PREMIUM ADMINISTRATION
Premium Administration handles the various ways in which new and renewal premiums are credited into policy accounts. (Including loan repayment deductions)
Premiums received may come from the following sources;

1. REMITTANCE FROM INSTITUTIONS
SIC Life Co. Ltd. has schemes whereby premiums are collected by a third Party, often through an employer.
After Clients have completed their proposals and mandates forms, premiums are deducted each month by the employer from the employee’s salary. The employer then makes a bulk remittance to SIC Life Company with a list of policyholders containing their premium contributions and loan deductions for the month.

2. DIRECT DEBIT
Under the direct debit system, the policy holder signs a direct debit mandate authorizing SIC Life to debit their bank accounts on monthly basis or depending on mode agreed with the premium amount.

These are the partner banks that accepts direct debit from SIC Life.

•    Ghana Commercial Bank,  
•    Barclays Bank Limited
•     Ecobank Ghana Limited
•     HFC Bank
•    Access Bank,
•     Universal Merchant Bank,
•     National Investment Bank,
•     SG  Ghana,
•     Standard Chartered Bank
•     Zenith Bank
•     Bank of Africa Ghana
•     Fidelity Bank
•     United Bank for Africa
•     Agricultural Development Bank
•    1st Atlantic Bank
•     Other Banks (ACH)

3. MOBILE MONEY
For payment of Premium and repayment of Policy Loans via Mobile Money, the following steps should be followed:

For Mobile Money transactions, the following steps must be followed.

NEW CLIENT

i) To access the service, dial the USSD Code *714*911#. (The initial screen will welcome you to SIC Life Co. Enter 1. New Client )
ii) Enter your Last Name e.g. Mensah
iii) Enter the no. by the policy you want to select. ( select your product type for payment. e.g. 1-UNIVERSAL, G-PLAN , 3-FINAL JOUREY)
iv) Enter the minimum amount for your policy which can be more than the amount but not less than GHC20.00
v) Confirm your payment by entering the appropriate number e.g 1.
vi) This screen will inform you of the invoice number.
vii) You will get a GHC notification from your mobile money wallet provider (enter your pin number.)

EXISTING POLICY HOLDER

i) To access the service, dial the USSD Code *714*911#. (The initial screen will welcome you to SIC Life Co.)
ii) Enter 2. For existing Policy Holder
iii) Enter your six digit(only numbers) customer number e.g. 110001
iv) Enter the type of policy you want e.g. 1-(Premium) or 2-(Loan)
v) You will receive information about all the policies you have, select the one you want to pay for. e.g. 1
vi) Enter the minimum amount e.g. 30
vii) Confirm your payment enter 1-(Yes)
viii) You will receive this prompt with your receipt number.
ix) You will get a GHC notification from your mobile money wallet provider. Enter your pin e.g 110001
x) Confirm your payment by entering 1-(Yes) or 2-(No)
xi) You will receive this information if you enter 2 (No) from step vii above. (“Hi Mensah, your transaction was cancelled. Thank you for using SIC Life GHC service”)

Procedure to retrieve your customer Number:

1. From step 1 if you do not have SIC Life customer number, the screen will inform you to send your policy number to the short code 1945 e.g.( Go to compose text message on your device and type SICL EHO2016T000004 in the message box, and send to 1945)
2. You will receive a text message with the six digit customer number in the content of the   message.  
3. Take note of the customer number and start the process again by dialing *714*911# to begin the process.