Policy
Loan
1. What is a Policy Loan?
It is an advance payment granted to policyholder after
the policy has a cash value. You can use this loan to meet your
short-term financial needs.
2. When can I apply?
You can apply for a policy loan once your policy has cash value.
The cash value will be available about 2 to 3 years after you
have bought the policy. However, this does not apply to some plan
types such as GreatLink, Term and policies bought using CPF.
3. How much can I borrow?
You can borrow up to a maximum of 92% of the policy cash value.
4. What is the interest charged?
Our current interest is 6% per annum, calculated on a daily basis
on the outstanding loan.
5. When do I repay the loan?
You may make full or part repayments of loan any time at your
convenience. However, you must continue to pay your premium to
keep your policy valid. Otherwise, your policy may eventually
lapse.
As a guide, we would suggest that you repay your loan by 1 to
2 years or earlier if you wish to.
6. How can I repay the loan?
You can pay by cheque or cash. It is easier to pay by cheque as
it can be mailed in. However, we strongly recommend repayment
for loan to be made via the same GIRO that you used for your premium.
The minimum installment is $50. When the remaining loan balance
is less than the installment amount, the final instalment repayment
will be the balance amount.
Click
here for a "Loan Repayment By GIRO" form.
7. Will my policy cover be affected by the loan?
Yes. You must continue to pay your premiums to keep the policy
in force. When any policy benefits (such as cash benefits or maturity
value) are due to you, this will be used to offset your loan,
before the balance is made to you.
8. How to apply for a loan?
Contact your Life Planner who will be able to assist you.
Dial for EASI-CASH at 1800-248 2888
Call our Customer Care Officers at Tel : 1800-248 2888 for our
one hour DIAL-A-LOAN service. You have to come down personally
to collect your cheque.
9. What will be my maximum Loan available now?
The maximum loan value is available via e-Connect . With a secured
password, you will be able to check your policy details, values
or payment. Have you signed up for your e-Connect password? If
not, please click here to sign up and we will send the password
to you within 5 working days upon successful registration.
10. How much should I pay if I wish to settle my policy
loan of $5000 within 2 years?
A Special Repayment Guide is enclosed for your reference. If you
wish to pay off your $5000 policy loan within 2 years, you need
to make monthly payment of $222.
|
Column
1
|
Period of Payment
|
|
Loan Amount($)
|
6 mths
|
9 mths
|
1 year
|
1.5 years
|
2
years
|
3 years
|
4
years
|
| 1000
|
170
|
114 |
87
|
59
|
Monthly
Repayment shall not be less than $50 per month
|
| 2000 |
340 |
228 |
173 |
117 |
89 |
61 |
|
| 3000 |
509 |
342 |
259 |
175 |
133 |
92 |
71 |
| 4000 |
679 |
456 |
345 |
233 |
178 |
122 |
94 |
| 5000 |
848 |
570 |
431 |
292 |
222 |
153 |
118 |
| 6000 |
1018 |
684 |
517 |
350 |
266 |
183 |
141 |
| 7000 |
1188 |
798 |
603 |
408 |
311 |
213 |
165 |
| 8000 |
1357 |
912 |
689 |
466 |
355 |
244 |
188 |
| 9000 |
1527 |
1026 |
775 |
525 |
399 |
274 |
212 |
| 10000 |
1696 |
1140 |
861 |
583 |
444 |
305 |
235 |
| 15000 |
2544 |
1709 |
1291 |
874 |
665 |
457 |
353 |
| 20000 |
3392 |
2279 |
1722 |
1165 |
887 |
609 |
470 |
| 25000 |
4240 |
2848 |
2152 |
1456 |
1109 |
761 |
588 |
| 30000 |
5088 |
3418 |
2582 |
1747 |
1330 |
913 |
705 |
| 40000 |
6784 |
4557 |
3443 |
2330 |
1773 |
1217 |
940 |
| 50000 |
8480 |
5696 |
4304 |
2912 |
2217 |
1522 |
1175 |
Note:
The maximum loan available on your policy can be found in e-Connect.
Email us at
wecare@Lifeisgreat.com.sg
if you need more information.
