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Loan Against Insurance Policy

Savings-oriented life insurance plans, like endowment and money-back plans, accumulate a surrender value over time. This surrender value is payable to you if you exit the policy before the tenure. Moreover, this surrender value can also be used to avail a loan against the insurance policy.

You can take a loan against an insurance policy from the insurance company or from banks and other financial institutions that offer loans against securities. Read More

 

Under both instances, your life insurance policy can give you funds when you need it without disturbing the coverage.  Read Less

 

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Written ByPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewed ByRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 2nd December July 2024
Modified on: 26th December July 2024
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What are Loans Against Insurance Policy?

Loans against insurance policies are financial solutions available against your life insurance policies. You can get this loan under savings-oriented life insurance plans like endowment and money back plans. The loan is determined as a percentage of the surrender value and you can get the funds to meet your financial needs.

Under a life insurance policy, you can apply for a loan and get funds up to a specified percentage of the surrender value.

Alternatively, banks and Non-Banking Financial Companies (NBFCs) offer loans against securities wherein you can pledge your savings-oriented life insurance policies as collateral and get a loan against their value. Under these loans too, the loan amount depends on the surrender value of the policy. 

Features & Benefits of Loans Against Insurance Policy

Some of the salient features and benefits of loans against insurance policies are as follows –

  • Usually, loans up to 90% (it may vary product to product) of the surrender value can be availed[1].
  • If you take a loan from the insurance company, the repayment tenures are flexible[1]. You can repay the loan at your discretion, or the outstanding amount will be deducted from the policy benefits at the time of claim. However, if you take a loan from a bank or NBFC, there might be a specific repayment tenure and EMIs.
  • In the case of insurance companies, there might not be any need for additional documentation as the insurer has most of your information on record[2].
  • In any case, the loan and the outstanding interest cannot exceed the surrender value. If they do, the insurance company will foreclose the policy and the coverage will stop.

Interest Rates of Loan Against Insurance Policy

The interest rate on a loan against an insurance policy depends on the insurance company or the financial institution from where you get the loan. The interest rate is mentioned beforehand so that you can assess the affordability of the loan. Moreover, in most cases, the interest rates are affordable[1]. 

Eligibility Criteria for Loans Against Insurance Policy

If you borrow the loan against your life insurance policy from the insurance company, there will not be any specific eligibility criteria to fulfil. The only eligibility criterion is a surrender value. Your policy should have acquired a surrender value on the date of loan application to be eligible for the loan. Moreover, the surrender value should be optimal to meet the minimum loan amount. Besides these two eligibility parameters, there are usually no other requirements to qualify for a loan against the policy[2].

However, in the case of banks and other financial institutions, there might be specific eligibility criteria which you have to fulfil to qualify for the loan. Besides the surrender value and its amount, the criteria might include your age, income, credit score, occupation, etc.

Check for the specific eligibility criteria when applying for the loan and ensure that you qualify on them so that you can get the funds easily.

Application Fees, & Other Charges for Loan Against Insurance Policy

The application fee and charges on the loan depend on the insurance company, bank or NBFC. Usually, banks and NBFCs might charge a processing fee and other relevant charges on the loan. However, insurance companies might not have an elaborate charge structure and can sanction the loan cost effectively.

Check the charges and fees before applying for the loan so that you know of the added expenses payable.

How to apply for a Loan Against Insurance Policy?

You can apply for the loan against insurance policy online or offline. Here’s how –

Parents

Online mode

If you apply for the loan from the insurance company, you can log into your account and make an online request for the loan. Fill out the online application form and complete the formalities to apply. 

Read More

Read Less

Offline mode

You can make a written request at the branch office of the insurance company. Fill out the required paperwork, submit the relevant documents and pay the necessary fees and charges to apply for the loan.

Read More

Read Less

Why Bajaj Allianz Life Insurance ?

Bajaj Allianz Life, one of India's leading Private Life Insurers, is committed to offering value-packed and innovative products to help you achieve your Life Goals.

99.29%

Claim Settlement Ratio~

Claim Settlement Ratio
1 Day

Get 1 Day Claim Approval%

One Day Claim Approval
AAA

Stable Rating by CARE$$

CARE Stable Rating
₹1,23,734 Cr

Assets Under Management (AUM)**

Assets Under Management (AUM)
3.85 Cr

Number of Lives Covered#

Number of Lives Covered
359%

Solvency Ratio of 359%^^^

Solvency Ratio
Claim Settlement Ratio 2024-25

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2024-2025 | %99.29% of non-investigative individual claims approved in one working day for FY 2024-25. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices. 96% of non - investigative claims notified were processed within one day in FY’25 | $$For details refer to press release published by CARE | **All figures as on 31 March, 2025 | ^^^Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150% | #Individual and group, as on 31 March, 2025.

Conclusion

Understand what a loan against an insurance policy is and how it works. It is a good way to fund your requirements without compromising on the coverage. Your insurance policy doubles up as a financial solution that provides coverage while you use the loan funds to meet your needs. 

Frequently Asked Questions

1. Will taking a loan against my insurance policy impact the policy itself?

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The loan will not affect your life insurance policy. The coverage will continue undisturbed. However, if you do not repay the loan or if the loan and the interest rate exceed the surrender value, the policy will be foreclosed (for policy under lapse paid up status only) and the coverage would cease.

2. How much of a loan can I get against my insurance policy?

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The loan amount depends on the surrender value that your policy has acquired. Usually, loans are available for up to 90% (may vary product to product) of the available surrender value[1]. 

3. Which types of insurance policies are eligible for loans?

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Savings-oriented life insurance plans, i.e. endowment and money-back plans, are eligible for loans.

4. What will happen if I fail to repay a loan against my insurance policy?

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If you fail to repay the loan against your insurance policy and the loan and the interest exceed the surrender value, the insurance company will foreclose the policy. Foreclosure means that the coverage would cease and the balance surrender value will be paid to you, if any.

5. What are the terms for repaying the loan?

Plus Symbol


If you get the loan from the insurance company, you might get flexible terms to repay the loan. However, if you choose to get the loan from a bank or NBFC, there might be a specific repayment tenure over which you have to repay the loan through specified EMIs.

6. Is Loan Against Life Insurance Policies Right for You?

Plus Symbol

Loans against policies can provide you with the funds to meet your financial needs without affecting the insurance coverage. Plus, as they are a type of secured loan, the interest rates are affordable. So, loans against life insurance policies can prove to be a good financial solution for your needs.

7. How do loans against insurance policies work?

Plus Symbol

Under loans against insurance policies, you can get a loan against the surrender value of your policy. The policy is pledged as a collateral, and funds are sanctioned based on the available surrender value.

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Bajaj Allianz Life is a trusted insurance partner Reviewed by Life Insurance Experts
Bajaj Allianz Life is a trusted insurance partner

At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

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*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

$Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2024-2025

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2024-2025

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

X
Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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Disclaimer

35% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

^Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V03) considering Male aged 25 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | Indian Resident | 1st Year Premium is Rs. 5,118. 2nd Year onwards premium Rs. 5,548. Total Premium Rs. 1,66,010 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) or consult your "Insurance Consultant' for more details and eligibility conditions carefully before concluding a sale.

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2024-2025

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

##Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

**5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

$Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

X
Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

X
Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


© Copyright 2023. Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved.
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For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

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