ICICI Prudential Life Disbursed More Than Rs. 900 Crore as Loan Against Traditional Policies in FY2025

News Desk, News Nation 360 : ICICI Prudential Life Insurance has disbursed over Rs. 900 crore in loans against traditional policies to its customers in FY2025, providing them with liquidity to meet unexpected financial demands. Customers who apply for loans prefer digital contact points such as websites and smartphone apps. 52% of their customers obtained the loan against insurance using digital contact points such as the Company's website and mobile app. They have also simplified and digitised the loan repayment procedure, allowing their customers to manage their loans more easily throughout the term. Amish Banker, Chief Operations Officer, ICICI Prudential Life Insurance, stated that Life insurance is a long-term product, and staying committed for the duration of the policy is critical to meeting the financial goal. They also recognise that their consumers may have liquidity issues, so they encourage them to use the lending tool. This will allow them to address short-term cash needs while still ensuring the long-term savings goal remains intact. Customers can get a loan for up to 80% of the policy's surrender value. A loan against policy is a highly beneficial option. It allows customers to obtain cash from their long-term policy. This does not disrupt their life coverage and savings objectives. During the financial year 2025, the company provided loans to more than 42,700 customers. All their customer touchpoints are poised to service loan against policy applications. Over 98% of these loans were disbursed within 24 hours. The process is entirely paperless. They are witnessing more and more customers availing the loan against policy facility. Disbursals increased by 60% in FY2025 versus last year. This also indicates that customers are long-term-focused. They want to achieve the financial goals for which they purchased the product.

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