| RECURRING PAYMENT USING
CREDIT CARD - MONTHLY INSTALMENT |
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| 1. |
Can I opt for Monthly Instalment
Payment irregardless of the payment amount?
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No, the Monthly Instalment Payment
is only applicable if the minimum payment is RM300
a year or RM25 per month.
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| 2. |
Can I use my friend's credit card for the Monthly
Instalment Payment?
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No, the nominated credit cardholder
must be you or your immediate family member i.e. spouse,
parent or children.
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| 3. |
Is recurring payment method
applicable for all medical insurance products?
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Yes, it is applicable for all
medical insurance products.
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| 4. |
Can Company uses recurring
method to pay for employee premium?
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No, this recurring payment is
only meant for personal policy.
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| 5. |
Will the policy only be issued
upon the receipt of first instalment payment?
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No, policy with Monthly Instalment
Payment will be issued upon underwriting approval,
however, if the first instalment payment is not paid
within 15 days from the policy effective date, then
the policy will be cancelled from policy effective
date.
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| 6. |
When will be the billing for
the subsequent instalment after the 1st instalment?
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Subsequent billing shall be on
advance basis, within 14 days before the month due
date. For example, if the policy effective date is
1/1/2005, the 2nd instalment due date for the month
is 1/2/2005, but the billing shall start on the 19/1/2005.
This billing circle shall be repeated for the subsequent
months as a general rule.
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| 7. |
For policy with Monthly Instalment
Payment, can I opt to pay cash/cheque for one subsequent
instalment and continue with recurring payment for
others instalments?
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No, if you request to pay cash/cheque,
you have to pay in full the balance of the outstanding
instalment for the policy year.
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| 8. |
Is there any refund for deletion
of family members or cancellation of policy?
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No, there will be no refund as
payment is monthly. However, in the event premium has
been paid for any period beyond the date of termination
of the policy, then the relevant proportion charged
shall be refunded to the Policyholder.
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| 9. |
For this recurring payment,
can I instruct Kurnia Insurans (Malaysia) Berhad
(KIMB) on payment instruction through my saving or
current account?
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No, at this moment the premium
can only be paid by credit card (Visa and MasterCard).
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| 10. |
If accident occurs, will I
be covered if Underwriting has approved the medical
application, but still pending for bank's verification
on the credit card details (1st instalment)?
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Yes, as long as underwriting has
approved the application and policy issued, you are
covered for any accidental injury from the policy effective
date.
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| 11. |
Am I paying more premium by
recurring payment compared to paying a yearly premium?
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No, the total amount for 12 months
instalments are the same amount as paying a yearly
premium.
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| 12. |
Is there any interest charges
or extra administration charges for recurring payment?
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No. |
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| 13. |
Do I need to write in to inform
KIMB that I want to pay my medical premium by monthly
instalment?
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No, you will just need to complete
a Monthly Instalment Payment Instruction form and submit
to any Kurnia branch/agent together with the Proposal
Form.
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| 14. |
Before the cancellation of
policy due to non-payment of premium, will I be notified
first?
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No cancellation notice will be
served as per " Termination for non-payment of
premium" clause. However, a cancellation endorsement
will be issued as per normal procedure.
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| 15. |
Can I opt to pay annually upon renewal? |
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Yes, but need to inform KIMB prior to policy expiry
date. |
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| 16. |
When do I pay the stamp duty? |
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RM10 stamp duty is payable for
each new or renewal policy and it will be included
in the first instalment.
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| 17. |
Will receipt be issued every
month to me for the monthly premium paid?
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Receipt will not be issued for
the monthly premium payment. You would have to refer
to the monthly credit card statement.
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| 18. |
What is the status of the policy
if the policyholder's nominated account is terminated?
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The policy shall terminate immediately
on the termination of the policyholder's nominated
account to which premium payable for this policy is
charged.
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| 19. |
Is there any renewal notice
on policy anniversary for recurring payment policy?
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No renewal notice to be sent out
and subject to the terms and conditions of the policy,
payment of premium when due automatically renews the
policy.
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