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Manage Rate Plans
Create a rate plan on the policy record and edit rate plan line items as needed.
Required Editions
| Available in: Lightning Experience |
| Available in: Professional, Enterprise, and Unlimited Editions where Financial Service Cloud and Insurance Brokerage are enabled |
| User Permissions Needed | |
|---|---|
| To use rate plan: | Insurance Policy Management User |
Create Rate Plan
To use a rate plan for an Insurance Policy, create the plan on the policy record.
Required Editions
| Available in: Lightning Experience |
| Available in: Professional, Enterprise, and Unlimited Editions where Financial Service Cloud and Insurance Brokerage are enabled |
| User Permissions Needed | |
|---|---|
| To use rate plan: | Insurance Policy Management User |
For the premium that’s calculated for the rate plan to roll up to policy, the Premium Frequency on the Insurance Policy record page must be selected with an appropriate value before creating a rate plan.
- From an Insurance Policy or Insurance Policy Coverage record, on the Insurance Rate Plans related list, click New.
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Select the frequency and type for the rate plan.
Additional fields become available for input depending upon the option that you select in the Type field.
- Populate the additional fields with appropriate values.
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Select the applicable tier structures.
Note The Tier field shows only the tiers configured for the rate plan type you selected. To change which tiers are available, see Configure Preferences for Rate Plan Type. -
Save your work.
- To save your work without adding line items, click Save.
- To save your work and add line items, click Save & Add Line Items.
- Populate the fields for the selected rate plan type.
- To view the premium amount, fee amount, or premium equivalent amount for each tier, as well as the respective total amount, click Calculate.
- Save your work.
Edit a Rate Plan Line Item
To make changes to an existing rate plan, edit the related line items.
Required Editions
| Available in: Lightning Experience |
| Available in: Professional, Enterprise, and Unlimited Editions where Financial Service Cloud and Insurance Brokerage are enabled |
| User Permissions Needed | |
|---|---|
| To use rate plan: | Insurance Policy Management User |
- From an Insurance Policy or Insurance Policy Coverage record, in the dropdown menu for the rate plan in the Insurance Rate Plans related list, click Edit Line Items.
- Update the individual line items.
- To view the premium amount for each tier and the total premium amount, click Calculate.
- Save your work.
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