Terms & Conditions for Direct Debit Authorization
- I/we understand that after my/our submission of the paper and/or online application for Direct Debit Authorization (“Application Form”), the service applied for will be effective after the Direct Debit Authorization is approved by Manulife (International) Limited (“Manulife”) and the bank. The service provided by Manulife is subject to the terms and conditions, rules, regulations and official issuances of Manulife applicable to and/or governing Direct Debit Authorization (which may be from time to time enacted, revised, modified or altered according to Manulife’s policy) and in accordance with the terms and conditions of the relevant insurance policy.
- I/We understand that premium and levy amount will be debited from my/our bank account indicated on the Application Form through autopay after the Direct Debit Authorization setup is successful. I/We am/are required to settle any premium and levy due before the autopay effective date by other means or if there is current autopay arrangement, the due amount will be debited from the current autopay account until the new autopay setup is effective.
- I/We understand that premium amount to be debited will be net of any eligible bonus and discounts.
- Upon successful completion of Direct Debit Authorization setup, I/We understand that payment method will be changed to autopay automatically and any existing autopay arrangement will be superseded accordingly.
- I/We hereby authorize my/our named Bank indicated on the Application Form to effect transfers from my/our account to that of Manulife in accordance with such instruction(s) as my/our Bank may receive from Manulife from time to time.
- I/We agree that my/our Bank shall not be obliged to ascertain whether or not notice of any such transfer has been given to me/us.
- I/We jointly and severally accept full responsibility for any overdraft (or increase in existing overdraft) on my/our account which may arise as a result of any such transfer(s).
- I/We confirm that my/our signature(s) on the Application Form is/are the same as that/those for the operation of my/our savings/current account to be debited for the transfer.
- I/We agree to notify Manulife of any change of bank account or cancellation of payment method and further agree that should there be insufficient funds in my/our account to meet any transfer hereby authorized, my/our Bank shall be entitled, in its discretion, not to effect such transfer in which event the Bank may make the usual service charge and that it may cancel the Direct Debit Authorization at any time on one week’s written notice.
- The HK Dollar equivalent will be based on the currency exchange rate at the time the debit is processed by Manulife. Because of possible fluctuation in the currency exchange rate, I/we agree not to hold Manulife responsible for any loss caused by any diminution in the value of the Hong Kong currency. The autopay debit will be processed at midnight on the payment date indicated on the Application Form or if such date falls on a non-banking day, the following banking day.
- For investment linked insurance policies, investment choice/funds will be subscribed on the date when the receipt of premium payment is confirmed, which is normally within 5 working days after the debit date.
- Manulife reserves the right to either cancel the Direct Debit Authorization if there is insufficient fund in the payor’s account indicated on the Application Form or to execute a payment mode change. The Direct Debit Authorization shall have effect until further notice.
- I/We agree that any notice of cancellation or variation of the Direct Debit Authorization which I/we may give to my/our Bank shall be given at least two working days prior to the date on which such cancellation or variation is to take effect.
- I/We understand that I/we, if not being the policyowner named under the numbered policy on the Application Form, shall claim no right or interest in any policy values or account balances of the aforesaid policy.
- I/We am/are required to update Manulife immediately on any changes of my/our personal information provided on the Application Form.
- I/We am/are obliged to supply the information required on the Application Form, which is a condition precedent to process my/our Direct Debit Authorization.
- My/our data may be transferred to the bank provided in ”Information of Bank and Account Holder” section for the purpose of processing my/our Direct Debit Authorization and/any relevant regulatory bodies to enable them to carry out their regulatory functions.
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