All policies with "cash value" can be borrowed, such as endowment insurance, whole life insurance, endowment insurance, universal insurance and dividend insurance. However, not all policies with cash value can apply for policy borrowing, such as investment-linked insurance, because its value fluctuates with the price of the investment unit and cannot be determined, so it is impossible to apply for policy borrowing.
Loan application requires conditions and materials.
1. Age requirement: 23-55 years old.
2. Income requirement: after tax ≥ 3,000/month.
3. Residence requirements: the current residence is ≥6 months, and you live or work in the application place.
4. Applicant requirements: It must be the insured.
5. Life insurance policy requirements: the policy takes effect, and the effective time of the policy is ≥6 months.
6. Application materials: second-generation ID card, residence certificate and life insurance policy materials.
Extended data:
Policy loan repayment
You can choose to pay all or part of the money in one lump sum. If the loan and loan interest cannot be repaid at the expiration of the loan term, the owed policy loan and accumulated loan interest constitute a new policy loan, and the interest is calculated according to the policy loan interest rate on the next day of the maturity date.
If partial repayment is selected, the repayment will be used to repay the accumulated interest first, and then to repay the loan principal. If the borrower fails to perform the debt at maturity, the insurance contract will be terminated when the loan principal and interest are lower than a certain proportion of the cash value of the policy.
Ping An Group-Ping An Pratt & Whitney Life Insurance Loan, let your policy move.