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e-Policy Loan via the “Emma by AXA” Application
Krungthai-AXA Life Insurance is ready to care for you and stay by your side in every situation with e-Policy Loan service available through the 'Emma by AXA' application, making the process more convenient and easier.
Anyone can experience a crisis in their life, whether due to financial issues or unexpected events that cause things to not go as planned. Krungthai-AXA Life Insurance is ready to care for you and stay by your side in every situation with e-Policy Loan service available through the 'Emma by AXA' application. These service will help increase flexibility in all expenses, enabling you to live your life with comfort while still receiving protection from your life insurance policy as usual.
e-Policy Loan Details
Advantages
1. Convenience for loan transactions based on the insurance policy is available through the "Emma by AXA" application. You can easily check the loan amount and interest rates at your fingertips.
2. The process is easy and does not require a guarantor.
3. Quick loan approval results are notified via SMS, and the money is transferred into your account within 3-5 business days.
4. Low interest rates are provided based on the type and conditions of each policy product (not exceeding 8% per year, depending on the specific type and conditions).
5. Save the Earth: You can contribute to environmental care by reducing paper usage.
6. Freedom in financial planning: Customers can choose to repay the loan when they are ready.
7. Enjoy the same rights and life protection as before while borrowing money according to the policy.
Note
1. Valid for general insurance policies with effective policy status and insurance policies with cash value only.
2. The consideration and approval of e-Policy Loan, including loan amount and interest rate, depend on your insurance plan and comply with the company's conditions and criteria.
Required Documents
1. Identification card of the insured or the premium payer.
2. Savings bank account book of the insured or the premium payer (an account name containing 'and/or', 'for', or 'by' is invalid).
3. The company reserves the right to request additional documents for the consideration and approval of the policy loan.
Steps for applying e-Policy Loan
1. Select 'My Policy'
2. Select 'Policy Loan'
3. Specify the desired amount.
4. Verify your identity with an ID card and the bank account book to which you want to transfer money.
5. Wait for confirmation via SMS and if approved, the money will be transferred into your account within 3-5 business days.
You can download the 'Emma by AXA' application to use the e-Policy Loan service from
App Store: https://ktaxa.live/app-emma-online;
and Google play: https://ktaxa.live/play-emma-online
Channels to Check Policy Loan Amount and Interest
1. “Emma by AXA” application
2. The letter reporting the policy's value, which will be delivered by the company annually on the policy cycle day.
3. Customer Care Center, Tel. 1159, every day, 24 hours a day.
Repayment of Policy Loan
When repaying a policy loan*, payments can be made in full or in part. If making a partial payment, it is recommended to pay an amount exceeding the interest accrued on the payment date to cover both principal and interest. Payments can be made through the following channels:
1. Through the bank application, do as follows:
Select the menu to pay for goods and services - Select "Life Insurance" - Select "Krungthai-AXA Life Insurance Public Company Limited"
Reference number 1 (Ref.1): specify 10-digit policy number
Reference number 2 (Ref.2): specify 05
Service banks include:
1.1 Krung Thai Bank - KTB NEXT Application
1.2 Bangkok Bank - Bualuang mBanking Application
1.3 Bank of Ayudhya - KMA Application
1.4 Kasikorn Bank - K PLUS Application
1.5 Siam Commercial Bank - SCB Easy Application
1.6 TMBThanachart Bank - ttb touch Application
1.7 Bank for Agriculture and Agricultural Cooperatives - BAAC Mobile Application
2. Through bank’s counter or ATM
3. Contact the company’s Customer Care Center, Head Office and 6 branches, click https://www.krungthai-axa.co.th/th/contact-us/service-center
When the company receives the payment, the customer will receive a receipt confirming the repayment of the policy loan after the company records the transaction in the system, typically within one business day. The receipt will be sent via email or SMS to the mobile phone number provided to the company.
*Loan repayments cannot be made by credit card.
FAQs
What is the cash value of the policy?
It is the cash value accumulated in a life insurance policy from premium payments. The longer premiums are paid, the higher the cash value will increase. In the first year of premium payment, the policy will not have any cash value. The accumulation of cash value depends on the policy's conditions and typically occurs in almost all types of insurance policies with a payment record of two years or more, except for Unit-linked insurance policies.
Why is the policy loan amount limited?
If the insured wishes to maintain the life insurance amount, they can apply for a loan based on the cash value. However, the loan amount will not be the full cash value, as the difference will be reserved to convert the value into extended insurance. Interest must be paid on the loan according to the conditions set by the insurance company.
In case of a policy loan during the premium payment grace period or outstanding debts in the policy, such as loans for automatic premium payments or outstanding interest, what actions will the company take?
In cases where premiums have not yet been paid or there are outstanding debts on the policy, the company will take out a loan to pay the insurance premium or repay outstanding debts before disbursing the remaining policy loan amount to the insured.
If the policy matures while the policy loan has not been completely repaid, what should be done?
When the policy matures, any outstanding debt amount will be deducted from the contract maturity amount before the remaining amount is disbursed to the insured.
If death occurs while the policy loan is being repaid, what should be done?
The outstanding debt will be deducted from the death claim payment before it is paid to the beneficiary.
How is a policy loan better than policy surrender?
During a policy loan, the insured continues to receive the same rights and life protection under the policy as usual. However, in the case of surrender, the insured will receive cash at the rate specified in the policy, with life coverage immediately terminated.
You can download the ‘Emma by AXA’ application to use the e-Policy Loan service
From App Store and Google Play
