Authorisation
By providing us with the Direct Debit Request, you have authorised Hannover Life Re of Australasia Ltd to arrange for funds to be debited from your account for the purpose of paying the premiums on the insurance cover provided by your My Protection Plan. The authorisation will be on the terms set out in this agreement and may be provided to us in writing, email or verbally. Any change to the account to which your Direct Debit Request applies, may also be provided to us in writing, email or verbally.
We will draw the premium from your account each month on the premium due date. We will not issue a billing notification prior to initiating a drawing.
The amount of the premium may vary and we will not notify you of this variation unless we are required to do so under this PDS.
We will only draw from your account those amounts that you have authorised under the Direct Debit Request and except in the circumstances permitted by this PDS we will not change the amount or frequency of drawing arrangements, without your prior approval. Importantly, you will not be able to vary the amount or frequency of the premium that will be debited to your account.
We may change the terms of this agreement without your consent. If we do, we will tell you 14 days prior to the change.
Drawing arrangements
Where the premium due date falls on a non-business day, we will draw the premium on the next business day.
We will not draw an amount from your account other than the full premium due. In the event that the drawing is dishonoured by your financial institution, we may (in our discretion) make further attempts to draw the amount from your account after we receive notice of the dishonour.
We reserve the right to cancel the authorisation if three or more drawings are returned unpaid by your financial institution.
We will keep all information relating to your account confidential and will only use the information for purposes connected with this agreement and the insurance. However, our financial institution may also require this information to be provided in connection with a claim made on it relating to an alleged incorrect or wrongful debit. Our Privacy Policy will apply to this information.
Your rights
By giving written notice to us at least 14 days prior to the premium due date (either directly or through your financial institution):
- You may cancel the authorisation;
- You may change the account details to which the authorisation applies; or
- You may stop a drawing being made from the account.
If you believe that there has been an error in debiting your account you should take the matter up with us or lodge a Direct Debit Claim through your financial institution. If we cannot resolve the matter to your satisfaction you may also contact your financial institution. If we conclude that your account has been incorrectly debited we will arrange for this to be corrected.
Your responsibilities
It is your responsibility to:
- Ensure that direct debiting is available on your account and the account details you have given are correct;
- Ensure that sufficient funds are available in the account to meet the drawing on each premium due date. If there are insufficient funds and the payment is dishonoured then you will be responsible for any fee charged by the financial institution to your account. You will also be responsible for any fee that is incurred by us and we are authorised to recover this from your account;
- Ensure that the person or persons who have given us the authorisation to draw on the account are permitted to do so under the account signing instructions held by your financial institution;
- Advise us if the account is transferred or closed;
- Arrange for a suitable alternate payment method if you wish to cancel the authorisation;
- Check your account statement to verify that the amounts debited are correct; and
- Pay any fees or charges made to your account by your financial institution in connection with the drawings made on your account.