IC CIRCULAR LETTER NO. 18-94

: The Premium Loan provision shall only apply if it is requested in writing by the policyholder either in the application or at any time before the expiration of the grace period.
: One of the paid-up options specified in the policy shall automatically take effect.
: This Circular Letter applies to all life insurance policies issued or delivered in the Philippines.
: Section 227(h) of the Insurance Code mandates the adherence to these provisions.
: The Supreme Court case is Philippine American Life Insurance Company vs. Hon. Gregoria C. Arnaldo, G.R. No. 57816.
: This Circular Letter took effect immediately upon its adoption on August 15, 1994.
: The policyholder must submit a written request either during the application or anytime before the grace period ends.
: Yes, no life insurance policy shall be issued or delivered unless its provisions conform with the conditions stated in the Circular Letter.
: The policyholder's insurance coverage continues under a paid-up option without requiring any further action, ensuring the policy retains some value despite non-payment.