There are two main modes of policy pledge loan in China: directly mortgage the policy to the insurance company and pledge the policy to the financial service institution.

1. The insured directly mortgages the policy to the insurance company and obtains the loan directly from the insurance company. If the borrower fails to perform the debt at maturity, the insurance company will terminate its insurance contract when the loan principal and interest reach the surrender amount; So if you buy the wrong insurance, do you want to surrender it? If you surrender, why don't you lose money? Can I return the wrong insurance? How much can I refund if I surrender? How to surrender in full?

2. The policyholder mortgages the policy to the bank, and the bank pays the loan to the borrower. When the borrower fails to perform the due debt, the bank can repay the loan principal and interest by the insurance company according to the contract policy. Under normal circumstances, the loan amount provided by insurance companies is limited, the loan period is short and the procedures are convenient; If you choose a bank, the loan amount will be slightly higher, the loan period will be long and the procedures will be cumbersome. Which insurance company is stronger? I just sorted out the relevant content, hoping to help you: the latest list! Top Ten Insurance Companies in China

Second, the meaning of policy pledge rate

The policy pledge rate is actually the policy pledge loan interest rate. Policy pledge loan is a financing method in which the insured directly mortgages the policy he holds to the insurance company and obtains funds according to a certain proportion of the cash value of the policy. If the borrower fails to perform the debt at maturity, the insurance company has the right to terminate the insurance contract when the loan principal and interest accumulate to the cash value of surrender.

In the development of life insurance industry, it has become a fashion to add policy pledge loans to insurance clauses. China's policy pledge loan has a short term, generally no more than 6 months, and the maximum loan balance does not exceed a certain proportion of the cash value of the policy, which is generally between 70% and 80% in different insurance companies. Banks are more relaxed, generally reaching 90%.

The loan must be returned in time after it expires. Once the loan principal and interest exceed the cash value of the policy, the policy will be permanently invalid. Policy loans need interest. In China, the current policy loan interest rate is still relatively fixed, and its interest rate is calculated according to the predetermined interest rate stipulated by the CIRC and the higher bank loan interest rate plus 20%, which is higher than the interest rate for calculating the cash value of the policy.

Iii. A borrower applying for a life insurance policy pledge loan must meet the following conditions:

1, a natural person with full capacity for civil conduct;

2. Holding valid identity documents of the applicant and the insured;

3. Holding a life insurance policy with cash value as pledge;

4. Pledged life insurance policies should be personal policies. If the borrower is the applicant, it must provide written proof that the insured and the beneficiary (if the insured and the beneficiary have no capacity for civil conduct, this article shall be implemented by their guardians) sign and agree to pledge the life insurance policy; If the borrower is the insured, it must provide written proof that the insured and the beneficiary (if the beneficiary has no capacity for civil conduct, this article shall be executed by his guardian) sign and agree to pledge; If the life insurance policy pledged by the borrower is a group policy (single policy), it must have a written authorization certificate from the insured unit and be confirmed by the insured insurance company. How about PICC insurance? I just sorted out the relevant contents, hoping to help you: How is PICC China? Do you have any insurance recommendations?