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Loan Against Life Insurance Policies - LAIP


Most people take life insurance policies in today's times, hoping to offset future financial shocks. Life insurance policies help protect the policy holder's family against economic uncertainty arising out of abrupt loss of income. Life insurance can yield another valuable benefit: it can be used to generate requisite funds in lieu of a Loan Against Life Insurance Policy (LAIP).

Why Loan Against Life Insurance Policies (LAIP)?

Loan Against Life Insurance Policies offers customers the opportunity to leverage their existing life insurance policies and generate cash reserves quickly. This is a beneficial facet of life insurance, which helps you liquidate an existing policy(ies) to beget funds for professional or business purposes. It is pertinent to note that the loan is approved only against traditional life insurance models that include an endowment and money back features. It is not granted against term insurance, but we approve the LAIP for unit linked insurance policies.

Also, not all life insurance plans qualify for personal loan against insurance policy. Aditya Birla Finance approves LAIP only for Life Insurance policies that have attained their surrender value at the time of application of the loan.

Is Loan Against Life Insurance Policies (LAIP) for you?

If you require funds without conceding your other movable and immovable assets or monetising your equity investments, then it is advisable to explore the Loan Against Life Insurance Policies (LAIP) option. It is an excellent tool to monetise a long-term financial security instrument for the short term. Additionally, you do not need to surrender the policy to avail of the loan against policy. The borrower still accrues benefits and bonuses from the life insurance policy, as applicable.

The (LAIP) combines the twin benefits of providing life insurance with surplus funds to satisfy immediate financial needs.

Features of Loan Against Life Insurance Policies

  • Collateral: Life Insurance policies that have attained surrender value (Surrender value = amount of money you would get after terminating the policy after certain allowable period of time)
  • Tenure: Up to 1 year
  • Minimum loan amount: Rs 25 Lakhs
  • Loan Margin: 10 % to 20% of surrender value or applicable MF margin for unit linked NAV based policies.
Next steps…

  • If you want to apply for Loan Against Insurance Policies download the application form.
  • Our Relationship Manager can meet you at your convenience.
Do you have questions?

Call +91 84259 66666
OR write to us at abfl-customerservice@adityabirla.com. Click here to arrange a meeting today.






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Important Notice

Note : We would like to inform you that we do not accept cash for any transaction.

It has come to our notice that unknown third parties, who are not affiliated with Aditya Birla Finance Limited are forging/mis-selling loan products using our name, brand or logo (explicitly and/or implicitly). Aditya Birla Finance Limited may not have any control over such any third party use of our name and therefore cannot be held responsible for any unauthorised offer, products or services which is made by forging/misusing/faking our brand name. Anyone relying on any such information without verifying and confirming the same with Aditya Birla Finance Limited shall do so at their own risk and liability as to cost and consequences thereof. We also recommend that you do not disclose your personal or financial details to anyone approaching you and claiming to be on behalf of us, unless identity of the person is established or the communication is verified with one of the branches or telephone numbers stated herein.

If you receive a product/ loan proposal from anybody with a name similar to Aditya Birla Finance Limited or claiming to be from Aditya Birla Finance Limited or Birla Global Finance Limited or Birla Finance Limited or any other name which exhibits any connection with Aditya Birla Group or if you have any doubts about such proposal, please feel free to contact Aditya Birla Finance Ltd. immediately on +91 84259 66666. Aditya Birla Finance Limited highly recommends that you ignore any suspicious product/ loan proposals. On no account should you transfer any money without properly verifying and establishing the identity of the entity involved. We once again request you to examine product/loan proposals cautiously and carefully before entering into any transaction with such entities.

 

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