As the market has grown yearly, technologies have also improved. Now, instead of you going to any signpost office to do any payment, you can choose to do it through certain channels. Channels such as the Internet, credit card or GIRO.
For the services of the Internet, you can use it to pay for the bill at any part of the world, example: The Policy Online aka POLE system with NTUC Income. For credit card, you can choose to pay it any AXS machine, online or at any of the branch office. For the GIRO, all you need to do is to get a form from the bank to fill up and money will be debited from your account monthly. The most commonly used channel will be by paying it with cash. Premium payment can be done by the channels mentioned above.
The definition of premium refers to the amount you give for the policy in return for the coverage by the insurance company.
You have the choice to choose how frequent you want to make payments for the premium. It ranges from monthly, quarterly, half yearly or yearly. The bigger lump sum of money you paid for the premium, the more discounts would be given to you.
At times, premium would be affected based on the distribution cost. The reason why some of the plans have higher cost, as companies will have to pay distribution cost to the managers or supervisors before paying the agent. The advantage is your agent will provide you with a better service. Whenever you need their advice, all you need to do is to give them a call and they will be most welcomed to accept your call and advise you on the issues that you have enquires on.
Nowadays, some of the premium plans have changed to the limited premium so that it enables you to save a large sum as compared to premium plans, which are continuous.
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