Member’s Educational Assistance Loan (MEDAL)
You can immediately avail of a MEDAL once the first monthly contribution for your MBAI Protek Basic Membership Insurance Policy or Permanent Insurance Policy is remitted by your Finance Center to AFPMBAI. The maximum loanable amount is ₱100,000 payable in three (3) years.
You can avail of a Salary Loan when your Application for Permanent Insurance has been approved and the first monthly premium has been remitted by your Finance Center. The maximum loanable amount is the combined Face Amount of the MBAI Protek basic insurance AND all permanent insurance policies (e.g. 10-15 Endowment Plan) of the Member, subject to a maximum of P500,000.00.
You are qualified to take out a Policy Loan against your policy’s Cash Values if your policy has been in-force for at least two (2) years or has paid at least 24 monthly premiums. A Policy Loan is considered as an ‘advance’ from your Maturity Benefit and/or Cash Bonuses, if any, thus, all unpaid Policy Loan balances shall be deducted from your Maturity Benefit and/or Cash Bonuses on the maturity date.