New Delhi, Jun 5 (PTI) ICICI Prudential Life Insurance on Thursday said it disbursed over Rs 900 crore as loans against traditional policies to over 42,700 customers during fiscal year 2024-25.
In a release, the insurer said it has seen an increasing adoption of the loan against policy feature among its customers with a 60 per cent year-on-year rise in loan disbursal last fiscal year.
Loan against policy provides liquidity to meet unexpected financial obligations.
The loan feature not only enables customers to meet short-term liquidity need but also ensures the long-term savings plan is uninterrupted, said Amish Banker, Chief Operations Officer, ICICI Prudential Life Insurance.
Customers can avail loan of up to 80 per cent of the policy’s surrender value.
The insurer further said that among customers availing loan facility, the digital touch points -- website and mobile app -- are preferred modes.
More than 52 per cent of the customers availed the loan against policy through the digital touch points.
ICICI Prudential Life Insurance Company is promoted by ICICI Bank and Prudential Corporation Holdings.
As on March 31, 2025, the company had an AUM of Rs 3.09 lakh crore and a total in-force sum assured of Rs 39.43 lakh crore with over 9 crore lives covered. PTI NKD NKD ANU ANU
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