Payment Terms for International Private Medical Insurance (IPMI)

Understanding Payment Terms for IPMI Policies

Payment Terms for International Private Medical Insurance (IPMI) refers to the conditions and arrangements for making payment of the insurance premium for an IPMI policy. This includes the frequency of payments, the method of payment (e.g. monthly, annually), and the consequences of non-payment (e.g. policy cancellation). Payment terms are an important aspect of IPMI policies, as they determine the financial obligation of the policyholder to maintain their insurance coverage.

For example, a policyholder might choose to pay their IPMI premium monthly, using an automatic debit from their bank account. This arrangement would ensure that the policyholder’s coverage remains in force, as long as their bank account has sufficient funds to cover the premium payments. If the policyholder fails to make their premium payments, their policy might be cancelled, leaving them without coverage.