Premium Administration handles the various ways in which new and renewal premiums are credited into policy accounts. (Including loan repayment deductions)
Premiums received may come from the following sources;
1. REMITTANCE FROM INSTITUTIONS
SIC Life Co. Ltd. has schemes whereby premiums are collected by a third Party, often through an employer.
After Clients have completed their proposals and mandates forms, premiums are deducted each month by the employer from the employee’s salary. The employer then makes a bulk remittance to SIC Life Company with a list of policyholders containing their premium contributions and loan deductions for the month.
2. DIRECT DEBIT
Under the direct debit system, the policy holder signs a direct debit mandate authorizing SIC Life to debit their bank accounts on monthly basis or depending on mode agreed with the premium amount.
These are the partner banks that accepts direct debit from SIC Life.
• Ghana Commercial Bank,
• Barclays Bank Limited
• Ecobank Ghana Limited
• HFC Bank
• Access Bank,
• Universal Merchant Bank,
• National Investment Bank,
• SG Ghana,
• Standard Chartered Bank
• Zenith Bank
• Bank of Africa Ghana
• Fidelity Bank
• United Bank for Africa
• Agricultural Development Bank
• 1st Atlantic Bank
• Other Banks (ACH)