Interest Free Instalment Payment Program for Corporate Non Motor Policies
AmGeneral would like to assure you that we are with you during these uncertain times. To ease potential concerns faced with insurance premium payments especially for SME businesses, AmGeneral is offering our valued customers a special Instalment Payment Program for Corporate Non Motor Premium Warranty Policies.
This Instalment Payment Program intends to assist our customers in ensuring that they have adequate protection against the risk of unwanted incidents, even during these tough economic times. We urge you to take advantage of this unique program and assist our customers to protect their businesses now in order to fully benefit from this initiative.
Payment plans available as below:
This program is applicable for all corporate non-motor premium warranty policies, with the following criteria:
- The policy is not issued from the Bancassurance channels
- The policy is not an open cover type policy
- Applicable to the portion of the co-share policies issued by AmGeneral, and only where AmGeneral is the lead insurer
- Individual policies are not included in this program (only corporate policies)
- Fronting policies not applicable.
How this program works:
- The eligible policyholder must not have any GWP outstanding, with the exception of low premium outstanding on any previous policy endorsements made.
- Policies issued up to 60 days before the application date (as indicated in the Instalment Payment Program Application Form) are eligible for this program (see Example 1).
- Customers can select which policies to be included in the program. The applicable payment instalment period will be assessed by total policies by named insured basis (see Example 1).
- Once the GWP threshold is met, the applicable instalment plan will be applied on a per policy basis according to the policy effective date of each policy (see Example 2).
- Customers with Plans B or C can opt for a shorter instalment payment period plan.
- AmGeneral will review the applications on case by case basis and provide response on successful or unsuccessful applications. Management reserves the final right of approval on any of the applications received.
- Each approved policy which is part of the instalment plan will be endorsed and tracked separately.
- The first instalment payment for each policy will commence immediately after the respective policy premium warranty period ends (see Example 2).
- Each instalment is payable within 30 days that the instalment falls due. (see Example 2).
- Should the customer miss any of their instalment payments, the instalment plan will cease and the Agent will be immediately subject to the cancellation procedures.
Example 1 – Policy eligibility (Application date: 1 May 2020)
Eligible to apply for Plan C - up to 6 months instalment
Note 1: Shorter instalment period can be chosen even though ABC Company qualifies for Plan C
AmGeneral is committed to stand by you during this time. Should you have any inquiries on the above, kindly reach out to us as our Customer Service Team is always ready to assist you.
Thank you for your continuous support. Stay strong and safe!
*Terms & Conditions apply