New Delhi1 hour ago
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Tata AIA Life Insurance has started a new service, through which policy holders can take an instant loan of up to Rs 1 lakh. This service allows customers to take a loan against their insurance policy without losing coverage.
The company has said that this loan can be easily taken through MyDigiAccount portal. Through this, the loan amount will be deposited in the customer’s account within 1 minute. However, policy holders will be able to take loans against select life insurance policies only.
This loan is available without collateral and credit check.
Tata AIA Life Insurance said that this service has been designed to provide instant loan with minimum paperwork. In this, loan will be available at 10.80% annual interest. In this, no collateral and credit check is required to take the loan.
Tata AIA Life Insurance’s AUM crosses ₹1 lakh crore in April
In April 2024, Tata AIA Life Insurance had reported that its assets under management (AUM) had crossed ₹1 lakh crore. The company has doubled its AUM from ₹50,000 crore (August 2021) to ₹1 lakh crore in less than 3 years. This strong increase was driven by strong Individual New Business Premium (IWNBP), income growth and better investment performance.
3 benefits of taking loan against insurance policy
- No credit score required: When you take a loan against an insurance policy, you do not have to go through a credit check. This means that even if you have a low credit score or no credit score, you can still get a loan easily.
- Lower interest rates than personal loans: The interest rates on loans against insurance policies are generally lower than other types of loans like credit cards or personal loans. The interest rate on loan against insurance policy can be 10-13%.
- No repayment schedule: Unlike other loans, you usually do not have a fixed schedule for repayment of a loan against an insurance policy. You can pay the loan as per your convenience. You just have to keep paying the interest.
