The policy loan seems to be 80% of Ping An's cash value. If not, the cash value will directly offset the premium. If it is not enough, the contract will be terminated in 180 days! After that, the contract is terminated!
In order to prevent the borrower from not paying back the money, the insurance company has taken many measures in this regard, which is not good for the borrower at all. If the borrower fails to pay back the money within the time limit, the interest will accumulate and the repayment will be more difficult. At the same time, insurance that has been paid for many years will also be invalid. Friends who want to borrow money in this way must remember to pay back the money so as not to lose more.
Extended data:
Policy loans, dividend insurance and endowment insurance are not allowed to be entrusted. It means that the insured mortgages the policy held by the insurance company. When the principal and interest of the loan is less than a certain proportion of the cash value of the policy, the premise is that the customer fails to repay the loan and loan interest.
Precautions for policy loans:
1. The policy loan owed and the accumulated loan interest will constitute a new policy loan, and the policy pledge loan is only applicable to short-term capital turnover. ?
2. Interest is calculated according to the policy loan interest rate on the day after the maturity date, and the insurance contract is terminated. Not suitable for high-risk investments such as stocks, it is a loan method to obtain funds according to a certain proportion of the cash value of the policy. ?
3. If the borrower can't pay his debts when due, and has been insured for more than two years, and there is cash value in his insurance account, this situation is more common in children's insurance, and his repayment will be used to repay the accumulated interest first; The insurance policy that has been exempted from premium cannot be used to pledge loans. According to the cash value of the insurance you have purchased, the corresponding amount of loans can be made in the form of policy pledge.
Baidu encyclopedia? -Policy loans