Policy loan means that the insured mortgages the policy in his hand to the insurance company and obtains a loan from the latter. When handling a policy loan, the insured only needs to prepare the ID card, policy and other materials and submit a written application to the insurance company. The loan term usually does not exceed 6 months, and the insured can renew the loan after repayment.

The information required for policy loans are:

1, insurance policy

2. Insurance policy invoice

3. Copy of ID card and passbook

If the applicant comes to the insurance company in person, it must be signed by the insured.

According to the relevant regulations of the China Insurance Regulatory Commission, the term of policy loans generally does not exceed 6 months. Therefore, policy loans can basically only be used for short-term funds. If the insurance policy is being advanced automatically, or has been guaranteed, reported lost, invalidated or frozen, or has applied for claim settlement, the insurance company will not accept the application for policy loan.