policy TermDuration of the policy in years — e.g. "20" for a 20-year policy
Maturity DateDate when the policy matures (auto-fills if you enter Policy Date + Term)

Financial Details

FieldWhat to Enter
Sum Assured *The guaranteed death benefit / coverage amount — e.g. ₹1,000,000 (₹10 Lakh)
Insurance ValueTotal risk cover including bonuses (if known) — optional
Expected Maturity ValueApproximate amount you expect to receive at maturity — as given by the insurer's calculator
Premium AccountThe bank account from which premiums are deducted — so payments automatically reflect in that account's transaction history

Premium Schedule

FieldWhat to Enter
Premium Amount *Amount paid per premium installment — e.g. ₹25,000 per year
Payment Mode *Frequency: Monthly, Quarterly, Half-Yearly, Yearly, or Single/One-time
Premium Start DateDate your first premium is due — usually the same as Policy Date
Premium Paying TermYears for which you pay premiums (may differ from Policy Term) — e.g. pay for 15 years, policy runs 20 years

Reminders & Status

FieldWhat to Enter
Remind MeToggle ON to activate automatic premium due and maturity reminders
Remind Before (Days)How many days before due date to get the reminder — e.g. "7" for one week in advance
StatusActive (default), Matured, Lapsed, Closed, or Surrendered
NotesAny personal notes — agent contact, special terms, claim advice, etc.

Money-Back Entries (Money Back policies only)

If you select Money Back as the policy type, a new section appears where you can add the expected money-back payout schedule:

  1. Click ＋ Add Row
  2. Enter the expected Date, Amount, and an optional Narration
  3. Add as many rows as your policy has money-back payouts

Once you click 💾 Save Policy, the system will:

  • ✅ Save your policy
  • ✅ Auto-generate the full premium installment schedule
  • ✅ Create reminders (if "Remind Me" was toggled ON)
  • ✅ Take you directly to the Policy Detail page

📋 Viewing a Policy

Click any policy card on the Policies list to open its Detail Page. The detail page has 4 tabs:

  • 📋 Overview — All policy details (holder, coverage, dates, premium schedule)
  • 📅 Installments — Full premium calendar with status (Due / Overdue / Paid)
  • 💳 Transactions — All expense transactions linked to this policy
  • 🔔 Reminders — All reminders (premium due + maturity) for this policy

✏️ How to Edit a Policy

  1. Open the Policy Detail page
  2. Click the ✏️ Edit button (top-right of the hero section)
  3. Update any field — all fields including Money-Back rows are editable
  4. Click 💾 Update Policy

Note: If you change the Premium Amount, Start Date, or Payment Mode, go to the Installments tab and click ⚡ Generate / Regenerate Schedule to update the payment calendar. Paid installments are always preserved.

🗑️ How to Delete / Archive a Policy

  1. Open Edit page of the policy
  2. Scroll to the bottom — find the Archive Policy section (red border)
  3. Click 🗑 Archive and confirm
⚠️ Note: Archiving soft-deletes the policy — data is preserved but removed from dashboards. All pending reminders are automatically cancelled. This action cannot be undone from the UI.

💳 Recording Premium Payments

  1. Go to the Policy Detail → 📅 Installments tab
  2. Find the installment you have paid (status: Due / Overdue)
  3. Click the 💳 Pay button in the Action column
  4. In the popup, confirm:
    • Payment Date — actual date you paid
    • Amount Paid — enter exact amount (can be partial)
    • Notes — optional (e.g. "paid via NACH", "receipt no. 12345")
  5. Click ✅ Save Payment

✨ What happens automatically:

  • The installment status changes to Paid (or Partially Paid if amount is less)
  • An Insurance Premium transaction is automatically created and appears in your Transactions and Expenses
  • If the premium account is linked, it deducts from that account's balance
  • The associated Reminder is auto-completed
  • The payment counts against your Budget under the Insurance category

📤 Exporting Policies

Click the ⬇️ Export CSV button on the Policy list page to download all your policies as a spreadsheet — includes all fields, ideal for your CA, tax filing, or insurance review.