Over 42,700 customers availed loans against their traditional policies
Loan Against Policy provides liquidity to meet unexpected financial obligations
Over 98% loans were disbursed within 24 hours
Ensures that customers can continue to enjoy the benefit of long-term savings and life cover whilst meeting their financial exigencies
Loan offered at lowest interest rates across BFSI
100% digital process with zero paperwork
52% customers availed loans through the company’s website and mobile app
ICICI Prudential Life Insurance has disbursed over Rs. 900 crore as loans against traditional policies to its customers in FY2025, thus providing customers with liquidity to tide over unexpected financial obligations.
The loan against policy is an extremely useful feature as it allows customers to unlock liquidity, in what is essentially a long-term plan and ensures the life cover and savings objective is not disrupted. In FY2025, the Company disbursed loans to over 42,700 customers.
Mr. Amish Banker, Chief Operations Officer, ICICI Prudential Life Insurance, said, “Life insurance is a long-term product and remaining committed for the tenure of the policy is the key to achieving the financial goal. Also, we also understand that customers may face liquidity challenges and therefore urge our customers to avail the loan feature. This will not only enable them to meet short term liquidity need but also ensure the long-term savings plan is uninterrupted. Customer can avail loan up to 80% of policy’s surrender value.
All our touch points are geared to receive and process loan against policy requests from our customers. Notably, more than 98% loans were disbursed within 24 hours and is paperless.
Among customers availing loan facility, the digital touch points which are website and mobile app are preferred modes. 52% of our customers availed of the loan against policy through our digital touch points such as the Company website and mobile app. We have also simplified and digitized the loan repayment process, ensuring ease of management throughout the loan term for our customers.
We have seen an increasing adoption of the loan against policy feature among our customers with a 60% year-on-year increase in loan disbursals in FY2025. This also shows the commitment of customers to remain invested for the long-term to achieve the financial goals for which the product was purchased.
Notably, availing a loan against policy has no impact on the credit score of customers.
Interestingly, the funds can also be utilised for premium payments, ensuring continuity of the policy and its benefits.”
About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company Limited is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The Company began its operations in fiscal year 2001 and has consistently been amongst the top private sector life insurance companies in India on Retail Weighted Received Premium (RWRP) basis. The Company offers an array of products in the Protection and Savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long-term financial goals. The digital platform of the Company provides a paperless buying experience to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient route to make digital payments and facilitates a hassle-free claims settlement process.
The Company has introduced ICICI Pru Stack, a first-of-its kind suite of platform capabilities that combines digital tools and analytics. This innovative suite aims to enhance the understanding of customers' requirements and enable distributors to offer suitable insurance products, deliver seamless experiences, and provide exceptional pre- and post-sale services. By deploying this comprehensive solution, the Company aspires to transform into the most customer-friendly and partnerable insurance provider in the country.
At 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. ICICI Prudential Life is also the first insurance company in India to be listed on both the National Stock Exchange (NSE) Limited and Bombay Stock Exchange (BSE) Limited.
Disclaimer
Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', ‘expected to’, etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology, our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. ICICI Prudential Life insurance undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. This release does not constitute an offer of securities.