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 provided by an insurance company is 70% to 80% of the cash value of the customer's policy.
Policy pledge loan is only suitable for short-term capital turnover, not for high-risk investments such as stocks.
Policy loans must be applied by the applicant or the insured, and may not be entrusted; It is common in children's insurance that a policy that has been exempted from premium cannot apply for a pledge loan.
Extended data:
Policy pledge loan is an innovative means for insurance to break through the original single function of sharing risks and digesting losses and develop into multiple functions such as saving and investment.
The policy loan is a credit loan and does not need to be mortgaged. The minimum loanable amount is 30 times of the annual payment of the policy. According to the different qualifications of each customer, the loan amount can even reach 60 times of the annual payment of the policy, 120 times, and the loan can be released on the same day at the earliest.
The policy loan processing procedure is very simple. Customers only need to bring their ID cards and insurance policies. The amount of the policy loan will not have any impact on the cash value of the policy. After withdrawing the cash value, you can also apply for the policy loan of the policy. Whether the policy is invalid is related to whether the customer pays the fee normally, and has nothing to do with the loan amount.
References:
China Pacific Insurance official website-Can I apply for mortgage loan under the insurance policy?