Automatic Premium Loan is the utilisation of the Cash Value of your policy to keep your policy active.
If no premium is paid after the grace period is over, a policy that has acquired a Cash Value will be kept active through the Automatic Premium Loan (APL) Provision.
This means that the Cash Value will be used as a temporary means to pay for the premiums in default and thus keep the policy active.
This will continue till either the Cash Value of your policy has been exhausted or you have paid the outstanding dues. During this period, your policy will still be active and you can enjoy its benefits.
This process will be done automatically by our systems. An APL notice will be sent to you to advise on the APL amount and interest charged.
Interest is chargeable once the APL Provision is activated. As such, early repayment of the APL is encouraged. The current rate being charged is 8% per annum, compounded annually.
Repayment can be made during the APL period, preferably in multiples of the Instalment Premium plus interest. Payment can be made by:
Fill up the Bank in slip (Form CA97)
For the payee account number should be: 514011 364906 (Etiqa's Account)
Under the "Transaction Description Column", please indicate your name
Under the "Reference No. Column", please indicate the policy number
Etiqa Insurance Berhad
1, Jalan Maarof
59000 Kuala Lumpur
Call our Customer Care Department at 1-800-88-3117 (toll free)
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