The current pandemic has stalled economies leading to loss of income for many across the globe, including India. While, the Government, the RBI and financial institutions are taking various measures to provide immediate financial support, customers can also turn to their Bajaj Allianz Life Insurance policy for availing a loan against their insurance policy, in these times.
Commenting on Loan Against Policy facility, Mr. Kayzad Hiramanek, Chief – Customer Experience and Operations, Bajaj Allianz Life, said, “This feature is valuable for customers who are looking for financial assistance in these times. The loan application procedure is simple and hassle-free, and we’d be able to help our customers immediately. Customers should know that their life cover on the policy that they availed the loan on, will continue along with all other benefits as mentioned under the policy. We’d like to continue to support our customers in every way possible to help them meet their immediate and long-term life goals.”
The only criteria to avail the loan on Bajaj Allianz Life is that the insurance policy must have gained a surrender value. Bajaj Allianz Life is offering a loan up to 90%* of surrender value of the policy at an interest rate of 9%. Furthermore, as customers will continue to enjoy the benefits of the policy, they should ensure that the loan is repaid in a timely manner to ensure the outstanding loan does not exceed the surrender value which may lead to foreclosure.
*The percentage varies as per product. Customer can refer to their policy bond for more details
Key points to note while taking Loan Against Policy on Bajaj Allianz Life policy
- Available for all customers who have bought traditional life insurance policies, after the policy acquires surrender value
- Customers can avail loan amount up to 90% of the surrender value of their policy
- Loans available at a competitive interest rate of 9%
- Application process is not lengthy and cumbersome, as the company already has customers’ details
- Customers can get loans in a matter of days
- While the policy gets assigned to the insurance company, the life cover on the insurance policy continues along with all other benefits as mentioned under the policy till the loan is repaid
