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Instalment Write Up For AJ 14-07-2021
Instalment Write Up For AJ 14-07-2021
1. User needs to select the ‘Payment frequency’ for opting the instalment premium.
2. ‘Payment Frequency’ selected in ‘Policy Details’ page the premium to be paid will be divided into
Instalments. Payment frequencies that can be selected by user are “Single Premium”, “Monthly”,
“Quarterly” or “Half-Yearly”.
3. User will be able to see the premium break-up in ‘Payment Cycle’ tab.
Note:
i. In case of a claim. Customer needs to pay the balance instalment premium due under the
policy before the claim is intimated.
ii. If any Instalment is due (i.e. System date is within grace period) then any type of
endorsement will not be allowed in policy.
Consolidation of Instalment Premium in CORE: Users will be able to consolidate and pay the
remaining instalment premiums by following the below process.
a. For using this option, User will have to click on ‘Quick Change’ option which is present on
the left-hand side under the ‘Policy’ tab as mentioned below and search for the policy,
b. Then user will have to select the ‘Type of Change’ as “Instalment Consolidation’.
c. If the policy number being provided is valid then following confirmation message will be
displayed to the user as “Do you want to pay the balance premium in single
remittance?”. If user clicks on “Yes” then following confirmation message will be
displayed to the user as “Please note that premium mode cannot be converted to
Instalments after consolidation. Please confirm?”. If user clicks on “Yes” then remaining
Instalments will be consolidated into single Instalment. This process is irreversible.
d. After successful consolidation, user can make payment on or before the payment due
date or within the grace period.
5. Payment Option in Portal: Customers and Agents can use the ‘Quick Payment’ option available in
portal for paying the instalment premium. Here, they will be shown the Installment Premium or
the entire balance premium to be paid. They can choose either of the above options.
THE NEW INDIA ASSURANCE CO. LTD.
(Government of India Undertaking)
Regd. & Head Office: New India Assurance Bldg., 87 M.G. Road, Fort, Mumbai - 400 001. TOLL FREE No. 1800 209 1415
https://www.newindia.co.in
For digital channels, payment options allowed are- APD, Net banking, Payment Link (i.e.
EPG) and some other specific collection modes like CSC wallet, MP wallet etc which is
allowed from digital channels.
6. Following automated SMS and Email will be sent to the policyholder i.e. on Mobile Number and
Email-1 and Email-2 present in the policyholder party, days in advance before the Instalment
‘Payment Due Date’ and after the ‘Payment Due Date’ ends. (In this regard, please update the
mobile numbers of the Insured only)
Note: It will only be sent where payment 1 day after ‘Payment Due Date’
frequency is selected as “Quarterly” and “Half-
Yearly”.
7 days before ‘Payment Due Date’ 14 days after ‘Payment Due Date’
Your <quarterly/half yearly> Instalment premium is due on DD/MM/YY for Policy No: <Policy
Number>. Please remit premium before due date to have continuous insurance coverage.
Payment link '######'.
Insurance Coverage for Policy No:<Policy Number> ceased on <Payment Due Date>. Please
remit the Instalment Premium before <Grace Period End Date>. Payment Link '#######'. T&C
Apply.
We regret to state that your Policy No:<Policy Number>, ceased to exist due to non-payment
of Instalment premium within the grace period. Please contact our office for further
details. *T&C Apply.
Premium or Discount Calculation Logic:
Total Premium = Basic Premium + Medical Loading – Regional Discount – Floater Discount – Digital
Discount.