Tata AIA Life Insurance (Tata AIA), one of India’s leading insurance companies, has launched a disruptive service proposition for its consumers. Those policyholders looking for emergency funds can avail an instant loan of upto 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 enables consumers to borrow against the surrender value of select life insurance policies, providing quick access to 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.
The streamlined process allows consumers to receive their funds within a minute of application, bypassing the delays of traditional loan approvals. 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.”
