What happens if the automatic premium payment via savings account was unsuccessful?
Once you’ve applied for recurring insurance premium payment via savings account, FWD will automatically deduct your premium payment on the premium due date. If the premium can’t be deducted via your savings account, you’ll receive a notification SMS sent to the mobile phone number you’ve provided to us regarding your premium payment status.
You can also reserve extra funds in your savings account for the next deduction, which will be according to the insurance policy bought from each channel:
| For policies bought through SCB | For policies bought through an FWD sales agent or any other FWD channels |
| Bank account charged every 4th business day | Account charged on 5th, 10th, 15th, 20th, and 25th each month. (Except for the Government Savings Bank, account charged on 1st and 15th of each month.) |
If the deduction date falls on a holiday, FWD will perform the deduction on the next business day until the grace period for premium payment is over (except for the year-end holiday period, which will be deducted prior to the holiday), which is according to the terms in your FWD policy. Please ensure you have sufficient funds in your savings account accordingly. You can check your bank account’s last 4 digits via Omne by FWD.
Note: Please take these actions if your bank book has been lost, blocked, stolen, restricted from online purchases, or has an invalid account number, etc.
Change from direct debit to credit card to enable automatic deductions on the next due date via Omne by FWD (except for policies that can't be deducted via credit cards) - Pay premiums via other methods or SCB EASY to ensure the policy renewal is completed on time.
