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Good news for 1Life Insurance policyholders! If your monthly premium debit order bounces, you can pay it at retail stores! Here’s all the information you need.
What is a debit order?
A debit order is an automatic deduction or payment from your bank account each month for the payment of a contract, such as the payment of a premium for an insurance policy or contribution for a medical aid. Debit orders run on a particular date each month, most often at the end or beginning of the month. It is a good idea to select a debit order date close to your salary payment date as this is when you are most likely to have funds in your account. Life insurance premiums are paid by debit order.
Top tip: DebiCheck is a secure and reliable way to manage debit orders and allows you to confirm new debit orders before they are processed. It puts you in control of debit order activities on your bank account. DebiCheck your 1Life debit order today!
Why do we need alternative payment methods for insurance?
Unfortunately, it can happen that a debit order bounces. A bounced debit order for your 1Life Insurance policy is one that is returned by your bank as unpaid, usually because there are insufficient funds in your bank account. Because your premium is not paid, your cover may be affected. It is important to make up this payment as soon as possible, and one of the easiest ways to do this is to use an alternative payment method. Plus, you may avoid extra bank charges that are associated with bounced debit orders by using an alternative payment method!
1Life Insurance policyholders have a 31 day grace period to make up a missed premium payment/bounced debit order. If you do not make up the premium in this time, your cover may be suspended or cancelled, and claims may be declined! 1Life Insurance allows you to make up a missed payment at your local retail store using Pay@.
What is Pay@?
Pay@ is a payment system that allows you to pay your accounts, as well as a missed premium, at leading retailers across the country. Pay@ operates in several southern African countries and is available at over 11 000 retailers and more than 237 000 informal traders in the region. It is a safe and secure, and easy way to pay your accounts, and make up missed premiums!
Pay at Retailers using Pay@
You can pay your premium at any of the retail stores below using your Pay@ reference number which will be supplied to you by 1Life Insurance via either email or SMS. It is therefore important that we have your most up to date contact details on your policy, please contact client services if you need to update any policy information or if you would like to make an outstanding payment on your policy and you have not received your Pay@ reference number. You can also access your policy and update details on the 1Life Insurance online policyholder services portal and WhatsApp service centre.
Your Pay@ reference number
An example of a Pay@ reference is: 115171129521322017011 which consists of a unique number (first 5 digits) followed by your policy number and year and month of the missed premium that is owing. You simply need to present this number to the cashier and ask to make a Pay@ payment. You will also only be able to pay the exact amount that is your monthly premium and that is presented to you in your communication from 1Life, per Pay@ reference.
Here’s a list of stores that accept Pay@ payments:
Please ensure that there are funds in your account for any future collections as failure to pay your 1Life Insurance premium could result in your loved ones not having the protection they need.
First published: 10 January 2017
Updated on: 1 July 2024