icare announced a change to premium payments, allowing policyholders to pay monthly if renewal premiums exceed $1,000.
With this newly implemented change, icare will no longer offer quarterly instalment payment plans as an option.
The shift to monthly instalments will ease costs with smaller payments, replacing larger quarterly ones. It takes effect from February and March renewals and will apply at customers’ next policy renewal.
The change will be implemented as follows:
• February 2022 renewals for experience rated employers (with APP / Base Premiums above $30,000)
• March 2022 renewals for small employers (with APP / Base Premiums of $30,000 or less)
Clients will still have the option to pay for their premiums annually in full in order to receive the paid-in full discount.
Please note that the paid-in full discount cannot reduce the premium to below the minimum amount of $175.
Please visit the iCare website (How to Pay your Premium on Workers Compensation Insurance | icare (nsw.gov.au)
Contact us to know more.
Source: iCare
Title: Pay your Premium
Read Time: 7 mins