1. Letter to the Insurance Company for availing Loan
To,
The Divisional Manager,
(Insurance Company Name)
(Address)
Sir,
Ref: Policy No. ____________ , ____________ (Date)
ADVERTISEMENTS:
This is to bring to your kind attention that I’m an insurance holder of the aforementioned policy, which is an endowment policy and whose quarterly amount of ____________ (Amount in words) has always being paid on time, for the last five years. As I’m now constructing a house, I would like to avail a loan of ____________ (Amount in words), in order to expedite the construction possess.
Kindly send me the required forms to be filled up in order to avail the loan. Also kindly intimate me of the documents required by your organisation.
Looking forward to an early reply in this regard.
Yours Sincerely,
(Your Name)
(Your Address)
Reply to the previous letter
ADVERTISEMENTS:
To
(Name)
(Address)
Dear Sir
Ref: Policy No. ____________, ____________ (Date)
This is in reference to your letter ____________ (Date) regarding the availability of a loan, which as per our records can be given to you. Insurance policies are meant to offer security in hard times and it is a matter of honor for us if we are able to help you. As desired by you, we are stating relevant facts pertaining to such loans:
ADVERTISEMENTS:
(i) Our usual terms of interest are ____________ (Interest rate) per annum payable every half yearly.
(ii) The period of loans is for a maximum period of three years.
(iii) An absolute assignment of the Policy has to be executed in favour of the Corporation.
(iv) We enclose the following documents for completion by you.
(a) Form of application for loan
(b) Receipt for loan
(c) Declaration slips regarding fresh assignment.
As soon as we receive the policy duly assigned in our favour, complete documents mentioned in Para IV above and find them in order in all respects, a cheque for the loan amount will be remitted in your name in ____________ (Bane Name), ____________ (Address). The policy hypothecated to us can be obtained when all the terms and conditions of the loan specified in the endorsement are carried out by you and the loan is repaid with full interest.
Looking forward to an early dispatch of papers duly completed.
Yours Faithfully,
Divisional Manager
(Insurance company Name)
(Address)
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2. Sample Letter Asking for a loan against an insurance policy
From
(Name)
(Address)
(Date)
To
The Manger
(Insurance company Name)
(Address)
Dear Sir,
Ref: Policy No. ____________.
I hold an insurance policy for life of ____________ (Amount) in ____________ (Insurance Company Name). I have so far paid 15 annual premiums totaling ____________
(Amount) The last premium of ____________ (Amount) was paid in ____________ (Month)
Now, I want to take the maximum loan which is permissible under your rules against my policy. I shall be grateful if you can tell me the amount of loan permissible to me, as well as the other formalities, which I have to fulfill for getting the loan.
Yours faithfully,
(Your Name)
3. Letter to Insurance Company for Grant of Loan
From
(Your Name)
(Address)
(Date)
To
The Branch/Zonal Manager
(Insurance Company Name)
(Address)
(Date)
Re: Request for granting loan
Dear Sir,
I have an Endowment Insurance Policy No ____________ for a sum of ____________ (Amount).This Policy was taken by me effective from__________ (month and year) and I have been continuing to pay premiums against the Policy regularly and without fail in any quarter.
I have felt a dire necessity of mitigating certain unavoidable obligation immediately for which I will need a sum of ____________ (Amount) as loan. I would, therefore, request you to let me know the maximum amount I can expect to get loan against my aforesaid Policy taking into account the number of years I have completed in paying the premiums.
Kindly also inform me the terms and conditions of the loan to be granted. If there is any prescribed form for taking loan, kindly arrange to send the same.
Your early action in the matter will be highly appreciated.
Thanking you,
Yours faithfully,
(Your Name)
