Fees other than premiums that must be paid by insurance policyholders

Bonsernews.com – Ownership of an insurance policy is a financial protection from the risk of uncertainty and is believed to be more able to increase the self-confidence of the individual holder. Because, if something unexpected happens, the coverage that you will benefit from will be comparable to the cost of insurance that you are obliged to pay, even more.

The cost of insurance that is commonly known is the insurance premium. Premium is an obligation owned by the policyholder in the form of regular monthly payments to the insurance company within a certain period of time and in accordance with the agreement written in the insurance policy.

But there are several other insurance costs that are the responsibility of the policyholder besides the premium that you should know. For more details, the following is an explanation of the costs contained in the insurance.

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1. Acquisition Costs

Acquisition costs include costs for health checks, procurement of policies and printing of documents, field fees, postal and telecommunications costs, as well as remuneration for employees and marketing personnel. The nominal amount of the acquisition fee depends on the insurance product and the insurance company itself.

2. Insurance Costs

Insurance costs are sourced from the periodic premium unit balance, if the balance is used up, the insurance fee can be taken from the Top-Up Premium Unit Balance. This insurance fee will be paid regularly as long as your insurance policy is still active. The amount of the insurance fee depends on the age, gender, medical history of the policyholder, smoking status or not, and the amount of the sum insured.

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3. Administrative Fees

The amount of administrative fees varies and depends on how the policyholder chooses the frequency of payments. The premium payment frequency is divided into four, namely annual (12 months), semi-annual (6 months), quarterly (3 months), and monthly.

All administration fees will be deducted from the Balance of Periodic Premium Units. If the balance is used up, it will be deducted from the Top-Up Premium Unit Balance.

If you use E-Transaction facilities such as E-Policy, E-Transaction Statement and how to pay premiums using a Savings Account Autodebit or Credit Card Autodebit, you will be exempt from administration fees.

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