Policy Loan. You may take a loan against Your Policy once it has acquired a Surrender Value. The minimum loan amount is Rs.5,000 and the maximum is 85% of the then applicable Surrender Value less any outstanding Policy loan balance as on that date. The outstanding Policy loan balance is an amount of loan still unpaid plus all accrued but unpaid loan interest up to the given date. Where the Policy is in-force (premium paying) and the outstanding Policy loan balance at any time is equal to or exceeds the then prevailing Surrender Value, then the Policy shall not be terminated. In such cases We shall send a notice 90 days in advance to the Policyholder to pay the loan amount along with the interest. If the Policyholder doesn’t repay the loan or fail to respond to the notice within 90 days of the date of issuance of such notice, We shall have the right to foreclose the Policy. For other than in-force and fully paid up policies, in case outstanding policy loan balance exceeds the surrender value, then the policy shall not be terminated. In such cases ABSLI shall send a notice to the Policyholder. If Policyholder doesn’t repay the loan or fail to respond to the notice, ABSLI shall have right to terminate the policy. Any payment of a proceed against Death, Survival Benefit or Maturity Benefit provisions or as a Surrender Value shall be reduced by any outstanding Policy loan balance at that time and the residual value shall be payable. We shall be issuing the loan re-payment schedule at the time Policyholder opts for the loan against Policy. At the beginning of a Policy Year, the Policy shall be assigned the latest Loan Interest Rate declared by company. We shall declare the Loan Interest Rate applicable to all policies under this product on June 1st of every calendar year which shall be assigned to policies on their next Policy Anniversary and is equal to the base rate of the State bank of India plus 100 basis points. The interest rate applicable as on June 1st, 2020 is 9.15% p.a. Any change in basis of determination of interest rate for Policy loan can be done only after prior approval of IRDAI.
Policy Loan. You are eligible to take a loan against your policy at any time after your policy acquires a surrender value. The minimum policy loan is Rs. 5,000 and the maximum is 85% of the then Surrender Benefit less any outstanding policy loan balance as of date. Your outstanding policy loan balance on any date shall equal all policy loans made to date, including accrued and unpaid interest thereon, less any policy loan repayments you have made to date. We will charge the interest on the outstanding policy loan balance at a rate declared by us on June 1st of each calendar year determined as (x+2%), where x is the base rate of the State Bank of India. The interest charged by us on any outstanding policy loan balance accrues on a daily basis. We shall be issuing the loan re-payment schedule at the time you opt for the loan against your xxxxxx.Xxx are free to repay all or part of your outstanding policy loan balance at any time, subject to our then current administration guidelines. If your policy is in reduced paid up status and your outstanding policy loan balance equals or exceeds the Surrender Benefit then on that date, all benefits under your policy will cease immediately and policy will terminate. Any benefit payable under this policy will first be reduced by any outstanding policy loan balance at that time and only the residual value will be paid to you or your nominee as the case may be.
Policy Loan. This policy does not provide any loan.
Policy Loan. 15 Contract ........................................17
Policy Loan. Lincoln shall not participate in any loans made by SAFECO to policyholders.
Policy Loan. You may request a Policy loan of up to this Policy’s Account Value, decreased by the sum of (a) and (b) where
Policy Loan. You may request a Policy loan of up to 90% of this Policy's Account Value, decreased by the amount of any outstanding Policy Debt on the date the Policy loan is made. Account Value equal to the Policy loan will be transferred from the Sub-Accounts to the Loan Account on the date the Policy loan is made. You may allocate the Policy loan among the Sub-Accounts. If You do not specify the allocation, then the Policy loan shall be allocated among the Sub-Accounts in the same proportion that the Account Value of each Sub-Account bears to the aggregate Account Value of all Sub-Accounts immediately prior to the loan. Interest on the Policy loan will accrue daily at the policy loan interest rate specified in Section 1. This interest shall be due and payable to Us in arrears on each Policy Anniversary. Any unpaid interest will be added to the principal amount as an additional Policy loan and will bear interest at the same rate and in the same manner as the prior Policy loan. All funds We receive from You will be credited to Your Policy as Premium unless We have received written notice, in form satisfactory to Us, that the funds are for loan repayment. Loan repayments will first reduce the outstanding balance of the Policy loan and then accrued but unpaid interest on such loans. We will accept repayment of any Policy loan at any time while this Policy is in force. The amount of the loan repayment up to the outstanding balance of the Policy loan will be transferred from the Loan Account to the Sub-Accounts. You may allocate the loan repayment among the Sub-Accounts. If You do not specify the allocation, then the loan repayment shall be allocated among the Sub-Accounts in the same proportion that the Account Value of each Sub-Account bears to the total Account Value less the Loan Account immediately prior to the loan repayment. Deferral of Payment. We will usually pay any amount due from the Variable Account within seven days after the Valuation Date following Our receipt of written notice giving rise to such payment or, in the case of death of the Insured, Due Proof of such death. Any special conditions that apply to a Sub-Account are specified in the description of the Sub-Account in Section 1. Payment of any amount payable from the Variable Account on death, Surrender, Partial Surrender, or Policy loan may be postponed whenever: . the New York Stock Exchange ("NYSE") is closed other than customary weekend and holiday closing, or trading on the NYSE is otherwise rest...
Policy Loan. The loan may be obtained on written request. No loan will be made if the Policy is in force as Extended Term Insurance. The Company may defer making the loan for up to six months unless the loan is to be used to pay premiums due the Company. Premium Loan. If the premium loan provision is in effect on this Policy, a loan will be made to pay an overdue scheduled premium. If the Loan Value is not large enough to pay the overdue scheduled premium, a scheduled premium will be paid for any other frequency permitted by this Policy for which the Loan Value is large enough. If the Loan Value is not large enough to pay the overdue scheduled premium on any frequency permitted by this Policy, the Policy will continue in force or terminate as provided in Section 3.1. The Owner may elect or revoke the premium loan provision by written re- quest received at the Home Office.
Policy Loan. Subject to Our approval, You may take a loan on Your policy of up to 90% of its total Surrender value less any amounts owing to Us. We will charge an interest on the policy loan and may change the interest rate at any time by giving You thirty (30) days’ written notice in advance. Interest accrues on a daily basis. You may repay the policy loan and interest at any time. If the policy loan plus interest is more than the total Surrender value, this policy will end. We reserve the right to deduct any unpaid policy loan and interest from any amount We may be due to pay to You under this policy.
Policy Loan. At any time after two full years’ premiums have been paid, if any net Cash Surrender Value is available under the Policy, the Policyholder may obtain a loan on the sole security of the Policy and on its proper assignment to the Company. The maximum amount of loan that will be advanced at any one time or more than one time shall not exceed 90% of the available cash surrender value and provided that the amount of loan is not less than Rs.1000/-. The rates of interest payable on the loan and the other terms and conditions of the loan shall be as determined by the Company from time to time. All loans within the permissible limits will be granted after deducting any previous loan with interest. All outstanding loan and interest thereon, shall be deducted from any benefits payable under the Policy. If at any point of time, the loan along with outstanding accrued interest exceeds the value of benefits payable under the policy, the policy will be forfeited and no benefits will be payable. \
