Provide the insurance company with the policy number, fill in the contract loan application form and the specific loan amount, and then sign for confirmation.
Many insurance companies in Jiujiang said that the steps of policy loans are actually very simple. Just provide the insurance company with the policy number, fill in the contract loan application form and the specific loan amount, and then sign it for confirmation. The rest will be submitted to the insurance company for review. If the application meets the requirements, it will be approved as soon as possible on the same day and the loan will be received the next day.
A mortgage policy needs to meet some basic conditions, such as the cash value of the policy and the specific provisions on the minimum loan amount and the maximum loan amount of the policy during the contract period. Therefore, traditional life insurance, partial dividend insurance and universal insurance policies with cash value can be used for loans.
Different companies have different regulations on the loan amount of the policy, and most companies stipulate that it is 70%-90% of the cash value of the policy. Take an insurance company in Jiujiang as an example, the minimum loan amount is not lower than that in 500 yuan, and the accumulated loan amount does not exceed the specific provisions in the loan terms of the insurance contract. General products agreed not to exceed 70% of the cash value, and some products agreed not to exceed 90% of the cash value.
If the large loan exceeds 200,000 yuan, I need to handle it myself. If calculated by 70%, a traditional life insurance policy with a cash value of 200,000 yuan can borrow about 200,000 yuan × 70% = 654.38+0.4 million yuan.
Extended data:
The annual interest rate of policy loans implemented by insurance companies is generally between 5% and 7%, and the term is generally half a year. Some policies can also apply for the function of paying interest in installments without paying the principal. This means that the actual loan period can be as long as 1-2 years. Compared with the cumbersome procedures for banks to handle loans, many policyholders can consider using policies with the function of policy loans to go to insurance companies to handle loans.
If the repayment is not made on time, or the loan is not fully paid off, when the policy contract expires, the unpaid arrears and interest will be deducted from the insurance money that needs to be paid by the insurance company or the insurance company in the event of an accident, and then paid. It is particularly important to note that when the cash value of the policy is insufficient to repay the loan and its interest, the insurance contract is terminated.