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1. Can I cancel Loan Protection after my loan application has been approved?

You will not be able to cancel the service after your loan application has been approved. In the same way, you will not be able to add the service after your loan application has been approved. Prior to proceeding with your loan application, please ensure that your decision is final.

2.  After I purchase Loan Protection, is it guaranteed that I will be able to enjoy the Late Fee Waiver and Group Credit Protection Insurance?

For the Late Fee Waiver, it is guaranteed that you will be able to enjoy the waiver on your first overdue loan repayment in the event you are unable to make your loan repayment on time. 

For the Group Credit Protection Insurance, coverage is subject to acceptance by SeaInsure and there may be a possibility that you will be rejected if you do not meet SeaInsure’s eligibility criteria.

3. What will happen if my Group Credit Protection Insurance is rejected?

If you are rejected for the Group Credit Protection Insurance, you will be notified of this and you will not be able to claim the benefits under the Group Credit Protection Insurance in the event any of the covered events happen. However, you will still be able to enjoy the Late Fee Waiver.

4. How do I use the Late Fee Waiver?

You will not need to apply or contact us to enjoy the Late Fee Waiver. In the event of your first overdue loan repayment, the Late Fee will be waived automatically.

5. If I have already enjoyed the Late Fee Waiver once, can I enjoy it again in the event of future overdue loan repayments?

The Late Fee Waiver can only be enjoyed in the event of your first overdue loan repayment. In the case of future overdue loan repayments, the regular Late Fees will apply.

6. How do I claim under the Group Credit Protection Insurance?

In the event any of the covered unforeseen events take place, you or any of your beneficiaries under the Group Credit Protection Insurance will be able to claim under the policy. Your beneficiaries will need to present a copy of the policy and supporting documents to one of our agents, who will facilitate the verification and claims process.

For submission of personal accident claims under Loan Protection, please contact:

SeaMoney Debt Collection

Email: collectionsrecovery.ph@seamoney.com

For details of your coverage under the programme, please log on to your account at https://www.seainsure.com.ph/ to access the Confirmation of Benefits.

7. Who are my beneficiaries?

Your beneficiaries are your surviving immediate family members in the following order of preference:

a) legal spouse

b) children

c) parents

d) brothers and sisters (or, if none, your beneficiaries by law or your estate).