Are you looking for Super Visa Insurance with a monthly payment plan- A convenient way to buy Super Visa Insurance policy for Parents or Grand Parents
Generally, The Super Visa Insurance policy premiums are paid upfront for one full year 365 days but some insurance companies do offer Super Visa Insurance monthly plans as well.
Under monthly plan, the applicant pays first two monthâ€™s premium up front with administration cost which is generally up to $50 and the policy gets issued and applicant can apply for Super Visa.
The Super Visa insurance policy will start from the day applicant lands in Canada and then premiums will be paid on monthly basis. Basically, insurance company has received two monthâ€™s premium in advance and rest of the payments are spread over 10 month period. The minimum retained premium is two months which is not refundable.
The premiums are guaranteed and it is more cost effective because paying all the premiums in one shot can be very stressful for the applicant.
In other words, the monthly payment plan helps the applicant to manage the cost. However, in case your parents or grandparents decided to return early, it is very easy to cancel the policy and get a refund