Tata AIA Life Insurance, a prominent insurance company in India, has introduced a unique service proposition for its customers. The Policyholders can receive an instant loan of up to Rs. 1 lakh from their insurance policy without losing any coverage. The loan amount is credited to the consumer’s account within 1 minute via the insurer’s state-of-the-art MyDigiAccount portal. Since the launch, this digital-first initiative has already processed over 500 requests and disbursed around Rs. 5.5 crores, streamlining liquidity solutions for policyholders.
The facility allows consumers to borrow against the surrender value of select life insurance policies, ensuring they can quickly access funds with minimal paperwork and competitive rates. Policyholders can borrow up to Rs.1 lakh without collateral or credit checks at an 8.80% per annum interest rate, significantly lower than personal loans.
The streamlined process allows consumers to receive funds within a minute, eliminating traditional loan approval delays. Sanjay Arora, Executive Vice President & Head of Operations of Tata AIA, said, “We are proud to be the first in the industry to offer a digital end-to-end processing system for loan payouts. This demonstrates our commitment to leveraging technology to deliver exceptional customer experiences and set new benchmarks in the insurance industry.”
