Paying Annual Supervisa Premium-Options (Direct Bank Transfer, Credit Card etc.)

[CanadianDreamer@TO]

Hi,
I have finalized the supervisa insurance policy. The premium is coming around 7000 CAD for both of my parents.

My question is can I not pay the premium via my bank account? I do not have a credit card with such a limit to pay this by card.

Please help clarify.

 

[canuck78]

Hi,
I have finalized the supervisa insurance policy. The premium is coming around 7000 CAD for both of my parents.

My question is can I not pay the premium via my bank account? I do not have a credit card with such a limit to pay this by card.

Please help clarify.

It is up to the insurance company. Would contact them and ask about payment options.

 

[hydrakanth]

It is totally up to the insurance company who would be issuing insurance policy for your parents. Usually they take lumpsum payment. Some insurance companies also do monthly payments but there is an extra charge for that so check with the insurance company or broker who is helping you with the super visa insurance.

 

[CanadianDreamer@TO]

It is totally up to the insurance company who would be issuing insurance policy for your parents. Usually they take lumpsum payment. Some insurance companies also do monthly payments but there is an extra charge for that so check with the insurance company or broker who is helping you with the super visa insurance.

My question is not whether insurance company will take lumpsum or monthly payment. My question is can I pay the annual premium using e-transfer.

 

[steaky]

My question is not whether insurance company will take lumpsum or monthly payment. My question is can I pay the annual premium using e-transfer.

Ask your broker or the insurance company.

Btw, the maximum amount you can send by Interac e-Transfer® is $3,000 per 24-hour period. So you cannot pay lumpsum via e-transfer..

 

[CanadianDreamer@TO]

Ask your broker or the insurance company.

Btw, the maximum amount you can send by Interac e-Transfer® is $3,000 per 24-hour period. So, you cannot pay lumpsum via e-transfer.

I checked with Manulife. They only accept credit card payments directly from the subscriber. There are some agents who told me they accept e-transfers. One of them said, I can do the complete annual premium payment in two installments. How can brokers accept payment in e-transfer when insurance company does not allow that? Do the insurance companies have separate arrangement with the brokers?

How should i proceed here? There is a risk that I transfer to broker and the broker does not pay to insurance company.

The question is how others have managed the payment of annual premium of around 7000 CAD without credit card.

 

[hydrakanth]

Your insurance agent/broker is the best person to guide you with this request. When I paid for my guest's insurance I gave my CC number to the insurance agent and they processed it. I also got a receipt from the agent company for the payment.

 

[canuck78]

I checked with Manulife. They only accept credit card payments directly from the subscriber. There are some agents who told me they accept e-transfers. One of them said, I can do the complete annual premium payment in two installments. How can brokers accept payment in e-transfer when insurance company does not allow that? Do the insurance companies have separate arrangement with the brokers?

How should i proceed here? There is a risk that I transfer to broker and the broker does not pay to insurance company.

The question is how others have managed the payment of annual premium of around 7000 CAD without credit card.

IRCC has been denying many or all people trying to pay in instalmments when their parents are in Canada.