First of all, the impact of insurance loans overdue compensation is as follows:
Insurance companies provide policy loans for our daily capital needs, which provides convenience and can solve some urgent needs. But at the same time, it should be noted that policy loans, like other bank loans, need to repay the interest on time. If we can't repay the interest on time, we also have to bear certain legal responsibilities. Details are as follows:
1. Failure to repay interest on time will affect our credit. If it is from a financial institution that collects credit information, then your loans overdue will definitely collect credit information. Even private lending institutions may record our dishonesty.
2. Failure to repay the principal and interest on time will result in a certain penalty interest. There will be a penalty interest after the policy is issued in loans overdue, and the penalty interest rate is high, calculated on a monthly basis. If the repayment is not made in time, the penalty interest will be bigger and bigger.
3. Failure to repay the interest on time will be collected by the lender. After loans overdue, the loan platform will arrange personnel to collect loans, usually by telephone, and will call you, your family, your company and even all the contacts on your mobile phone, which will seriously affect our daily life.
Failure to repay the interest on time will be prosecuted. If the loan is overdue for more than 3 months, it may be sued by the loan platform to the court, and the court will force repayment and pay interest.
Second, what is an insurance loan?
Policy loan refers to an insurance clause agreed by the insured and the insurance company. When the insured is in urgent need of funds, he can apply for a loan from the insurance company with the insurance policy as collateral. The insurance company provides loans to the insured within the cash value of the policy. From a practical point of view, policy loan is an insurance company's measure to provide convenience for policyholders.
3. Regarding policy loans, we should pay attention to the following matters:
1. Not all insurance policies can be used for loans. As we said before, it depends on the cash value of the insurance policy, such as some one-year accident insurance, medical insurance or some regular consumption-oriented critical illness life insurance. The cash value of this policy is almost zero or very low, and the insurance company will not give us this loan. Policy loans are aimed at policies with strong savings functions, such as whole life insurance, annuity insurance or old-age security. Only when the cash value of such insurance is relatively high will the path of such loans be opened;
2. Pay attention to the problem of the insured. Although it is said that the insured pays the money, as long as it is not surrendered, this premium is equivalent to the insured being transferred to the insured, which is the personal property of the insured. Therefore, as long as the insured is not the same person and the insured is an adult, if the insured takes this policy to get a loan, it must be approved by the insured, which requires special attention.
3. Policy loan is not a policy loan, and it also needs special attention. According to its definition, policy loan is a way to obtain certain funds according to the value of the policy. Policy loans are loans from insurance companies. If the borrower already has commercial insurance, he can borrow money from the insurance company, up to 80% of the cash value of the policy, or for 6 months. But not all insurance policies can be used, such as life insurance, dividend insurance, pension insurance and annuity insurance.
Legal basis:
People's Republic of China (PRC) Commercial Bank Law
Article 36 When a commercial bank lends money, the borrower shall provide guarantee. Commercial banks should strictly examine the repayment ability of guarantors, the ownership and value of collateral, and the feasibility of realizing collateral. After examination and evaluation by a commercial bank, it is confirmed that the borrower has a good credit standing and can repay the loan, and no guarantee may be provided.
Article 37 A commercial bank shall sign a written contract with the borrower when issuing loans. The contract shall stipulate the type, purpose, amount, interest rate, repayment period, repayment method, liability for breach of contract and other matters that both parties think need to be agreed.
Article 38 A commercial bank shall determine the loan interest rate according to the upper and lower limits of the loan interest rate stipulated by the People's Bank of China.