A few days ago, the China Insurance Regulatory Commission issued the Notice of China Insurance Regulatory Commission on Further Improving the Actuarial System of Life Insurance, in which Article 4 stipulates that if an insurance company provides policy loan services, the proportion of policy loan shall not be higher than 80% of the cash value or account value. An insurance company may not accept the applicant to pay the personal insurance premium with cash value and repay the policy loan with a credit card. In other words, if you buy life insurance with cash value in the future, you can't swipe your credit card.

Recently, many insurance companies are conducting a "pairwise review" to investigate the problems existing in their work. In addition, they are also strengthening the notice issued by the China Insurance Regulatory Commission and learning from work briefing. Some insurance company personnel analyzed that this rule is to avoid using credit cards to brush tx.

Or the risk of arbitrage of policy lending function.

Suspension of credit card payment channels, the highest proportion of policy pledge loans is adjusted to 80%.

Previously, the reporter learned that the maximum loan function of a policy should not exceed 80% of the cash value after deducting unpaid insurance premium, loan and interest. But the proportion of 80% is not the industry standard, and individual policies can reach 90%. However, after the announcement of the China Insurance Regulatory Commission, all insurance companies in our city have made adjustments.

The reporter learned from Changzhou Zhongzhi of Taikang Life Insurance that the company's policy loan ratio is low and the policy loan has a loan interest rate. Therefore, the problem of using policy loan arbitrage is less likely, and no problem was found in this "pairwise audit" survey. Before the CIRC issued a document, the company did have a lot of policyholders who used credit cards to pay, but there was no tx.

At present, the company has informed the insured that the credit card payment channel will be suspended thereafter.

The reporter also learned from Changzhou Central Branch of Xinhua Life Insurance that the company stopped using credit card channels to pay premiums five years ago and has strict regulations on cash payment. Customers usually pay in person. Dong Yan, the manager of customer service department, told the reporter that his company has a dozen insurances with loan function, and the highest loan can reach 90% in the past. However, after the China Insurance Regulatory Commission issued a document, the maximum amount of the company's policy loan was also adjusted to 80%, and the customers who had already loaned also made explanations. When the first loan is due, customers will pay 65,438+00% of the extra loan amount, and then they will only pay 80% of the maximum loan amount.

Failure to repay will affect safety, exceed cash value or terminate the contract.

In the interview, some insurance companies also said that after the half-year loan period, many people only pay loan interest. However, the loan principal owed by the insured will constitute a new policy loan, and the interest will be calculated according to the policy loan interest rate the day after the maturity date, and the loan period will be extended by 6 months.

The person in charge of a life insurance company in our city also reminded that if the insured forgets to repay the loan after the expiration, or has no money to repay the interest, the insurance company will automatically deduct the current loan principal and interest directly from various insurance benefits, policy dividends, refund of cash value or refund of insurance premiums.

If the insurance company is passively allowed to deduct the principal and interest, there are two bad effects. One is that the loan relationship may be terminated, and the other is that the original policy amount will change, which will generally be reduced in proportion to the cash value used to repay the loan, and the protection will be weakened accordingly. If the insured insists on continuing to borrow from the policy, according to the provisions, "when the unpaid loan principal and interest plus other arrears reach the cash value of the insurance contract, the effectiveness of the insurance contract is suspended and the insurance liability is no longer assumed."

Know a little more

The so-called "policy loan" means that during the validity period of the insurance contract, the insured applies to the insurance company for a loan that does not exceed a certain proportion of the cash value of the insurance policy at the time of applying for the loan. Generally speaking, all the policies that can be borrowed have a certain saving nature (with cash value), such as life insurance, dividend insurance, pension insurance and annuity insurance.

What do you mean by policy loans exceeding loans?

Honey, I'm happy to answer your question. The survival fund of the policy also exceeds the loan, that is, it exceeds the loan. The maximum loanable amount of a policy loan is 80% of the cash value of the policy. After the survival fund is generated, the cash value decreases and the loanable amount decreases accordingly. In order to protect the interests of the policy from loss and avoid the suspension of the policy loan, the Survival Foundation automatically repays the loan loan loan. If the policy does not exceed the loan, you can repay the loan interest once every six months.

What does a policy loan mean?

Policy loan, also known as policy pledge loan, is a loan obtained by the policy holder from the insurance company with the policy as collateral. Policy holders can get policy loans because their policies have cash value. With the implementation of the balanced premium system, the premiums paid by the insured in whole life insurance at the initial stage of the policy are higher than their current expenditures, thus forming a certain cash value through year-on-year accumulation.

The main functions of policy loans:

1. Through the policy loan, the policy holder can alleviate the temporary financial shortage, and at the same time, his policy will not be invalid. Even if the principal and interest of the loan are not repaid, he can still get compensation if an event within the scope of insurance liability occurs. Moreover, the policy loan procedure is simple, and the borrower does not need any mortgage property such as credit certificate, as long as the policy has a certain cash value, it can be loaned.

2. Through the policy loan, the insurance company pays the insurance premium for the policy holder, so that the policy will not be invalid because of the failure to pay the insurance premium, or the policy holder will not choose the way of obtaining the termination fee through surrender when he can obtain funds through the policy loan to meet other capital needs. In this sense, policy loans are conducive to maintaining the efficiency of insurance companies' policies.

3. If the market interest rate rises, the policy loan increases, the cash expenditure of the insurance company increases, and the funds invested in other assets will decrease accordingly. In more serious cases, if there are too many policy loans, the insurance company may be forced to sell some assets under unfavorable circumstances to obtain cash to meet the policy loans, which will have a negative impact on the operation of the insurance company.