• RHB Universal Life Premium Financing

    Personal Loan BYTES FROM OUR KITCHEN

    Life is very uncertain and you never know what you will have to face in your future and so it is better that you are prepared to face uncertain and unfortunate events in life. In your absence, your loved ones should not have to suffer and they should not have to face any financial difficulties. Therefore, you should make sure that you opt for a comprehensive life insurance policy that can provide you’re loved with the financial assistance that you need in your absence and will help them to maintain their lifestyle. In case you feel that you do not have the finances needed to purchase a life insurance policy, you can opt for RHB Universal Life Premium Financing and get the required money to invest on a life insurance policy.

    Overview of RHB Universal Life Premium Financing

    RHB Bank is one of the most trusted banks in Southeast Asia and it has a very strong presence in the Lion City. The bank has a wide portfolio of products that are available to customers in Singapore. The various products offered by RHB Bank in Singapore include deposits, loans, wealth management etc. RHB Universal Life Premium Financing is one of the personal loans products offered by the bank in Singapore and it has been designed to help people with paying for their life insurance policies.

    Why choose RHB Universal Life Premium Financing?

    There are very few banks and financial institutions in Singapore that offer life insurance financing with their personal loan products and RHB Universal Life Premium Financing is a unique product that will help you to finance your life insurance policy with ease. You can enjoy higher loan amount and a variety of other features that will be advantageous to you in the long run. You will also benefit from the excellent quality of service offered by the bank.

    Features and Benefits of RHB Universal Life Premium Financing

    • You will enjoy very attractive rate of interest with this loan.
    • The amount of loan offered will be very high, in fact as high as 90 percent of the surrender value of your policy (first day cash value).
    • You will enjoy flexible options for repaying the loan and will be able to repay it at your convenience.
    • The process of applying for the loan is very simple and your application will also be processed in no time.

    RHB Universal Life Premium Financing Interest Rate

    Offered rate of interest ULF + 0.75 percent per annum
    ULF as of 1 July, 2015 0.85 percent per annum
    ULF as of 3 August, 2015 0.85 percent per annum

    Note - ULF (Universal Life Premium Financing) is the reference rate that is determined by RHB bank.

    Fees and Charges

    • You will be charged a cancellation fee of 1.5 percent of the amount that is approved in case you cancel it after accepting the loan offer.

    Eligibility

    • You should be aged 21 and above.
    • You should be a Citizen or a Permanent Resident of Singapore.
    • You should be a foreigner working in Singapore with valid work permit.
    • You should be the policyholder.
    • You should have named anyone as a nominee for your policy.
    • Your policy should not have been classified under Section 73.
    • Your policy should be unencumbered.

    Documents Required

    You will need to submit the following documents when you apply for RHB Universal Life Premium Financing:

    • Signed and duly filled copy of the insurance application form
    • Copy of your NRIC (both front and back)
    • Income documents such as:
      • For salaried individuals:
        • Latest payslip (computerised) along with latest CPF statement for the past 12 month OR
        • Latest payslip (computerised) along with latest Income Tax Notice of Assessment for the past 12 month
    • For self-employed individuals:
      • Latest Income Tax Notice of Assessment
      • A letter from your insurer or an illustration of the benefit offered with the policy that should offer the following details:
        • The Sum Assured
        • Name of the insured individual
        • The Premium Amount
        • The Surrender Value of the policy on Day 1
        • Apart from the above, the bank might ask you to submit additional documents as well.

    How to apply?

    The application form can be downloaded from the official website of the bank and you will need to complete the same and then submit it along with the required documents to apply for the loan.

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