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  • Personal Loan BYTES FROM OUR KITCHEN

    RHB Universal Life Premium Financing

    Insurance premium financing is the money you borrow from a bank to service your policy premiums. RHB is one such bank that offers a loan you can use to finance your life insurance premiums. You can enjoy a high loan amount and other various features that will prove to be advantageous for you in the long run.

    Features and Benefits of RHB Insurance Premium Financing: Up to 90% of the First Day Cash Value

    • Enjoy competitive interest rates on Singapore dollar and US dollar.
    • Borrow up to 90% of the first day surrender cash value of the plan.
    • Repay your loan via the interest servicing repayment option.

    What is the Cost of This Loan?

    The table below shows the interest rates that are applicable on this loan:

    Currency Interest rate
    Singapore dollar 2.95% p.a. (2.1% + 0.85%)
    American dollar 3.65% p.a. (2.8% + 0.85%)

    Additional Fees and Charges That May Be Applicable

    The table below shows the fees and charges that you may have to pay:

    Cancellation fee 1.5% of the permitted limit
    Overdue instalment fee 5% p.a. more than the Prime Lending Rate or 3% p.a. more than the prescribed rate

    Are You Eligible?

    To be eligible for this loan, you must satisfy the following criteria:

    • You must be a Singaporean, a Permanent Resident, or a foreigner.
    • You must be at least 21 years old and above.
    • You must be the main policyholder.
    • The policy must not fall under Section 73 and must be unencumbered.
    • The policy should not have any nomination.
    • The policy is not investment-linked or CPF type.
    • You must open a current account with the bank to pay your premiums.

    Documents Required

    You must submit the following documents:

    • Completed and signed insurance OD application form.
    • A front and back copy of the NRIC or passport (applicable to foreigners).
    • Income documents:
      • For salaried employees:
        • Most recent electronic payslip and CPF contribution statement (last 12 months) or
        • Most recent electronic payslip and Income Tax Notice of Assessment (last 12 months).
      • For self-employed individuals:
        • Most recent Income Tax Notice of Assessment.
    • A Letter from Insurer/Benefit Illustration stating the following:
      • Insured’s name.
      • Sum assured.
      • Premium amount.
      • First day surrender value.

    Ready to Apply? Here’s How You Can Do So

    To apply for this loan, you can follow any of these methods:

    • Visit the webpage, download the application form, fill up the details, and mail it to the bank.
    • Leave your details with the bank by providing your contact details and they will get in touch with you at your chosen time.
    • You can visit their branch for more details.

    RHB Insurance Premium Financing helps you with your legacy planning by making it affordable. Get in touch with the bank to know more about this unique loan.

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