Ping An Insurance Transfer Payment Authorization is a tripartite agreement between the applicant and the insured's bank account and the insurance company. No need to pay in advance. After authorization, Ping An Insurance Company can deduct the insurance expenses from the insured's bank account on the anniversary of the policy. After authorization, on the day of policy payment, the insurance company can deduct the current insurance premium through the designated account to avoid the invalidation of the policy due to the late payment of insurance premium.