It is impossible for Ping An to lend dozens of times the premium with the insurance policy.

After deducting the operating expenses of the insurance company, the remaining insurance premium is called cash value. The cash value of Ping An policy loan is up to 80%, and the principal and interest must be repaid.

So the money for the policy loan is much less than the insurance premium you pay.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.