What are the conditions required for a policy loan?
The conditions that need to be met for a policy loan are:
1. The insurance policy has been in effect for more than 6 months;
2. Insurance policies have cash value (policy loans are generally provided for long-term insurance products with high cash value, and lenders can generally lend 70 to 80 of the cash value of the policy);
3 . The insurance policy has not stopped paying premiums in the past two years;
4. The person applying for the loan has no malicious overdue record and has a good personal credit report (if it is a policy cash value loan, there is no such requirement );
5. The person applying for the loan has a relatively stable source of income;
6. Other conditions that need to be met.
What are the application conditions for policy loans? Just satisfy these!
Nowadays, the financial industry is developing rapidly, and a number of different types of loan products have emerged, and policy loans are one of them. In addition to paying five insurances and one housing fund, many people also purchase additional commercial insurance for themselves and their families. Some policies can be used for loans. Today we will introduce the application conditions for policy loans.
1. Policy loan application conditions
1. Age of the borrower
According to regulations, to apply for a policy loan, the age of the borrower needs to meet the requirements. Many institutions Generally, users are required to be between 18-60 years old.
2. The borrower’s behavioral capacity
The borrower needs to have full civil capacity and no disease that prevents him from judging his own behavior.
3. The borrower’s residence
The borrower needs to have a fixed place of residence, preferably a house in his own name, or live locally for a long time.
4. Borrower’s credit
The borrower needs to have no bad credit record. Users with poor credit will have an impact on the approval of policy loans.
5. The borrower has purchased insurance
The borrower needs to have purchased insurance and hold the "xx Insurance Company Personal Consumption Credit Guarantee Insurance Policy".
6. Other conditions stipulated by the bank
Through the above introduction, we can understand that the threshold for policy loan application is actually relatively low. The most important application information is the policy, and generally more applications are accepted. The most important ones are long-term insurances such as savings-type critical illness insurance, whole life insurance, and annuity insurance. As long as the premiums are paid for more than one year, they can be used for pledge.
2. How much can be borrowed for a policy loan?
If you have an insurance order worth 100,000 yuan, you can only borrow about 80,000 yuan at most, which is a relatively high ratio compared to a house mortgage. You can go to a bank or financial institution Please ask, the actual loan amount may fluctuate around this ratio.
What are the requirements for policy loans?
Policy loan requirements generally need to be subject to the regulations of the insurance company, but generally the following conditions need to be met:
1. The policy has been in force for more than six months;
2. The policy has a high cash value, but there are exceptions. For example, investment-linked insurance, the cash value will fluctuate with the investment units and cannot be determined. Therefore, although the cash value is high, policy loans cannot be run;
3. The policy has not stopped paying premiums in the past two years;
4. The lender has a relatively stable source of income, etc.
Generally speaking, policy loans can loan 70 to 80 of the cash value of the policy.
What procedures do I need to take out an insurance policy loan?
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 policy number to your insurance company, 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 can be approved on the same day at the earliest, and the funds can be released the next day.
2. Policy loan is a form of loan in which the policyholder applies to the insurance company for a loan during the validity period of the insurance contract, and the amount is equivalent to the cash value of the policy at that time. Compared with other loan methods, the policy loan procedure is very simple. If the borrower cannot repay the debt when due, the insurance company has the right to terminate the insurance contract when the loan principal and interest accumulate to the cash surrender value.
3. It is reported that the annualized interest rate of the current policy is between 5 and 6. Policy loans are relatively common in personal insurance companies, including Xinhua Insurance, Taiping Life, Sunshine Insurance and many other insurance companies. Serve.
Extended information:
Personal insurance is divided into two categories:
(1) It is a medical expense insurance and accidental injury insurance contract. This type of contract belongs to loss compensation. Sexual contracts, like property insurance contracts, cannot be used as pledges;
(2) It is a life insurance contract with a savings function such as pension insurance, dividend insurance and annuity insurance. Such contracts only require the policy holder to If premiums are paid for more than one year, the life insurance policy will have a certain cash value, and this type of policy can be used as a pledge.