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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.

You can use the same GIRO account to pay for any outstanding Policy Loan or APL. The minimum instalment is S$50 (see terms in the Application for APL/Loan Repayment by GIRO form). When the remaining loan balance is less than the instalment amount, the final instalment repayment will be the balance amount.

Click here for the Loan Repayment by GIRO form.

Interest is charged on the APL at *5.5% per annum and is calculated on a daily basis.

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 by cash or cheque 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. We recommend that you repay by cheque.

Any outstanding APL payment will be deducted from your Lion payment or maturity claim. Once your cash value is used up, your policy will lapse.