
Loan against Traditional Policy
What is LAT?
LAT stands for loan against traditional policy. Traditional products offer a liquidity feature that allows customers to avail loan against their ICICI Prudential traditional policy as per the defined eligibility.
Life is full of moments when you need extra financial support whether it’s for child’s education, medical expenses, or any other immediate needs. ICICI Prudential traditional policy not only provides protection cover, long term savings needs but can also fulfil your short term immediate financial requirements.
Customer can leverage their ICICI Pru insurance policy to avail loan at the best compatible interest rate without compromising their loved ones’ long-term financial security.
- Policy to attain surrender value
- Policy status "In Force" or "Paid Up"
- Loan to Value ratio (LTV) against Surrender value 80%
- Applicable products
* Interest rates for loans against insurance policies are between 7% to 8% compounding half yearly and interest rates offered are best in the industry.
Interest rates* are subject to revision
ICICI Pru Life shall be entitled to deduct such outstanding amount together with all interest due up to the date from the benefit amount that is payable. The remaining balance if any, shall be paid under the policy in accordance with the terms and conditions of the policy.
Loans against insurance policies are not taxable, as they are considered loans and not income.
We have end to end digital process for your convenience, please login to our Mobile application or visit ICICI Pru Life website at the below path:
Path
MobileApp - IPRU Mobile App > All Services > Loan Against Policy > Apply for Loan
Website - www.iciciprulife.com > Login >My Dashboard page > Click on 'My Policy' tab and select the policy for the loan.
Yes, you can repay the loan partially or fully without any charges and can close the loan.
Yes, loan amount can be paid through our Mobile App or Website.
So, when in need, don't let your policy sit; explore the possibilities and embrace the financial flexibility it can offer! Unlock financial flexibility today with ICICI Prudential’s LAT feature! Your long-term investments remain secure, and you get the funds instantly.
