Bajaj Allianz Life for giving loan against insurance
Published : Thursday, 28 May, 2020 at 10:58 PM Count : 241
Bajaj Allianz Life Insurance said on Wednesday that it would take out a loan against insurance to help policyholders cut income gaps due to the current pandemic.
The government, the Reserve Bank of India and financial institutions are taking various steps to provide immediate financial assistance, customers can also go back to their Bajaj Alliance life insurance policy to avail against their insurance policy, the company said in a statement.
The only criterion for Bajaj Alliance Life's adoption is that the insurance policy must be able to achieve a surrender value, it said, adding that the company is offering up to 90 per cent of the surrender value of the policy at an interest rate.
It is further stated that since the customers will enjoy the benefits of the policy, the loan should be repaid on time to ensure that their arrears do not exceed the surrender value, which may be a cause for prediction.
"The application process is simple and hassle-free and we will be able to assist our customers instantly," said Bajaj Allianz Life Chief (Operations) Kayzad Hiramnek.
Customers should be aware that the policy they have availed is covered by their life, and will continue with all the other benefits mentioned in the policy, he added.-Internet