Samsung Life offers a variety of loan products to meet the diverse financial needs of its customers. The main loan types include policy loans, credit loans, and contract loans, each with its own features and advantages. Customers can choose the loan product that best suits their individual circumstances.
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A policy loan is a type of loan provided using the cash surrender value of an insurance policy as collateral. The cash surrender value refers to the amount refunded when the insurance policy is canceled, and a certain percentage of this amount is set as the loan limit. Typically, the loan limit ranges from 50% to 90% of the cash surrender value.
The loan interest rate is determined according to the terms and conditions of the specific insurance policy and may vary over the loan period. Generally, policy loans offer lower interest rates compared to market rates and may be more favorable than unsecured loans due to the secured nature of the collateral. For exact interest rate information, please refer to the Samsung Life website or contact the Samsung Life Customer Center at 1588-3114.
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