ICICI Prudential Life Insurance has reported a significant increase in loan disbursals against traditional policies, with over ₹900 crore disbursed to 42,700 customers in the fiscal year 2024-25. This represents a 60% year-on-year increase, indicating a growing adoption of the loan against policy feature among customers. The loan feature allows policyholders to access up to 80% of the policy’s surrender value, providing liquidity to meet unexpected financial obligations without interrupting their long-term savings plans.
According to Amish Banker, Chief Operations Officer at ICICI Prudential Life Insurance, the loan feature is a valuable option for customers who need short-term financial assistance. The company has seen a significant shift towards digital channels, with over 52% of customers availing the loan facility through the website and mobile app. This suggests that customers are increasingly comfortable using digital platforms to manage their policies and access loan facilities.
ICICI Prudential Life Insurance is a leading life insurance company in India, promoted by ICICI Bank and Prudential Corporation Holdings. As of March 31, 2025, the company had an assets under management (AUM) of ₹3.09 lakh crore and a total in-force sum assured of ₹39.43 lakh crore, covering over 9 crore lives. The company’s loan against policy feature is designed to provide customers with a flexible and convenient way to access funds when needed, while also ensuring that their long-term savings plans remain uninterrupted.
The significant increase in loan disbursals against traditional policies reflects the growing demand for such products and the company’s efforts to provide customer-centric solutions. With its strong digital presence and wide range of products, ICICI Prudential Life Insurance is well-positioned to meet the evolving needs of its customers and maintain its position as a leading player in the Indian life insurance market.