Take the original ID card, the original insurance policy, the bank card number and the information specified by the insurance company, and apply for a loan at the lending institution.

The staff of the lending institution will review the information and approve it. The bank will determine the loan amount and sign a loan contract with the lender. The insurance policy is used as collateral for issuing loans.

The borrower transfers money to the bank card every month as required.

Extended data:

Insurance loans are divided into general loans and policy loans. Policy loan is a loan issued by an insurance company to the insured based on a life insurance contract, also known as policy pledge loan.

Insurance loan is a safe way of investment. General loans, mortgages and guarantees, especially real estate mortgages and securities mortgages, are basically risk-free.

For policy loans, the loan amount is within the cash value of the policy, that is, within the scope of termination and surrender premium. When the policy expires, the loan and interest can be deducted from the payment, and there is no risk to the insurance company.

Applying for a policy loan has two purposes:

(1) is used to pay insurance premiums and maintain contracts.

(2) misappropriating the funds of an insurance company.

References:

Baidu encyclopedia-insurance loan