The reference index of the policy loan amount is the "cash value" of the policy. According to the regulations, the policy loan ceiling is calculated according to a certain proportion of the cash value of the policy, and each company is different. For example, Pacific Life Insurance and Taiping Life Insurance stipulate 80%; China Life Insurance ((60 1628 quotation, stock bar)), AIA and Allianz are 70%. Since the specifications of policy loans are formulated by the CIRC, there is little difference among major insurance companies.
The policy loan time is short, generally 6 months. There are also companies that can automatically renew their loans after maturity. Since the maximum term of each loan is 6 months, the policy loan bears interest every 6 months. If the repayment is less than 6 months, it shall be calculated by day. The loan interest rates of different types of insurance are also different. For example, for some dividend insurance in Ping An, the policy loan interest rate is 5.22%.
There is no policy loan clause in China's Insurance Law, but most of the insurances introduced by many insurance companies before the introduction of the Insurance Law contain this clause. Therefore, different insurance companies have different specific provisions on policy loans. For example, some types of insurance stipulate that the insured can apply for a loan from the insurance company after two years of payment and two years of insurance period. The loan amount shall not exceed 70% of the cash value of the policy, and the loan period shall be limited to six months. The loan interest rate is calculated according to the bank interest rate of 65,438+00% in the same period, and the loan interest will be settled together when the loan expires.
The policy loan processing method is simple. The insured only needs to bring the policy, valid identification and the insured's written consent to apply for a loan to the insurance company in person. Generally, the loan arrival time is 1-3 days. The interest rate is relatively low. The interest rate of commercial loans of banks for six months or less is 6.2 1%, and the interest rate of commercial loans for six months to 1 year (including 1 year) is 7.02%.
The specific situation depends on the specific terms in the insurance contract.