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Being an insurer who cares, we'd like to alert you of the financial implications resulting from the termination of your policy. For example, you may lose significant benefits that you have accumulated over the years once you let your policy terminate. Apart from the potential financial implications, the incontestable period, waiting period and suicide clause may have to be re-counted, even if you 'continue' your policy with another insurer.

Depending on the nature of your policies, there are various options that you could take depending on the type of policy you have. You have many options other than cancelling your policy to meet your own personal needs. For example, you can reduce your cover, change your premium payment, take a policy loan, cash your reversionary bonus, convert to paid-up and take a premium holiday, etc.

We advise you to contact your financial consultant for assisting you to submit your request, should you ultimately decide to surrender your policy. Alternatively, you could visit our Customer Service Centre for request submission. Another option is to send a completed Application For Change In Policy / Withdrawal Form, signed by the policyowner, together with a copy of ID or Passport (if no ID) to us for processing.

For General Insurance policy services, please refer to here.

What’s the difference between policy loan and automatic premium loan?

Policy loan and automatic premium loan are loans both available for products with Net Cash Value, with key differences as below:

Policy loan is voluntarily applied by the customer and the maximum loan amount is subject to the percentage mentioned in the next question.

Automatic premium loan is the default premium overdue arrangement for some products. It will be triggered by us if you fail to pay the “total modal premium” within 1 calendar month from the date it is due, and the policy shall automatically continue if the Net Cash Value of the policy is sufficient to pay the premium due and unpaid, subject to the relevant terms of the policy; and the amount of such premium and/or levy shall be automatically deemed to be paid by a premium loan owed by you to us. The maximum loan amount is 100% of the Net Cash Value.

“Net Cash Value” shall be the accumulated policy values of the policy (subject to product design) less any outstanding loans and interest that you owe us.

What is the maximum policy loan amount that I can apply?

The maximum loan amount is 80% or 90% of the Net Cash Value. This percentage varies for different products and does not take into account any outstanding unpaid premiums. You can always contact your financial consultant or login MyPrudential for relevant information.

“Net Cash Value” shall be the accumulated policy values of the policy (subject to product design) less any outstanding loans and interest that you owe us.

Will there be any interest on the policy loan or automatic premium loan?

Yes, the current interest rate is 8% per annum (subject to change) for both.

What happens if I do not repay the policy loan or the automatic premium loan?

In the case the loan amount (plus accrued interest) exceeds the amount we allow for policy loan or automatic premium loan under the policy, we will terminate your policy and you may receive an amount considerably less than the premiums you paid, as well as losing the policy’s coverage.

What's the fastest way to get a loan?

We provide various payout options of policy loan, if you process your policy loan application via myPrudential and select “FPS” as a payout option to receive your loan amount, the loan amount will reach the designated account in 15 minutes upon approval.

How can I repay my policy loan or automatic premium loan?

You can repay the whole or partial loan at any time while the policy is in-force by these methods:

• Bank Of China (HK) Cheque Deposit Machine

• JETCO ATM

• e-banking Bill Payment (applicable to specific banks only)

• In person at a Customer Service Centre

If you make payment by cheque, please state the policy number and a remark of 'loan repayment' on the reverse side of the cheque.

The above information is for reference only. Policyholders should refer to the relevant policy terms and the applicable administrative rules.