Pay off the insurance premium while maintaining your cash liquidity for daily and other investment needs.
The financing service is only applicable to universal life and single premium whole life insurance policy.
The insurance policyholder agrees to assign the policy to us as collateral in exchange for the financing services. In the event of death, surrender or maturity of the insurance policy, we will receive the payout from the insurance company. The payout will be used to settle the financed amount and the outstanding interest, if any, and return any remaining balance of the proceeds to the insurance policy owner or designated beneficiary.
The financing amount will be determined on the insurance policy latest guaranteed surrender value. The applicable loan to value (“LTV”) ratio will depend on the insurance policy type, policy Issuer Company and etc. The LTV ratio we offered is up to 90% of the latest guaranteed surrender value.
Able to accept a policy that is owned by an individual or company insuring a third party as collateral. Policies must have Guaranteed Surrender value. Loans will be disbursed to the policy owner.
E.g. the latest guarantee surrender value of policy A, issued by a reputable insurance company, is SGD1,000. Financing up to SGD900 will be offered.
Benefits of premium financing includes:
– Insure with optimal coverage without having to liquidate your assets
– Reduces the upfront cash payment to the insurance company.
– Free up your cash and keep it for other purposes.
We offer two types of loan structure, term loan and revolving loan.
|Term Loan||Revolving Loan|
|Monthly instalment of Principal + Interest [P+I]||Monthly instalment of Interest only [I only]|
|Fixed monthly repayment commitment||Flexible repayment on Principal. Repay Principal latest by loan due date|
|Lower interest charges as interest is charged on a reducing balance basis||Do not allow to withdraw the Principal paid earlier|
|Structure similar to HDB loan, Motor loan||Structure similar to overdraft facility, credit card loan|
|Suitable for people who prefer fixed commitment||Suitable for people who need the financing amount throughout the loan period.|
Please select “UEN” in your paynow payment option, UEN number: 198305883C. The payee display name is PHILLIP CREDIT P L-L M
Please see the bank details as below,
|Bank Name||:||Standard Chartered Bank|
|Branch Name||:||Standard Chartered Bank (Singapore) Limited|
|Branch Address||:||6 Battery Road|
|Account Name||:||Phillip Credit Pte Ltd|
|Bank Account Type||:||Current|