Manage Automatic Premium Loan (APL)

An APL uses the policy cash value to pay the unpaid policy premium. The deduction will continue until there is no more cash value. APL is only applicable if your policy has cash value and your premium is 30 days past the grace period.

*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.

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

Interest is charged on the APL at *6.0% per annum for SGD denominated policies and 6.5% per annum for USD denominated policies. This value is calculated on a daily basis based on the outstanding APL.

You need not apply for this. As long as your policy has cash value and the premium is not paid within the grace period of 30 days, APL will automatically be raised to keep your policy in force.

This enables the Company to continue extending the insurance coverage to you and, at the same time, add reversionary bonus to your policy as if premium were paid.

We will send you quarterly APL notices if you are paying your premium monthly or quarterly. Otherwise, APL notices will be sent to you either on a half-yearly or yearly basis.

We are unable to confirm how long your APL can last, as this depends on the cash value, which in turn depends on the actual bonus declared each year. While under APL, you will be informed of the date the policy is expected to lapse before the cash value is completely depleted by the total indebtedness.

We would like to recommend that you continue to pay your premiums instead of activating the APL provision so that your insurance coverage is not reduced or even terminated. APL is recommended only as a short-term measure.

You may make full or part repayment at your convenience. However, you are advised to repay the APL as soon as possible. This is because when the Cash Value is used up, your policy will lapse.

For repayment of APL, you may refer to the various payment options available.

Any outstanding APL payment will be deducted from your Policy Cash Benefits or maturity payout. Once your cash value is used up, your policy will lapse.