A policy loan is available for traditional life insurance policies. If you are in need of extra funds, you may apply for a policy loan but note that this incurs a corresponding loan interest. If the principal and the interest are not paid within a policy cycle, this results in a loan balance compounding, where the unpaid interest adds up to the principal and a new loan interest is computed. Any unpaid loan balance gets deducted from the policy benefit that is paid to the insured or beneficiaries.
Meanwhile, for investment-linked policies, you may apply for a partial withdrawal against the account value. Note, however, that this affects the monthly charges applied against your policy as the net amount at risk increases.
To apply for policy loan or partial withdrawal, kindly send us an email at BPIAIA.customerService@aia.com with the following requirements:
- Policy Owner’s Full Name (First Name, Middle Initial, and Last Name)
- Mobile or Landline Number
- High resolution scanned copy of the policy owner’s ID with photo and signature
A BPI AIA customer service representative will contact you within one (1) business day to help you with the next steps. You may also reach out to your Bancassurance Sales Executive (BSE) who can assist you.