The premise of policy loan is that it has been insured for more than two years and the insurance account has cash value. Usually, the maximum loan amount provided by insurance companies is 70%-80% of the cash value of customers' policies.
Not all insurance policies can be loaned. Enterprises and individuals who have purchased insurance policies with savings nature such as life insurance, dividend insurance, endowment insurance and annuity insurance can make corresponding loans in the form of policy pledge according to the cash value of the purchased insurance.
Extended data:
The policy loan interest rate is different from the bank commercial loan interest rate. The most common one is "the interest rate of two-year residents' time savings deposits announced by the People's Bank of China on the first business day of each month is higher than 2.5%"+2.0% to determine the interest rate. The above calculation method is implemented by Taiping Life Insurance, and the calculation and demonstration of relevant persons are as follows:
On September 1 2007, the interest rate of two-year resident time deposit announced by the People's Bank of China was 3.96%, and the corresponding annual interest rate of policy loan was 5.96%. 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%.
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