Note: Initial premium / payment is NOT mandatory. The principal will issue pending for reminding of premium settlement after underwriting decision.
IMPORTANT NOTE:
1. Payment with the application cannot be accepted, payment can be accepted only after case approval, PLA would not review the payment details, namely payer name or payment amount, when received the cheque with application.
2. If the payor is neither the policy owner nor insured, the payment is classified as third party payment and additional KYC is required. As a result, HKID for joint account owner, who is not the policy owner and insured, are required.
3. Address proof is not required unless it is required by Transamerica, or OnePlatform has to conduct further verification with the client’s identity. (Updated: 7 Feb 2018)
Payment must be made by policy owner/ insured’s own account or the account of his/ her immediately family member, such as spouse.
Initial payment
- 3-month initial premium is required for monthly payment cases.
The initial payment can be made by:
- HKD/ USD Cheque
- Credit Card - All premium payments by credit card will be debited in HKD currency. If a credit card with other currency is used, currency exchange costs and bank charges may be incurred that will be charged to client. Therefore, Transamerica suggests client to use HKD credit card. Credit Card maximum limit is US$50,000 (HK$390,000) (Updated: 16 Nov 2015). Please be reminded that credit card facility can be used for the initial payment only.
- Bank Draft
- Bank Telegraphic Transfer (Overseas or Local)
Renewal payment
- Direct Debit Authorization ("DDA") can be used for Annual, Semi-annual, Quarterly premium mode. DDA must be setup for monthly premium mode cases
- HKD/ USD Cheque
- Bank Draft (Purchase receipt is required)
- Bank Telegraphic Transfer (Overseas or Local) (Instruction receipt is required)
Transamerica