Switching Your Aia Insurance Giro Account: A Step-By-Step Guide

If you are an AIA Insurance customer and would like to change your Giro account, you can do so by setting up recurring payments. This can be done digitally through the AIA Pay EZ service, which allows you to make payments on regular premiums, ad-hoc payments, and changes to your policy. You can also set up recurring payments through your bank's online banking services.

How to apply for GIRO

To apply for GIRO, you can either use a digital banking service or submit a physical form.

Digital Banking

If you are a customer of DBS/POSB, OCBC, or UOB, you can apply for GIRO online. Here are the steps:

• Log in to your digital banking account.
• Navigate to "GIRO services" and select "Setup GIRO payment".
• Select the organisation and the account you wish to debit for the GIRO application.
• Fill in the required details for the GIRO application and accept the terms and conditions.
• Review your details and confirm.
• Agree to the terms and conditions and submit your application.

Physical Form

If you are not a customer of the banks listed above, you can download the GIRO application form from the Great Eastern website. Here are the steps:

• Download the form from the Great Eastern website.
• Print, complete, and sign the form.
• Mail the original, signed form to Great Eastern at 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659.
• Continue to make premium payments while you wait for your application to be approved. The process can take at least one month.

Changing your GIRO account to another bank

To change your GIRO account to another bank, you will need to submit a new GIRO application. Here is a step-by-step guide to help you through the process:

Step 1: Download the Form

Visit the insurance company's website to download the GIRO application form. You can also contact their customer service team to request the form.

Step 2: Complete the Form

Print the form and carefully fill in all the required details. Make sure to provide accurate and up-to-date information.

Step 3: Submit the Form

Mail the completed form to the insurance company's designated address. Remember to send the original copy, as they will need to submit it to the bank. Include any additional documentation that may be required, such as a voided cheque or a copy of your bank statement.

Step 4: Continue Making Payments During the Transition

Please note that the bank will take at least one month to process and approve your new GIRO application. During this approval period, continue to make premium payments through your current payment method to avoid any interruptions in your insurance coverage.

Step 5: Wait for Confirmation

Once your new GIRO application has been processed and approved, you will receive a confirmation letter or notification from the insurance company. This confirmation will include details about the GIRO deduction date and any other relevant information.

By following these steps, you can successfully change your GIRO account to another bank. Remember to allow sufficient time for the processing and approval of your new application. If you have any questions or concerns during the process, don't hesitate to reach out to your insurance provider's customer support team for assistance.

The benefits of GIRO

To change your GIRO account for AIA insurance, you can sign up for a new eGIRO arrangement through the Great Eastern App. Go to Services > Payment > Change Payment Method.

Now, onto the benefits of GIRO.

GIRO is a convenient and hassle-free way to make premium payments, especially for monthly payments. It saves you the time and effort of sending cheques or making cash payments. With GIRO, you don't have to worry about late payments as it ensures that your premiums are paid on time, keeping your insurance coverage intact.

GIRO is a direct payment method where the payer initiates the transfer from their bank account to the recipient's account. This system is commonly used in Europe and is useful for making regular, recurring payments such as utility bills or rent. It is also more cost-effective than paper cheques, with electronic payments costing around $0.25 compared to up to $2 for paper cheques.

In addition, GIRO is a secure way to make payments. Since the transaction is initiated by the payer, there is no credit risk involved, and the payer's creditworthiness does not need to be evaluated. This also means that the payer does not benefit from paying on credit. However, it is important to note that GIRO transactions are unsecured, and there are limited protections against dishonest payees.

GIRO is a preferred mode of payment for insurance premiums, as it ensures timely payment and provides convenience to the customer.

GIRO deduction dates

The GIRO deduction date is fixed on either the 11th or 12th and 26th or 27th of each month. The date is fixed based on your policy number and premium due date. You will be informed of the GIRO deduction date in an acknowledgement letter when your GIRO application form has been received.

There will be two GIRO attempts for the deduction. If the first attempt to deduct fails, a second attempt will be made automatically on the second deduction date. If this second attempt also fails, the GIRO service will be suspended and a GIRO unsuccessful deduction letter will be sent out.

If the deduction date falls on a weekend or public holiday, the deduction will be made the next working day.

If you are using GIRO to pay your income tax, the deduction will be made on the 6th of every month. If this deduction fails, the second deduction will be done on the 20th of the month. The GIRO arrangement will be cancelled after two months of failed deductions (i.e. four failed deductions in a row).

What to do if a GIRO deduction is unsuccessful

If your GIRO deduction is unsuccessful, there could be several reasons for this. Firstly, check that you have a sufficient balance in your account. If not, a service fee may be charged. Secondly, check that the deduction amount does not exceed the GIRO payment limit. Thirdly, confirm that the GIRO arrangement is still active and has not been terminated. Finally, verify that your bank account is still open.

If the first deduction attempt fails, the billing organisation (BO) will usually inform you and automatically schedule a second attempt on the next deduction date. If the second attempt also fails, the GIRO service will be suspended, and you will receive an unsuccessful deduction letter.

To prevent unsuccessful deductions, ensure you have sufficient funds in your account and be aware of the billing dates. You may also need to change your payment limits with your bank. If you are unable to pay by the second deduction date, you may incur late payment interest.

If you need to change your GIRO account to another bank, you must submit a fresh GIRO application.

Frequently asked questions