hey can i ask something, is there policy loan from insurance in malaysia? whats the interest rate like?
Insurance Talk V3, Anything and everything about insurance
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 May 2 2016, 01:06 AM
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May 2 2016, 04:35 PM
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QUOTE(ExpZero @ May 2 2016, 04:24 PM) As an ex-staff, yes, 100% allocation for ILP. 7% ! thats high, i presume interest is daily basis? whereas repayment is ad hoc basis unlike bank right?  Traditional policy loan interest different according to company, in Great Eastern is 7%, most of the companies are ranging from 7%-8%.   QUOTE(lifebalance @ May 2 2016, 04:31 PM) Investment linked policy you can't take a loan from it, once you sell the unit considered you can't get it back at that price you've bought way earlier. thanks for the info! Traditional policy however allows you to take a loan from the policy as traditional policy guarantees you the return however because you need to use the amount earlier, they will charge you the interest rate of 7-8% for the amount taken.  |
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May 2 2016, 06:24 PM
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QUOTE(ExpZero @ May 2 2016, 06:04 PM) 7% daily rest, it works like personal loan. However, if your policy have any Survival Benefit and Cash bonus, you may withdraw your Survival Benefit and Cash Bonus which will not have any interest. yup yup good idea too. my fren is in need of money to settle cc debt, hence i am looking alternative for him. I worked in singapore insurance company, NTUC income, the loan interest here is only 4.5% daily, compound on yearly basis correct me if i am wrong belowmy understanding is that you are not require to repay each month, a min fixed amount like normal bank personal loan / credit card, but instead it is ad hoc basis, you can pay back any amount any time, then your principal loan will reduce? or is it a different case in malaysia? |
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