Anonymous

20 Nov 2019

∙

How do you adjust your insurance premium payment mode to AXS+GrabPay?

Currently I am paying my insurance premium on a monthly basis via GIRO. I would like to switch to AXS+GrabPay mode. I was told that insurance companies does not accept cash/AXS payment mode for monthly premium. Is it impossible to do that? Or does this payment mode applies to yearly premiums? Anyway to overcome? TIA

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Pang Zhe Liang

20 Nov 2019

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

It depends on the individual insurance companies' policy. Most insurance companies allow the payment of insurance premium via AXS - you are able to see the list on AXS.

For monthly mode, you may consider to forward pay your insurance premium. E.g. Next GIRO deduction is 15th December. However, you make payment via AXS on 1st December. Accordingly, system may show that there is no premium due. Therefore no deduction will be made on 15th December.

On the whole, it depends on the insurance company's policy. Otherwise, consider switching to annual mode (some policies become cheaper as well).

Hope it helps!

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