Premiums for the Episodic Funeral Plan are collected monthly in arrears for the lifetime of the policy. Premiums need to be paid on or before the last day of the month for the month.
What happens if I miss a premium?
A maximum of two outstanding missed premiums is allowed before your policy will be lapsed. When you settle an outstanding payment, the collected premium will be allocated to the oldest outstanding balance.
You have a Grace Period of 15 days to settle the outstanding premium, commencing from the date the last premium is due. After this Grace Period, your policy will be immediately terminated (as per Rule 15A of the Policyholder Protection Rules).
A Policy with an outstanding premium payment is regarded as suspended from the date of the first outstanding premium. If you settle the outstanding payments within the Grace Period, then the suspension will be lifted and your policy will remain active.
Each time a premium payment is missed, a notification will be sent to you informing you of the arrears and the 15 day Grace Period.