Anyone who is offering investment advisory, mutual fund distribution, insurance sales or distributing other loans, credit cards and accounts could be a good fit.
Not already an IFA? You can still partner with us. Contact us to know how.
Stop redemptions and retain your customers
Help your customers get credit against life insurance policies
LOAN AGAINST INSURANCE ON MERA KAL IS EASY
Benefits of Mera Kal
For You
Stop Redemptions
Offer an alternative to redeeming mutual funds and shares or surrendering insurance assets through credit
Improve Portfolio Performance
Affordable credit can reduce customers’ losses due to redemptions and improve the productivity of low-yielding assets
Boost Earnings
Attract new customers and better service existing ones, build loyalty whilst earning commissions
For Your Customers
Affordable Loans from 11% p.a.
Offer an alternative to redeeming mutual funds and shares or surrendering insurance assets through credit
Avoid Surrender Loss
No need to surrender insurance policies, which typically leads to some loss of premiums paid and bonuses accrued, in order to get liquidity
Retain Policy Benefits
Continue to enjoy the life cover, tax benefits and to accrue bonuses on the policy as it approaches maturity
Unlock benefits for your customers and grow your financial advisory practice
Download our e-book to learn more.
How it works
Simple to get started on Mera Kal
Join Mera Kal online
Sign up in just 5 minutes, e-sign the MOU on your phone
Generate and share link
Generate a unique referral link that you can share with your customer
Customer signs up for loan
Receive instant intimation, commission on successful disbursal
Track clients status
Receive data on status of loan application of all your referred clients
More Details
Frequently Asked Questions
The commission paid to Independent Financial Advisors (IFAs) varies based on the amount disbursed. Currently, it is 0.5% of the loan amount disbursed. Please note that the commission structure may change over time.
For example, if customers referred by you take loans of ₹ 10,00,000 against their policies this month, you will earn ₹ 5,000. If you facilitate loans worth ₹ 1 Crore, you will earn ₹ 50,000.
For most policies, the answer is No. The policy needs time to accumulate a surrender value, which could take a few months to a few years, depending on the policy.
However, if it is a Single Premium policy, it could be eligible for a loan soon after purchasing the policy.
Loan eligibility primarily depends on the surrender value your life insurance policy has accumulated. This value, which increases with the premiums you've paid and any bonuses your policy has earned, determines your loan eligibility.
For more information, check out ourLoan Eligibility Calculator
Not all life insurance policies are eligible for loans. Policies that have a savings component, such as endowment, annuity, pension, and ULIPs, can qualify for loans.
Policies like term, health, and accident insurance are not eligible for loans.
For more information, check out our Loan Eligibility Calculator
Loans against life insurance policies require you to “pledge” the policy to the lender. This means the lender has the right to surrender your policy in case of default. Essentially, the pledge enables the lender to utilize your policy as collateral. Once the loan is repaid, the policy is reassigned back to you, allowing you to enjoy all of its benefits.