Hi there, luv! Kindly contact our Customer Care hotline +63 253222645 to inquire about your current policy status. XOXO

Hi there, luv. As proof of your insurance coverage/s, you shall be provided a Certificate of Insurance which contains details of your insurance coverages upon release of the loan. XOXO

Hi there, luv! Your initial insurance coverage/s is for one year and is renewable every year until your loan is fully paid. Upon renewal, the amount of your insurance coverage will change based on your updated loan balance at the time when the renewal notice is prepared. XOXO

No, luv. For now, we don’t accept any endorsed life or non-life policies from other insurance companies apart from the accredited insurance partners of the bank. XOXO

Hi there, luv! Tonik is partnered with Manulife Philippines for Life/Mortgage Redemption Insurance and Mercantile Insurance for Property Insurance. XOXO

Hi there, luv!

Property Insurance is a form of insurance, the benefits of which, when payable, are used to pay the outstanding loan of the insured, and/or to cover the expenses in case of partial damage/loss of the property used as collateral to the loan. Our property insurance is different from the existing Property Insurance provided by the condo developer, which is for the structure and standard deliverables of the developer. Our insurance is not a duplication of that, but rather it is on the content and improvements the owner has added to the unit. To keep things simple, your unit is covered based on the amount of the loan. In case of complete damage/loss of the property, having Property Insurance will secure full payment of the outstanding loan.

XOXO

Hi there, luv! Mortgage Redemption Insurance (MRI) is a term insurance coverage for the loan borrower with the Bank as the beneficiary. Banks typically require borrowers to have an MRI when granting loans with a property collateral. For example: in case of death of the borrower, having an MRI avoids foreclosure of the mortgaged property at a time when financial support is needed most. XOXO

Yes, luv! Your Big Loan is subject to Mortgage Redemption Insurance, as well as Property Insurance. Insurance Premiums are to be paid by the Borrower. XOXO

Hi there, luv! Yes. Unfortunately, there will be top-up fees based on some channels you will select on top of your monthly repayments for Big Loan.

You can see the latest fees here:

https://tonikbank.com/fees-and-charges/