Tata AIA Life Insurance has announced a pioneering service, allowing policyholders to obtain instant loans against their policies within a minute through its MyDigiAccount portal.The innovative offering enables consumers to access emergency funds of up to Rs. 1 lakh without compromising their insurance coverage. Since its inception, the digital-first initiative has processed over 500 loan requests, disbursing approximately Rs. 5.5 crores, providing a lifeline for individuals facing urgent financial needs.
Sanjay Arora, Executive Vice President & Head of Operations at 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.”
This service addresses a pressing need, highlighted by industry data indicating a significant increase in policy surrenders due to financial exigencies. By offering a swift and convenient loan process with competitive interest rates, 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.
