Provide the policy number, fill in the contract loan application form and the specific loan amount, and then sign for confirmation.

1. Just 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. 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.

2. Policy loan refers to the loan application made by the insured to the insurance company within the validity period of the insurance contract, and the loan amount can be equivalent to 80% of the cash value of the policy at that time. Compared with other loan methods, the policy loan procedure is very simple. If the borrower fails to perform the debt at maturity, the insurance company has the right to terminate the insurance contract when the accumulated principal and interest of the loan reach the cash value of surrender.

3. It is reported that at present, the annualized interest of insurance policies is between 5% and 6%, and policy loans are more common among life insurance companies, including Xinhua Life Insurance, Taiping Life Insurance and Sunshine Insurance.

Extended data:

Personal insurance is divided into two categories:

(1) is a contract for medical expenses insurance and accidental injury insurance, which belongs to a loss compensation contract and cannot be used as a pledge, just like a property insurance contract;

(2) It is a life insurance contract with saving function, such as endowment insurance, dividend insurance and annuity insurance. As long as the insured pays the premium for more than one year, life insurance policies have a certain cash value, and such policies can be used as collateral.