How long you need to wait to take loan against your insurance policy?

Jul 02, 2020 10:55 AM Merolagani

Insurance Board has directed life insurance companies to implement the mechanism under which insures are allowed to take loan against their insurance policies after two years only.

Issuing a directive on July 1, the board directed the companies to provide loan against the surrender value of a policy and insurance policy only after completing two years of insurance coverage.

However, in the case of single policy, loan can be obtained after a year of coverage.

Similarly, the board allows a maximum of one year to issue an insurance policy on the backdate.

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