Frequently Ask Question (FAQ) Virtual 0% EPP How the Virtual 0% EPP payment method works? Virtual 0% Easy Payment Plan (EPP) is AmBank-AmLife Insurance Premium Loan Card program. AmBank Card Services would approve a credit line to AmLife Insurance policyholders for them to pay their individual life regular insurance premium, without the issuance of physical Credit Card. Virtual 0% EPP Payment Method Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Apply for Virtual 0% EPP and pay one month Life Insurance Proposal premium AmLife Insurance will approve your policy under monthly mode of payment, with the first month premium has been paid. There is no extra charge on monthly mode premium. AmBank will approve your Virtual 0% EPP and debit your credit limit and pay your annual life insurance premium. You will receive your monthly statement and you must pay your monthly Virtual 0% EPP at any AmBank Branches 20 days from the statement date. AmBank will notify AmLife Insurance once you pay your Virtual 0% EPP monthly. Upon receiving the notification from AmBank, AmLife Insurance will release your premium due from your advance premium deposit account. Step 4, 5, and 6 will be repeated until you complete your Life Insurance premium payment term.
How do I qualify myself for Virtual 0% EPP? You need to apply for AmLife Insurance life policy with a minimum of RM1,200 annual premium inclusive of riders (subject to the minimum premium requirement for each plan). You are allowed to purchase multiple policies to make up the minimumrm1,200 annual premium, subject to all policies commencing on the same date. You need only to pay one amount of Virtual 0% EPP monthly. What type of policies can qualify for Virtual 0% EPP? All individual life insurance policies (Traditional and Investment Link regular premium, inclusive of regular Top-up) sold by AmLife Insurance agents except single premium, single Top-up, medical and group insurance products. You will also enjoy tax relief for the life premium paid (Subject to rules of the Inland Revenue Board). Can I do Regular Top-up under method Virtual 0% EPP? Regular Top-up can be done only if the Virtual 0% EPP to AmBank is paid subject to a minimum amount of RM50 with any additions in multiples of RM50. However, should the basic premium be on premium holiday mode, regular top-up premiums are not allowed (allowed only after 6 years Top-up). Regular Top-up amount must be affected during policy inception and subsequent changes can only be done during policy anniversary date. In the event of cancellation of Regular Top-up, the balance of Regular Top-up in the PAP account (if any) will be refunded to AmBank Card Services. Are the Virtual 0% EPP limited only to the policies under my Virtual 0% EPP can be extended to those policies under your immediate family s name (spouse / children / parents). If I have other insurance companies policies, can I enjoy this No. Virtual 0% EPP is solely for AmLife Insurance life insurance policies.
Who is the policy owner should I choose to pay premium thru The policy owner is the owner of policy. Is there any statement for my Virtual 0% EPP monthly? Yes, you will receive monthly statement from AmBank for your Virtual 0% EPP monthly s. The account statement will have a 12- digit number that is the same as per the virtual credit card. What is the difference if I pay through Normal 0% EPP Credit Card and Virtual 0% EPP Premium Loan Card? Normal 0% EPP Physical Credit Card is issued. Virtual 0% EPP No physical Credit Card (virtual). 0% Interest Free 0% Interest Free AmBank pays Annual Premium. Saving on Credit Card Annual Fee is chargeable No Advance Premium interest Credit Limit is granted for all purchases. High possibility of no credit limit available for premium payment. Tendency to use it for other purchases. Cancellation of credit card due to other purchases will affect life insurance premium payment. No follow-up on Default in monthly payment AmBank pays Annual Premium. Saving on No Credit Card Annual Fee Advance premium interest (on reducing balance) is given on the advance annual premium paid. Credit Limit is granted only for the purpose of paying AmLife Insurance Life Assurance premium. Premium payment is guaranteed as long as the customer continues paying the monthly. Life insurance premium payment is guaranteed as long as the customer continues paying the monthly. Agency members will be notified to followup on default in monthly payment
Can I change the payment method after I have applied for Virtual Yes, you can change the payment method at each policy anniversary upon termination of Virtual 0% EPP method of payment. To whom and where should I pay the monthly for You can pay your Virtual 0% EPP monthly s to AmBank through: All banks Standing Instruction (SI) All banks Online Banking AmBank ATM machines AmBank branch counters for Cheque or Cash payments AmBank deposit machines for Cheque and Cash payments What happens if I do not pay my monthly due to AmBank Card Services will cancel the Virtual 0% EPP card and your insurance policy with AmLife Insurance will lapse, if the policy does not have any Cash Value or Fund Value. How is Virtual 0% EPP a better payment option for me compared to paying monthly s directly to AmLife Insurance? Directly to AmLife Insurance 19 Branches Nationwide Able to choose the following method: - Over the counter payment - Inter Bank Giro - AmBank NexG Prepaid card No statement and notification Thru AmBank Virtual 0% EPP 184 Branches and over 498 ATM nationwide Able to choose the following method with AmBank: - Over the counter payment - Cash or Cheque Deposit Machine - Internet Banking of all banks - Inter Bank Giro - AmBank NexG Prepaid card 0% Interest Free Installment. Saving on Monthly statement from AmBank on the 12 th of every month.
How the Advance Premium Interest is calculated? Advance premium interest (on reducing balance) is given on the advance annual premium paid. An interest rate of up to 4% per annum will be calculated on monthly balance reducing basis and shall be credited in the advance premium account at every monthly due date based on Compounded Value Method where the interest shall be compounded and accumulated on annually basis. Advance Premium Interest rate is subject to change from year to year. Where can I obtain the Virtual 0% EPP application forms? You can obtain the Virtual 0% EPP application forms at any 17 AmLife Insurance Branches or from 3,200 AmLife Insurance agents nationwide. Where should I call if I have queries on Virtual 0% EPP? For any queries pertaining on Virtual 0% EPP approval please call AmBank Contact Center at telephone number 03-21788888 (24 hours) or Toll Free 1-300-80-8888. If you reply to the first request then your call would be handled by Customer Service Personnel. If you ignore the first request then you would be connected to IVR (Interactive Voice Response) facility where the applicants can keyed-in their new Identification Card (IC) number to check on their application status. Agency members can also call AmBank Card Center at telephone number 03-21663399 (during office hours and for credit card processing only) and your call would be handled by Customer Service Personnel.