The loan is not taxable income - assuming you are obligated to repay it back.
However you should consider an endowment of your contract - a policy under which the person is paid a specified amount of money on a certain date unless he/she dies before that date, in which case, the money is paid to your designated beneficiary. Endowment proceeds paid in a lump sum to you at maturity are taxable only if the proceeds are more than the cost of the policy. To determine your cost, subtract any amount that previously was received under the contract and excluded from your income from the total premiums (or other consideration) paid for the contract. Include the part of the lump sum payment that is more than your cost in your income.
At that moment the loan amount may be considered as deemed distribution and taxes would apply.
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