The company reported that over 98% of the loans were disbursed within 24 hours through a 100% digital, paperless process. Over half (52%) of customers used digital platforms such as the company’s website and mobile app to access the service.
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The loan against policy feature allows customers to borrow up to 80% of the policy’s surrender value. It is offered at one of the lowest interest rates in the BFSI sector and has no impact on a customer’s credit score.
“Life insurance is a long-term product and remaining committed for the tenure of the policy is the key to achieving the financial goal,” said Amish Banker, Chief Operations Officer, ICICI Prudential Life Insurance. “We understand customers may face liquidity challenges and therefore encourage them to use the loan facility to meet short-term needs without disrupting their financial goals.”
The insurer also noted a 60% year-on-year increase in loan disbursals, reflecting growing customer awareness and use of the facility. Loans can also be used for premium payments, helping customers maintain their policy benefits.
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