“Policy Loan” exclusive service from Prudential.

1. The person entitled to take out policy loan must be the insured of the policy requesting the loan only.

2. The insured must provide correct and complete information, as well as accept and comply with the terms and conditions of policy loan that appear in the PRUConnect system.

3. The insured may exercise the right to take out policy loan at a time not exceeding 2,000,000 baht per policy and per day. In this regard, the Company will approve the policy loan amount not exceeding the amount of the policy surrender value as of the date of application which is in accordance with the conditions and criteria specified by the Company.

4. In the event that the Company considers and approves the policy loan application, if the insured has outstanding debt according to the original loan amount including interest (if any) or has premium overdue for more than 30 days, the Company will deduct the outstanding debts according to the original loan amount, including interest (if any), including insurance premiums overdue for more than 30 days and stamp duty on the new loan amount first.

5. Calculating the interest rate from policy loan, the company will charge compound interest at a rate higher than the interest used in calculating premiums as shown in the Policy Information Page by another 2% per year. You can learn more details in the policy booklet under Section 4, Loan. For the determination of interest rates in the calculation of insurance premiums that appear on the said policy schedule may not be the same depending on each type of insurance; however, the said interest rate has been approved by the Office of Insurance Commission (OIC).
Example of calculating interest rate on policy loan: If in the policy table it is stated that life insurance uses an interest rate of 5 percent per annum for calculating premiums, then the interest on the policy loan is equal to the interest stated on the policy table, which is 5 percent per year plus an additional 2% compound interest per year. The interest rate on the policy loan will be 7% per annum, etc.

6. Once the Company has approved the loan under the policy, the Company will transfer the loan amount deducted under the above conditions through the insured’s bank account only.

7. In the event that the Company transfers the policy loan to the bank account specified by the insured, it shall be deemed that the insured has received the loan on the date and time that the loan has been transferred into the said account.

8. Consideration and approval of the loan application and the amount requested for the policy loan shall be according to the terms and conditions of the Company.

9. In the event that the Company considers and approves the loan application and the amount requested for the policy loan, the date of the policy loan agreement will be the date that the Company approves.

10. In the case of requesting to cancel the policy loan application, the insured must notify the Company within 9:00 am counting from the date of submission of the policy loan application via the PRUConnect system, through the Customer Service Center 1621 or via e-mail: hotline@prudential.co.th. Otherwise, the Company will assume that your policy loan application for this time is valid.

• Policy loan is available for policies that are in force and have active status (do not have been exercised the option of paid-up or extended-term insurance).
• If the policy has premiums that are overdue for more than 30 days, the Company will first deduct outstanding debts according to the original loan amount, including interest (if any), including insurance premiums overdue for more than 30 days and stamp duty on the new loan amount.
• The policy will expire when the loan amount and accrued interest is greater than the policy surrender value.
• The insured can take out loans according to the policy’s right, provided that the amount that can be borrowed will not exceed the policy surrender value at that time less any liabilities that are bound by the policy and other conditions as specified by the Company
  Please study the details in the loan agreement under the policy.

Who is suitable for applying for policy loan by submitting documents to the Company

• Those who are not comfortable doing online transactions.
• Those who wish to submit documents to the Company in person or send documents by post.
• Those who wish to borrow more than 2,000,000 baht or less than 1000 baht per policy.
• The insured is under 20 years of age.

The life insurance policy which policy loans can be taken out must meet the following conditions:

• Have an in-force statuss and a cash value.
• The contract expiration date must not be less than 1 month.
• In case of pension policy, loans cannot be taken out if the first pension payment has been paid.

The process of policy loan application by sending documents to the head office.

Prepare all documents as follows:

In case of submitting the loan application by yourself.
1. Amendment requisition form to exercise policy loans take out. Download
2. Policy loan contract form. Download. Preview
3. A copy of the front page of the savings account passbook with the insured’s name.
4. Copy of the insured’s passport photo
5. A copy of Identification Card, certified true copy by the insured.
In case of minors: add a certified true copy of the minor’s ID card together with the father’s and mother’s or legal representative.
Please cover your "blood type" and "religion" information on the copy of your ID card in order to comply with the PDPA law. The company has no intention of collecting, using, and disclosing your personal information in this respect.

In case of transfer of benefits under the policy.
1. Amendment requisition form to exercise policy loans take out. Download
2. A policy loan agreement signed by the transferee. Download. Preview.
3. A copy of the front page of the savings account passbook with the name of the transferee.
4. A copy of a passport photo of the transferee.
5. A certified true copy of the identification card of the transferee.
Please cover your "blood type" and "religion" information on the copy of your ID card in order to comply with the PDPA law. The company has no intention of collecting, using, and disclosing your personal information in this respect.

Submit documents at Prudential Life Assurance Head Office, Mitrtown Office Tower, 30th floor. View map,
or send documents to 944 Mitrtown Office Tower, 10th floor, 29-31, Rama IV Road, Wangmai Subdistrict, Pathumwan District, Bangkok 10330

You will receive the loan transferred to your account within 5 business days from the date the Company received correct and complete documents.

1. The person entitled to take out policy loan must be the insured of the policy requesting the loan only.

2. The insured must provide correct and complete information, including accepting and complying with the terms and conditions of policy loan.

3. The insured can exercise the right to take out policy loans according to the cash value contained in the policy. In this regard, the Company will approve the loan amount requested under policy loan not exceeding the amount of the policy surrender value as of the date of application to exercise the right which is in accordance with the conditions and criteria specified by the Company.

4. In the event that the Company considers and approves the policy loan application, if the insured has outstanding debt according to the original loan amount including interest (if any) or has premium overdue for more than 30 days, the Company will deduct the outstanding debts according to the original loan amount, including interest (if any), including insurance premiums overdue for more than 30 days and stamp duty on the new loan amount first.

5. Calculating the interest rate from policy loan, the company will charge compound interest at a rate higher than the interest used in calculating premiums as shown on the Policy Information Page of your policy table by another 2% per year. You can learn more details in the policy booklet under Section 4, Loan. For the determination of interest rates in the calculation of insurance premiums that appear on the said policy schedule may not be the same depending on each type of insurance, however, the said interest rate has been approved by the Office of Insurance Commission (OIC). Example of calculating interest rate on policy loan: If in the policy table it is stated that life insurance uses an interest rate of 5 percent per annum for calculating premiums, then the interest on the policy loan is equal to the interest stated on the policy table, which is 5 % per year plus an additional 2% compound interest per year. The interest rate on the policy loan will be 7% per annum, etc.

6. Once the Company has approved the loan under the policy, the Company will transfer the loan amount deducted under the above conditions through the insured's bank account only.

7. In the event that the Company transfers the policy loan to the bank account specified by the insured, it shall be deemed that the insured has received the loan on the date and time that the loan has been transferred into the said account.

8. Consideration and approval of the loan application and the amount requested for the policy loan shall be according to the terms and conditions of the Company.

9. In the event that the Company considers and approves the loan application and the amount requested for the policy loan, the date of the policy loan agreement will be the date that the Company approves.

10. In case of requesting to cancel the policy loan application, the insured must notify the Company within 9:00 am counting from the date of submission of the policy loan application through the Customer Service Center 1621 or via e-mail hotline@prudential.co.th. Otherwise, the Company will assume that your policy loan application for this time is valid.

• Policy loan is available for policies that are in force and have active status (do not have been exercised the option of paid-up or extended-term insurance).
• If the policy has premiums that are overdue for more than 30 days, the Company will first deduct outstanding debts according to the original loan amount, including interest (if any), including insurance premiums overdue for more than 30 days and stamp duty on the new loan amount.
• The policy will expire when the loan amount and accrued interest is greater than the policy surrender value. The insured can take out loans according to the policy’s right, provided that the amount that can be borrowed will not exceed the policy surrender value at that time less any liabilities that are bound by the policy and other conditions as specified by the Company
• Prepare all documents as follows:
  1. Amendment requisition form to exercise policy loans take out. Download
  2. Policy loan contract form. Download.
  3. A copy of the front page of the savings account passbook with the insured’s name.
  4. Copy of the insured's passport photo
  5. A copy of Identification Card, certified true copy by the insured.
  In the case of minors : Add a certified true copy of the minor’s ID card together with the father’s and mother’s or legal representative’s.
  Please cover your "blood type" and "religion" information on the copy of your ID card in order to comply with the PDPA law. The company has no intention of collecting, using, and disclosing your personal information in this respect.
  
  
• Please study the details in the loan agreement under the policy.

• Loan application via PRUConnect is convenient, easy, and fast. There is no need to waste time in submitting documents and the turn-around time is within 4 business days. It is Suitable for persons who have little time or are unable to travel and wish to borrow up to 2,000,000 baht.
• Loan application via post or submitting documents in person is suitable for those who want to take out loans exceeding 2,000,000 baht or in the case of a policy where the insured is not of legal age. Documents can be submitted in person at the head office or submit the request together with the documents by post. The turn-around time is within 5 days after the Company has received the documents.

What are the benefits of having a cash value in the policy?

The cash value of your policy is like an emergency fund that allows you to manage your policy, for example:

• Taking out policy loans is to take out the cash value in the life insurance policy at that time for emergengy use whereby interest is charged according to the rate specified by the Company and the various benefits under the policy will remain unchanged. However, if the total value of the loan plus accrued interest is higher than the cash value, the policy will be immediately terminated.
• Surrendering the policy is to stop paying premiums and request a refund of cash value back. With this option, you will get a lump sum of money back (equal to the total cash value available in the policy), which, upon policy surrender, the life insurance contract will be immediately terminated.
• Converting the policy to a paid-up policy, which means stopping the payment of insurance premiums and asking to exercise the right that allows the policy to continue to provide protection until the end of the contract as before, and when the contract expires, you will receive a sum of maturity benefit. However, the value of life protection and the maturity benefit that will be received may be reduced from the original.
• Converting the policy to extended-term insurance, which means stopping the payment of insurance premiums and requesting to exercise the rights that allows the policy to continue to provide protection whereby life insurance coverage value remains the same, but the life protection period may not be the same as before.

The Company will charge interest at the rate shown on your policy table page and will charge compound interest at 2% higher than the said interest per annum.

In this regard, you can learn more details in the policy booklet under Section 4, Loan.

For the determination of interest rates in the calculation of insurance premiums that appear on the said policy schedule may not be the same depending on each type of insurance, however, the said interest rate has been approved by the Office of Insurance Commission (OIC).

Example of calculating interest rate on policy loan: If in the policy table it is stated that life insurance uses an interest rate of 5 percent per annum for calculating premiums, then the interest on the policy loan is equal to the interest stated on the policy table, which is 5 percent per year plus an additional 2% compounded interest per year. The interest rate on the policy loan will be 7% per annum, etc.

You can check the cash value of your policy by the following methods:

• Self-check via PRUConnect by going to the Menu and Policy Loan.
• Via Line @PRUDENTIALTHAILAND under Live chat menu. Business days and hours: Monday - Friday from 8.30-19.00 hours.
• Send an e-mail to hotline@prudential.co.th.
• Contact Customer Service Center at 1621. Business days and hours: Monday - Friday from 8.30-19.00 hours. And Saturday from 8.30-16.00 hours (except Sundays and annual holidays).

You can check the outstanding balance via PRUConnect, or the reminder document sent by the Company. Repayment of the policy loan can be done easily via the following channels:

1. Pay at the bank counter or the payment service point as specified in the reminder document sent by the Company.

2. Pay via Mobile Banking of various banks as follows: Bangkok Bank, Krung Thai Bank, Bank of Ayudhya, Kasikornbank, TTB Bank, Siam Commercial Bank, UOB Bank, Kiatnakin Phatra Bank, TISCO Bank , CIMB Bank, Government Savings Bank, and Bank for Agriculture and Agricultural Cooperatives.

In this regard, you can choose to pay only partially or in full including interest. In the event that you do not have premiums that are overdue for more than 30 days or have no outstanding debt from automatic premium payments, the Company will deduct the total amount you paid from the interest on the policy loan first and deduct the remaining principal accordingly.

If you wish to cancel a loan after submitting documents to the Company or submitting a request through PRUConnect, you can make a request through the following channels.

1. Contact Customer Service Center at 1621.

2. Send an e-mail to hotline@prudential.co.th

However, you must notify your request for cancellation of the loan before 9:00 am on the business day following the date you submit your request.

In the event that you have already taken out a policy loan but there is a cash value remaining in the policy, you can process to take out another loan through online channels at PRUConnect or send documents to the Company. The company will transfer the said loan, deducted outstanding debt according to the original loan amount including interest (if any), to you through your bank account.

In the event that the insured has not reached the age of 20, the following documents must be submitted:

1. Amendment requisition form exercising the right to take out policy loan.

2. A policy loan agreement signed by the insured and the parents or legal representatives.

3. A copy of the front page of the savings account passbook bearing the name of the father, mother, or legal representative.

4. Copy of the insured’s passport photo

5. A photocopy of the passport photo of the father, mother or legal representative

6. A certified true copy of the minor’s ID card.

7. A certified true copy of ID card of father, mother or legal representative.

Remark: please cover your "blood type" and "religion" information on the copy of your ID card in order to comply with the PDPA law. The company has no intention of collecting, using, and disclosing your personal information in this respect.

The Company will consider and approve policy loan according to the following criteria:

1. Cash value
In case the cash value is insufficient to take out the policy loan, you may need to wait for the policy to be valued before submitting another loan application.

2. Incomplete documents
In case of incomplete documents, the Company will inform you of additional documents required to submit for the Company’s reconsideration.

3. Others
The Company will consider the criteria and conditions as specified by the Company, such as if the policy has been converted to a paid-up policy or an extended-term policy, if it is an annuity policy where annuity payment has been made, or the policy contract term is less than 1 month, the policy loan will not be approved.

If you have any further questions, please contact us via Line Live chat or send an e-mail to hotline@prudential.co.th or contact the customer service center 1621 for more information.

• In the case of processing via PRUConnect, the turn-around time will be within 4 business days.
• In the case of sending documents by post or send documents in person at the head office, the turn-around time is within 5 business days after the Company received complete documents.