Tata AIA Life Insurance has unveiled a game-changing service, enabling policyholders to secure instant loans against their policies within a minute through its MyDigiAccount portal. This innovative offering allows consumers to access emergency funds of up to Rs. 1 lakh without jeopardizing their insurance coverage.
Since its launch, the digital-first initiative has swiftly processed over 500 loan requests, disbursing approximately Rs. 5.5 crores, providing a lifeline for individuals facing urgent financial needs. By leveraging the surrender value of select life insurance policies, Tata AIA ensures hassle-free access to funds with minimal documentation and competitive interest rates. Sanjay Arora, Executive Vice President & Head of Operations of Tata AIA, emphasized the significance of the Instant Loan Facility, stating, “Our commitment is to empower consumers with financial security without compromising on their policy benefits. This initiative underscores our dedication to leveraging technology for seamless customer experiences.”
The service addresses a critical need, as highlighted by industry data indicating a significant increase in policy surrenders due to financial exigencies. By offering a swift and convenient loan process with lower interest rates compared to traditional personal loans, Tata AIA aims to alleviate the burden on policyholders facing cash flow disruptions.Unlike conventional lenders, Tata AIA does not conduct credit checks or require collateral, offering flexibility in loan repayment and ensuring outstanding amounts are adjusted at claim settlement.
