Explaining the payment schedule

Modified on Wed, 13 Jan 2021 at 11:51 AM

When you purchase a policy and select Principal Finance as the payment option, Principal Finance will take a payment immediately when the policy starts. The next payment is as per the schedule they provide which is the start date of the policy or the month straight after the policy starts (as sometimes the initial payment may be taken sooner than the start date of your policy) as per the below example.

For Example.

Your policy starts on the 1st of February and you applied for the policy on the 13th of January 2021. The payment will be taken from the 13th of January 2021 and then the next payment will be drawn on the 1st of February as per the payment schedule.

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