ICICI Prudential Life's Policy Loans Surge

ICICI Prudential Life Insurance disbursed Rs 900 crore as loans against traditional policies to 42,700 customers in fiscal 2024-25. The offering, which saw a 60% rise in adoption, provides liquidity for financial obligations without disrupting savings. Digital modes accounted for over half of these loans.

ICICI Prudential Life Insurance announced on Thursday the disbursement of more than Rs 900 crore in loans against traditional life insurance policies during the fiscal year 2024-25. This initiative benefited over 42,700 customers, showcasing a significant 60% year-on-year increase in utilization of this financial feature.

The loan against policy option provides critical liquidity for meeting unexpected financial burdens while preserving the integrity of the customers' long-term savings plans, stated Amish Banker, Chief Operations Officer at ICICI Prudential Life Insurance. Customers can borrow up to 80% of their policy's surrender value, ensuring their savings ambitions remain on track.

The company highlighted the increasing preference for digital channels, such as their website and mobile app, which facilitated more than 52% of loans. ICICI Prudential Life, promoted by ICICI Bank and Prudential Corporation Holdings, boasts an AUM of Rs 3.09 lakh crore and covers over 9 crore lives, as of March 31, 2025.

(With inputs from agencies.)