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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
How you can get a loan against an insurance policy
Subscribe to enjoy similar stories. MUMBAI : Traditional insurance policies have a fixed maturity period. Until these policies mature, policyholders cannot withdraw funds.
However, if you are facing a temporary cash crunch and don’t want to surrender your policy, a loan against it can be an option. Here is a look at how it works and why policyholders must be careful when opting for it. A loan can be taken against traditional policies like money back, endowment, or whole-life policies, which offer a surrender value.
“As soon as the policies acquire surrender value, they are eligible for policy loans. While insurers can't offer loans against unit-linked insurance plans (ULIPs) as per regulations, lenders do offer loans against ULIPs, including some who offer loans during the lock-in period," said Satprem Mohanty, co-founder of ValuEnable, an insurtech with a digital-loan-against-policy platform. “As per the new rules, a policy acquires surrender value after the first year of the policy term," said Abhishek Bondia, co-founder of SecureNow, an insurance broker.
Since term plans don’t offer a surrender value, these are not eligible for a loan against a policy. "The insurance company offers these loans at 8-10% interest rate," said Shilpa Arora, co-founder and chief operating officer of Insurance Samadhan, a platform focusing on investor grievances. The insurer will stipulate the loan repayment terms.
The loan can also be foreclosed by paying the outstanding dues, but check for any prepayment charges. The maximum loan that can be availed is typically 80-90% of the policy’s surrender value. The tenure of the loan cannot exceed the term of the policy.
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