Loans Against ICICI Prudential Life Insurance Policies
Introduction
Protecting your loved ones and securing your finances are key reasons to purchase a life insurance policy. But what if your insurance policy could do more than just provide future security in times of financial need? With a loan against your life insurance policy, you can access urgent funds without surrendering the policy or disrupting your financial planning.
At Mera Kal, we help you unlock the potential of your insurance policy, allowing you to retain all the benefits of your life cover while enjoying lower interest rates compared to personal loans or credit cards. This solution empowers you to meet your financial needs while keeping your long-term financial goals intact.
How Does a Loan Against Your ICICI Prudential Life Insurance Policy Work?
A loan against a ICICI Prudential Life insurance policy is essentially a loan taken using the policy’s surrender value as collateral. You will be eligible for a loan once your policy has accrued sufficient value based on the premiums you have paid. The loan amount is typically a percentage of the surrender value and can be used for any personal or financial need.
Features and Benefits of Loan Against ICICI Prudential Life Policies
- Flexible Repayment Options: You can choose to repay it in installments or one shot; your repayment options are truly flexible.
- Low-Interest Rates: If you thought that interest rates would be high, they really aren’t. We offer interest rates starting at just 8% flat!
- No Need to Surrender: You can just use your insurance policy as collateral, the same way you would use property or gold; there is no need to surrender the policy.
- No Impact on Policy Benefits: Since you are not surrendering your actual policy, you will not lose any of the policy benefits, making this a true win-win!
- Build your Credit Score: Even if you do not have a credit score, you can get a loan against your insurance policy and build a positive score laying the foundation for future easy credit access.
- Privacy and Security: Loans against insurance policies are secure and private, making them suitable for all kinds of financial needs.
Applying for a loan against your ICICI Prudential Life Policy is easy – it just takes 5 steps for the money to get into your account!
- Share your policy details with us and we will check whether it is eligible for a loan.
- Complete digital KYC process and bank verification.
- Select the type of loan you are looking for – a term loan or an overdraft.
- Pledge your policy to the lender.
- Sign your loan agreement, setup a repayment mandate and receive the disbursed funds!
Available Plans for Loan Collateral
Not all ICICI Prudential Life Insurance policies are eligible for loans, and each lender could have their own specific sub-set of approved policies. That said, ICICI Prudential Life offers a range of life insurance plans that may qualify for loans, provided they have accumulated a surrender value. Here’s an overview of some popular ICICI Prudential Life plans that could be eligible for loans:
ICICI Prudential Life - Life Insurance Plans
- ICICI Pru Immediate Annuity
- ICICI Pru Sarv Jana Suraksha
- ICICI Pru Cash Advantage
- ICICI Pru Savings Suraksha
- ICICI Pru Anmol Bachat
- ICICI Pru Assured Saving Insurance Plan
- ICICI Pru Future Perfect
- ICICI Pru Lakshya
- ICICI Pru Guaranteed Income for Tomorrow
- ICICI Pru Saral Jeevan Bima
- ICICI Pru Sukh Samruddhi
- ICICI Pru Gold
- ICICI Pru Precious Life
- ICICI Pru Guaranteed Wealth Protector
- ICICI Pru Signature
ICICI Prudential Life - ULIP Plans
- ICICI Pru GIFT Pro
- ICICI Pru Guaranteed Wealth Protector
- ICICI Pru Smart Life
- ICICI Pru LifeTime Classic
- ICICI Pru Wealth
- ICICI Pru Signature
- ICICI Pru EzyGrow
- ICICI Pru Protect N Gain
- ICICI Pru Platinum
ICICI Prudential Life - Pension Plans
- ICICI Pru Guaranteed Pension Plan/Flexi
- ICICI Pru Gold Pension Savings
- ICICI Pru Easy Retirement
- ICICI Pru Easy Retirement SP
At Mera Kal, we make access to credit against your insurance policies seamless, ensuring you get access to the funds you need without forfeiting the insurance benefits you’ve worked hard to secure.
FAQ Section
What is a loan against ICICI Prudential Life insurance policy?
When you are in need of funds, you can use your ICICI Pru policy as collateral to avail a loan. This is completely legal, safe, and an easy way to get funds when you need them.
Are all ICICI Prudential Life insurance policies eligible?
Except for ICICI Pru term policies, most other ICICI Pru policies are eligible. However, please get in touch with us to learn more about your specific policy's eligibility.
What is the interest rate on this loan?
At Mera Kal, the interest rate starts at 8% flat per annum. Since a loan against an insurance policy is completely secured, the risk for the lender is minimal, which is why you will generally see lower interest rates.
What is the loan amount that I can avail?
Although the actual loan amount will be dependent on your ICICI Prudential policy surrender value, you can get anywhere between ₹25,000 to ₹1 Crore. Use our loan calculator to learn more.
What is a surrender value, and how do I check it for my policy?
Surrender value (SV) is the amount that the insurance company pays the policyholder if they decide to terminate the plan before it reaches maturity. The SV is determined by various factors, including the type of the policy, premium amount paid, duration for which the policy has been active, term of the policy, bonus accrued and specific terms and conditions of the insurance policy. The delta between the current value of a policy and the SV can often be high, making taking a loan a way to optimize the financial outcomes for the customer.
What is the term of the loan?
The term of the loan can vary from 12-36 months and will depend on your requirements and, of course, your policy eligibility. Overdrafts are typically 12 month terms that are renewable.