With RHB Universal Life Premium Financing, you can get the required money to invest on a life insurance policy.
Overview of RHB Universal Life Premium Financing
RHB has a wide portfolio of products in Singapore. These include deposits, loans and wealth management. 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 pay 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
- The amount of loan offered can be as high as 90% 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.
- Process of applying for the loan is simple and your application will be processed quickly.
RHB Universal Life Premium Financing Interest Rate
|Universal Life Premium Financing Interest Rate
|ULF as of 28 March, 2018
||2.50% p.a. (USD)
||1.80% p.a. (SGD)/td>
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% of the amount that is approved in case you cancel it after accepting the loan offer.
- You should be aged 21 and above.
- You can either be a citizen, a Permanent Resident of Singapore or a foreigner with a 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.
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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