What is 'additional payment' in SAP FS-PM - Policy Management?

additional payment - Overview

• Component: FS-PM

• Component Name: Policy Management

• Description: Additional deposit for the contract, intended to increase the maturity benefit. Unlike the down payment, the additional payment represents a premium. Unlike the recurring premium, the additional payment is always invested with the actual investment principle.

additional payment - Details

• 
  Key Concepts: 
  Additional payment is a feature of the SAP FS-PM Policy Management component that allows users to make payments to policyholders in addition to the regular payments. This feature is useful for making payments for special circumstances, such as when a policyholder has an unexpected expense or when a policyholder needs to make a payment for an additional service.
  
  How to use it: 
  To use the additional payment feature, users must first create a payment plan in the FS-PM Policy Management component. Once the payment plan is created, users can then add additional payments to the plan. The additional payments can be set up as one-time payments or recurring payments.
  
  Tips & Tricks: 
  When setting up additional payments, it is important to ensure that the payment amount is correct and that the payment date is accurate. Additionally, it is important to ensure that the payment plan is set up correctly so that all payments are made on time.
  
  Related Information: 
  For more information about the additional payment feature in SAP FS-PM Policy Management, please refer to the SAP Help documentation. Additionally, there are several online tutorials available that provide step-by-step instructions on how to use this feature.