In policy loans, the amount lent by insurance companies to policy holders generally does not exceed 70% or 80% of the cash value.
If it is a guaranteed credit loan, it can be 20-40 times the premium, depending on the contract agreement of the insurance company.
Policy loan means that the insured mortgages his policy to the insurance company and obtains loan funds according to a certain proportion of the cash value of the policy. Policy loans are repaid once every six months. You can choose to repay the principal and interest in one lump sum, or you can choose to repay the interest only without repaying the principal. If the principal and interest are not repaid at maturity, the principal and the generated income will continue to be lent to you as new principal.
In addition, the policy loan does not affect the validity of the policy. If the insured has an insurance accident agreed in the contract during the policy loan period, the insurance company will pay compensation according to the contract.
Is it true that Ping An Bank can borrow 20 times in more than 3 months?
Yes, Ping An policy loan. With this business, you need a policy with an annual premium of more than 3000.
Policy loans are secured by the cash value of life insurance policies, and loans are obtained from insurance companies according to a certain proportion of the cash value of the policies. The one-time loanable amount of such loans depends on the effective year of the policy; The age of the insured and the amount of compensation for death when the policy is issued.
One of the advantages of policy loans is that you can get a cash flow without surrendering, and all the guarantee functions, returns, dividends and other functions of the policy will not be affected during the loan period.
Extended data
Basic types of policy loans
Short-term accident insurance and health insurance, because there is no cash value, or the cash value is very low, such policies can not be used for policy loans. Although cash value is an important factor in evaluating whether a policy can be loaned, it is not only the policy with high cash value that can be loaned. The most typical example is linked insurance.
As an insurance with investment function, investment-linked insurance with a premium of more than 100,000 yuan is not uncommon, and it will soon accumulate considerable cash value. "Although investment-linked insurance has cash value, it is impossible to make a policy loan because the value fluctuates with the price of the investment unit."