An insurance-policy holder can make an application to the insurance company for availing loan against his policy. There are such loan schemes offered by most of the insurance companies.
You can visit the branch office of the insurance company to enquire about the detailed procedure and to get the application form for this.
Here is an example of an application letter to an insurance company requesting a loan against policy for your reference.
TEMPLATE
Date: _______
From
(Name of the Applicant)
(Communication Address)
Mob. ________
To
The Branch Manager
(Name of the Insurance Company)
(Office Address)
Tel. _________
Sub.: Application for a personal loan against my insurance policy
Dear Sir/Madam,
I am presently holding a life insurance policy bearing number ________. The policy is maintained with your branch office, which I had opened on (Date). The policy is for a period of __ years with a fixed sum insured value of (Amount). I have paid all my monthly/quarterly/yearly premiums due in a timely manner.
I would like to bring to your attention that I am in need of some money urgently for purchasing a house/ higher education for my children/ medical treatment for my parents. Hence, I wish to obtain a personal loan from your esteemed company against my insurance policy.
I acknowledge that there are certain terms and conditions, which govern the sanction of loan against insurance policy by your company. I have gone through them completely. I hereby agree to abide by the same. I am enclosing herewith the application form in this regard along with other supporting documents as required.
Therefore, I kindly request you to sanction a loan for an amount of ________ against my insurance policy. I shall be highly grateful for your kind consideration of my application favorably.
Looking forward to your positive response. Have a nice day!
Thanking you,
Yours faithfully,
(Signature)
(Name of the Applicant)
Enclosure: As above
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