The use of policy loans is as follows:
1. Apply to the insurance company first.
2. According to the requirements of the staff, show the insurance policy, insurance policy invoice, copy of ID card and copy of passbook.
3. Insurance companies conduct audits.
4. After approval, sign a loan contract with the applicant.
5. The insurance company entrusts the bank to issue loans, and the insured pays the principal and interest on schedule.
Policy loan, the procedure for handling policy loan is very simple. The applicant only needs to bring the original policy, the original valid identity certificate and the policy loan application form, and go to the insurance company to handle it in person. Usually, the loan will be remitted to the bank account where the insured pays the premium, and the loan arrival time is generally 1-3 days. The so-called policy loan, you can use this policy to apply for a loan in Ping An Bank, and the maximum loan amount is 80% of the cash value of the policy at that time. When the applicant and the insured are the same person, it is necessary to prepare:
1. Application for change of insurance contract (policy loan/repayment)
2. Identity documents of the insured.
3. A current settlement account with the insured as the account name.
When the applicant and the insured are not the same person, it is necessary to prepare:
1. Application for change of insurance contract (policy loan/repayment) (signature of the insured is required without authorization of the insured).
2. Identity documents of the insured.
3. A current settlement account with the insured as the account name.
4. The identity certificate of the insured.
Bank loan skills:
1) Reasons for borrowing: In the process of applying for a loan, the lender should explain the purpose of the loan and the advantages of personal repayment frankly, clearly and in detail. Such as a good personal credit record.
2) Loan amount: The loan amount applied by the lender in the bank should not be too high, because the larger the amount, the higher the possibility of failure. However, this is not what lenders want, and they certainly don't want their loan funds to see the movement of lending within half a month. If the loan amount applied by the lender is large, I suggest you reduce the loan amount appropriately, so the hope of passing the bank audit will be greatly increased.
Can the policy be loaned?
Yes, you can. As long as it is a policy with cash value, it can provide policy loans.
For customers who need it in the short term, policy loan is a good choice, and its advantages mainly include:
First, when the policy is valid, the customer can continue to enjoy the insurance protection stipulated in the policy during the loan period. Compared with surrender, the insured need not worry about losing protection due to surrender, and can also avoid the loss of surrender fees.
Second, the policy loan processing method is simple. The insured only needs to bring the policy, valid identity certificate and written consent of the insured to apply for the loan to the insurance company in person. Taiping Life said that as long as the lender brings all the materials, the insurance company can complete the business on the same day.
Extended data:
Legal Risk Analysis of Life Insurance Policy Pledge
Life insurance policies basically have the elements of pledge: life insurance policies are claims based on life insurance contracts, that is, claims. Whether this right can be pledged depends on whether it is property, whether it can realize its value through market transactions and whether it can realize possession publicity.
The pledge object of life insurance policy is fictitious property, which belongs to "other property rights that can be pledged according to laws and administrative regulations" stipulated in Item (7) of Article 223 of the Property Law, and can be used as the pledge object.
Life insurance policy has cash value and returnability, and its pledge object is the right to ask the insurer to pay the corresponding price, which belongs to property right in nature.