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Take a policy loan

Over time, some of your policy may acquire cash value. To meet your short-term financial needs, you can take a loan of up to 92% of the policy's cash value. However, it is important to continue to pay your premium every month after taking a policy loan. You should also pay off your loan as soon as possible. Otherwise, you will exhaust your cash value and your policy may run into Automatic Premium Loan (APL)

*With effect from 1 September 2023, the interest rate will be revised from 5.5% p.a. to 6.0% p.a. for SGD denominated policies and 6.0% to 6.5% p.a. for USD denominated policies. 

Ways to apply for a policy loan

Frequently asked questions

You can apply for a policy loan once your policy has cash value. The cash value will be available about two to three years after you have bought the policy. However, this does not apply to some plan types, such as Investment-Linked, Term and policies bought using CPF.

Our current interest is *6.0% per annum for SGD denominated policy and 6.5% per annum for USD denominated policy. This is calculated on a daily basis on the outstanding loan.

You may make full or part repayments of the loan at your convenience. However, you must continue to pay your premium to keep your policy valid. Otherwise, your policy may eventually lapse. As a guide, we suggest you repay your loan within a year or two.

You may refer to the various payment options available.

Otherwise, you can use the same GIRO account to pay for any outstanding Policy Loan or APL.

Note: This is only applicable to Great Eastern Life (10 digit) policies and the loan repayment will be deducted from the same GIRO account as the premium payment.

If you do not have any GIRO arrangement with us yet, set up your GIRO payment arrangement using the Great Eastern app before submitting the form below. Go to Services > Payment > Change payment method.

Click here for the Loan Repayment by GIRO form.

You may visit us at our customer service centre or mail the completed form to us:

Attention to: Customer Service Department

The Great Eastern Life Assurance Company Limited

1 Pickering Street

Great Eastern Centre #01-01

Singapore 048659

Yes. You must continue to pay your premiums to keep the policy in force. When any policy benefits (such as cash benefits or maturity value) are due to you, this will be used to offset your loan, before the balance is made to you.

The maximum loan value is available via eConnect

Simply sign in to eConnect with Great ID or Singpass app to check your cash value and submit an online application.