Frequently Asked Questions about the Subscription Policy
A subscription policy is a convenient and modern way to automatically and easily manage your insurance payments. When making the first payment for your policy, you will need to register your payment card. This ensures that all future payments will be automatically deducted from the card. No additional actions will be required to pay for the policy for the next period.
You don't have to worry about missing a payment or spend time manually completing each payment. The subscription policy ensures that your insurance remains in force without any interruptions between policy periods – the next policy will come into effect automatically after the current one expires and the payment will be processed automatically. An additional advantage is the option to split the insurance payment into multiple parts, such as monthly payments, at no extra cost.
The solution is available for all personal insurance products, except for Motor Third Party Liability Insurance (MTPL).
You can choose a subscription policy when concluding a new insurance contract or renewing an existing one. All you need is an email address and a valid VISA or MASTERCARD credit card issued by any bank, or a VISA ELECTRON debit card issued by a Latvian commercial bank.
Yes, your payment card details are protected, as we at BALTA treat client data and payment security with the utmost responsibility. Our official payment service provider is AS SEB Banka, which uses the 3D Secure system developed by VISA and MASTERCARD for online purchases. This system ensures that transactions made with the card are secure and that 3D Secure provides special protection for card details in the online environment. Merchants using this security system display the Verified by VISA and Mastercard SecureCode logos on their websites.
When shopping with merchants who use the 3D Secure security system, an additional identity verification of the cardholder is performed at the time of purchase: in addition to the payment card details, you will be required to enter your internet banking user ID and use the bank's designated authentication method, such as the PIN code from the Smart-ID app or an access code from the code calculator.
No, the subscription policy can only be paid for with a pre-registered payment card. If a payment card is not registered and the policy is paid by another method, such as a bank transfer, the policy will not be activated, and the payment received will be refunded to the same account from which it was received.
Communication with your insurance specialist will remain the same as before—before your current policy expires, the insurance specialist will send the policy for the next period to the provided email address. Additionally, the policy will be available in the "My BALTA" section on balta.lv and in the BALTA mobile app. If you agree with the terms of the policy, no further actions are required for the policy to take effect. Payments will continue automatically.
Payments will be deducted according to the payment schedule provided in the insurance policy. Typically, the date of the recurring payment (not the first one) will coincide with the day of the month when the policy initially comes into effect.
If there are insufficient funds during the first payment (when registering the card), the system will notify you immediately. If there are insufficient funds for any subsequent payments, we will send you an SMS and email on the payment date, requesting that you top up your account.
If a payment is missed due to an invalid payment card, we will send you an SMS and email with a link to register a new card
You can change your payment card in the "My BALTA" section on balta.lv and in the BALTA mobile app, or by contacting your insurance specialist, who will send you an email with a link to register a new card.
No, no additional fees will be charged for making automatic payments.
No, the subscription policy solution cannot be activated for an existing policy. If you already have an active BALTA policy, this solution can be selected when taking out a new policy for the next period.
Yes, you can cancel the subscription policy. The policy can be canceled in the "My BALTA" section on balta.lv and in the BALTA mobile app, or by contacting your insurance specialist, who will help cancel the current policy and create a new one.
Yes, by canceling the policy, the automatic deduction of future payments for this policy will also be stopped.