icare has recently communicated that they are making an important change to the current premium payment options by offering Policy holders the option to pay for their Premium in monthly instalments if their Renewal Premium payable exceeds $1,000.
With this newly implemented change, icare will no longer offer quarterly instalment payment plans as an option.
The change to monthly instalment payments is aimed to assist customers with smaller monthly payments instead of having to make larger quarterly payments in advance.
This change will come into effect with the February and March Renewals and will be available to customers at their 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.
For more detailed information, please visit the iCare website (How to Pay your Premium on Workers Compensation Insurance | icare (nsw.gov.au)
Source: iCare
Title: Pay your Premium
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