For premium raised to the wallet there are 2 concepts you will need to understand.
Pro- rata/ proportional premium
This is premium that is raised for a portion of a month. So if your monthly premium is R100, and you create the policy on the 15th of the month we will raise half a months premium (R50) that will be debited from your account on the next Wednesday/ strike date.
Raising of next months premium
On the second last Saturday of the month we raise premium for the next month. So on around the 17th of the month the next month's premium will be raised.
A combination of both
If you add an item or create your first policy on or after second last Saturday of the month. Premium will be raised for pro-rata and for the next month.
So if you add an item with a monthly premium of R150 on the 20th of April. We will raise 1/3rd for the remainder of April (R50) and a whole month's premium for May i.e R150, totaling R200.
Hence, you will pay 40 day's premium but you will receive cover for 40 days. Your monthly premium is still R150 and you have been billed correctly
We hope this has cleared out the confusion around amounts raised to the wallet. If not, please feel free to give us a shout.
If you wonder why it is so complex with regards to timing. The answer is simple, we use the traditional debit order methodology as it is the most cost effective for Pineapple members. It also has all the relevant risk management procedures built in.