FWD Terms and Conditions Direct Debit via Bank Account Instructions
- June 15, 2024
- FWD
Table of Contents
FWD Terms and Conditions Direct Debit via Bank Account Instructions
Product Information:
Specifications:
- Product Name: Direct Debit via Bank Account Instruction
- Manufacturer: FWD Insurance Berhad
- Company Number: 199301022976 [277714-A]
Product Usage Instructions:
Section 1: Agreement and Indemnification
By using the Direct Debit via Bank Account Instruction, you agree to the
following terms and conditions:
- You will indemnify FWD Insurance against any claims, loss, damage, and expenses arising from the authorization to debit your bank account.
Section 2: Purpose of Bank Account Usage
The bank account provided will only be used by FWD Insurance for Premium(s)
refund purposes and not for any other types of payment due to you.
Section 3: Sales & Service Tax (SST)
Please note that all or part of the Premium(s), charges, and payments for
this Application may be subjected to the Sales and service Tax (SST) at the
applicable prevailing rate, which you are required to pay.
Section 4: Written Notice
FWD Insurance will provide a written notice within a reasonable period as
required.
Terms and Conditions Direct Debit via Bank Account Instruction
Terma-Terma dan Syarat-Syarat Arahan Debit Terus melalui Bank Account In
consideration of FWD Insurance Berhad (“FWD Insurance”)’s agreement to accept
my authorisation to debit my Bank Account to pay the Premium(s) under the
given Policy number(s), I expressly agree to the following terms and
conditions:
- FWD Insurance shall determine to make the debit on initial and regular intervals and not to be held responsible for any claims, losses, damages and expenses arising from the successful or the unsuccessful processing of the debit as authorised due to malfunction of the system, electricity failure and/or all other factors beyond the control of FWD Insurance.
- I shall resolve any problem or dispute arising from the processing of the debit with my account managing bank as FWD Insurance is only responsible for arranging to debit my bank account through the direct debit facility as per my authorisation.
- Should the Premium(s) amount deducted is insufficient, I hereby authorise FWD Insurance to deduct the balance of my Premium(s) required under the Application. All paid Premium(s) will be held under the Application until the Policy commences and no profit shall be payable to me.
- I will ensure that FWD Insurance is notified in writing regarding any changes, conversion or replacement of my bank account or cancellation of this authorisation at least one month before the next Premium(s) is/are due, which shall only become effective only after FWD Insurance has duly acknowledged receipt of my notifications.
- I hereby agree to keep FWD Insurance indemnified against any claims, loss, damage and expenses that FWD Insurance may suffer arising from my authorisation to debit my bank account as aforesaid.
- Payable Premium(s) payments will be considered as paid only upon successful processing of the debit by the account managing bank, and the actual receipt of the full Premium(s) payment by FWD Insurance. The coverage shall only commence from the date of approval of the Application subject to full payment of the Premium(s).
- FWD Insurance to use this bank account only for Premium(s) refund and no other types of payment due to me.
- I take note that all or part of the Premium(s), charges and payments for this Application may be subjected to the Sales and Service Tax (SST) at the applicable prevailing rate which shall be payable.
- FWD Insurance shall within a reasonable period provide a written notice:
- To discontinue, interrupt, withdraw or suspend this service as it deems fit and FWD Insurance is not to be held liable for any loss or damage which may be suffered by me/us as a result of such action by FWD Insurance.
- To add, delete or amend any of the above terms and conditions from time to time. Such amendments shall become effective on such date as FWD Insurance may elect to adopt and the continued use of this service by me/us shall constitute my/our acceptance of the said amendments.
- To hold monies under the Premium(s) refund due to the Payee in the event the information provided above is incorrect, incomplete and/or otherwise not possible due to no fault of FWD Insurance to successfully process this request until the new Direct Credit detail is received from me.
Frequently Asked Questions
Q1: What should I do if I notice an unauthorized debit from my bank
account?
A1: If you notice any unauthorized debit from your bank account, please
contact FWD Insurance immediately to report the issue and take appropriate
action.
Q2: Can I use a different bank account for a Premium(s) refund?
A2: No, the Direct Debit via Bank Account Instruction is specifically for
the designated bank account provided during the application process.
Q3: How can I update my bank account information?
A3: To update your bank account information, please contact FWD Insurance
customer support and follow their instructions for the necessary updates.
FWD Insurance Berhad (Company No. 199301022976 [277714-A])(Formerly known as Gibraltar BSN Life Berhad)
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