News

Paying Diaspora Funeral Cash Plan Premiums: Convenient Options Explained

At Diaspora Insurance we pride ourselves on providing specialist and bespoke insurance products to transnational citizens otherwise referred to as expatriates or Diasporans. Diaspora Insurance are the providers of the bespoke Diaspora Funeral Cash Plan, a cash plan designed for Africans living in the diaspora.

Premiums can be paid worldwide. As part of treating our customers fairly Diaspora Insurance has different ways for customers to honour their payments depending on their location. Below are our payment options:

1. Recurring card payments

Mastercard and Visa card holders can pay recurring card payments. Premiums are deducted monthly, and clients can update their card details upon expiration or loss. In some regions all bank cards are issued as Master or Visa cards, whilst in others they are issued upon request.

Recurring card payments are available to anyone who is a holder of either a MasterCard or VISA card. With the exception of the UK where clients are set up on Direct Debit, the rest of the world can utilise this facility.

2. Standing Order

Clients can instruct their bank to pay a fixed amount monthly to any Diaspora insurance account. Standing orders are a low-risk option as they are handled automatically by the bank. They also reduce the chance of being in arrears due to skipped payments and eventually leading to client policies getting into arrears and or lapse.

Generally, standing orders can be made from any country around the world as long as the regulator permits it. However, some countries might have restrictions on international transfers.

3. Bank transfer

Clients can transfer money to any of our bank accounts from anywhere in the world. Bank transfers can be made monthly, quarterly, semi-annually and annually.

It is possible for anyone to use this option if their banking system allows them to make transfers according to the laws of their country or region.

4. Cash Deposits

Clients can request banking details and deposit cash to our bank accounts in various countries.

6 countries and Eurozone nations are eligible for the option.

5. Direct debit

Clients in the United Kingdom can set up Direct Debits with Diaspora insurance to have their monthly premium deducted from their UK bank accounts. Few services providers in the UK have a Direct Debit guarantee that allows them to collect from their clients’ accounts.

Direct Debit facility is available in the United Kingdom and South Africa only. In South Africa NewPay Debichek system for Direct Debits collections.

Policy Number Reference

Please note it is very critical to include your policy number as a reference when paying. This will make it easier to allocate payments.

Diaspora Insurance Bank Accounts Diaspora insurance has bank accounts in various regions which can be used to transfer premiums. Banking details are issued upon request by the client for security reasons. Below are listed the countries Diaspora Insurance has accounts in:

· Australia

· Euro-Zone Nations

· United States of America

· Canada

· South Africa

· New Zealand

· United Kingdom

The list is not limited to the above-mentioned countries. Currently the above-mentioned regions are the most popular destinations for most diasporans. More options will be made available as we grow globally.

Recently we have seen a growing number of people moving to the Middle East, China, and various Asian countries. Diaspora Insurance as a global company is looking to diversify into these countries to provide ease of payment for clients.

Other payment options.

1. Ask a relative or friend to pay for you.

In case the client is unable to make a payment they can always ask a relative or friend to pay for them in any of the countries mentioned above. Clients with relatives in the UK can ask their friends or relatives to pay via Direct Debit on their behalf. All they need to do is fill in a direct mandate form so we can deduct from their account.

2. Quarterly/Yearly Payments Diaspora insurance allows clients to make payments on quarterly, semi-annually, and annually basis for their premiums. This will reduce administration and service fees

related to making transfers. And for travelling clients, they can pay in advance for the time they will be away.

Clients can only make payments up to a year in advance. Due to regulation and money control systems in place Diaspora Insurance can not accept premiums more than one year in advance as it is treated as Money Laundering by various regulators.

Conclusion.

We have designed Diaspora Insurance to meet the needs and requirements of every African living in the diaspora. Our focus and remit is to positively impact and change people’s realities through bespoke and global risk management solutions. Our main goal is to provide world class solutions to the Diasporans. Various payment methods will be introduced in various regions as the Diasporans population.

team4dfiPaying Diaspora Funeral Cash Plan Premiums: Convenient Options Explained