The policyholder may repay the automatic premium loan using the designated payment methods after the automatic premium loan occurs and before the policy lapses.
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FAQs & Important NotesIf the premium is not paid by the due date, the policy will generally remain effective for a grace period of 31 days. If the premium is not paid within the grace period, a premium loan will be automatically applied to cover the unpaid amount. If a policy's automatic premium loan is already in effect, there is no grace period. The automatic premium loan will be applied immediately after the premium due date.
The current APL interest rate is 7% per annum. The relevant interest rate is determined by us. Please note that the company will review and adjust the relevant interest rates from time to time. Please refer to the company's latest information.
Yes, it will. Once the automatic premium loan of the policy takes effect, interest will be calculated and accumulated based on the amount of the premium loan. If the policyholder does not make repayments and the net cash value of the policy is insufficient to cover the overdue premium loans and interest, the policy will be terminated or become invalid.
Policyholders can login to the China Life Overseas App, through "Policy Details" or "Application for Policy Repayment" to apply for repayment quotation, in order to view/ get the latest amounts for automatic premium loan principal and interest.
Policyholders can log in the China Life Overseas App, use the "Application for Policy Repayment" function to obtain a repayment quotation, and then proceed with the repayment directly by Faster Payment System (FPS), or through ATM (JETCO), PPS, local bank internet banking.