Loan Against Insurance Policy for Medical Expenses

To apply for a loan against an insurance policy, applicants must meet certain eligibility criteria and submit the required documents. The key requirements include:

• Age: 21 to 90 years
• Minimum surrender value: ₹10,000
• Employment: Salaried or self-employed
• Insurance policy: Must have an active Endowment or ULIP policy from Bajaj Allianz, ICICI Prudential Life Insurance, TATA AIA Life Insurance, Reliance Nippon Life Insurance, or Aviva Life Insurance
• Nationality: Indian

Documents required

Applicants may need to submit the following documents:

• One copy of a recent photograph
• Aadhaar Card, Passport, or Voter’s ID as address proof
• PAN Card
• Insurance policy document
• Bank account statement or a cancelled cheque as bank account proof
• Any other document that may be required by Bajaj Finance Ltd.

Note: The above document list is indicative. A Bajaj Finance representative will inform you of the complete list of documents required while filling out the application form.

Step 1: Click on ‘Apply’ at the top of this page to open our online application form.
Step 2: Enter your name, email ID, and mobile number.
Step 3: Under ‘Type of Security’, select Insurance Policy and provide your surrender value.
Step 4: Select your city of residence and after agreeing to the terms and conditions, click ‘Submit’.

You will receive an OTP on the mobile number for verification. Enter the OTP to submit the form.
Once your application form is submitted, our representatives will get in touch with you for further proceedings.
Disbursement shall be done post complying with sanction terms, successful verification of Application and policy assignment.

Wondering if your SBI Life policy qualifies for a loan? Here's a general checklist to help:

• Your policy must have acquired a surrender value this usually happens after 2–3 years of regular premiums.
• You must be the policyholder and owner of the policy.
• Premiums must be up to date and the policy must be active.

The exact criteria may vary depending on the insurer and type of policy, but this is the typical baseline.

Still unsure? It’s worth checking your policy documents or connecting with a representative. View eligibility and required documents.

Curious to know if your plan qualifies? Apply now and find out in just a few clicks.

If you have an eligible life insurance plan with a surrender value, you can borrow against life insurance from different types of lenders. The policy is used as collateral, and the loan amount is usually a percentage of the policy’s surrender value. Here are the common lenders that provide a loan against SBI Life policy:

• Banks

  Many public and private sector banks offer loans against life insurance policies. They accept eligible policies as security and provide funds at competitive interest rates.

• Non-Banking Financial Companies (NBFCs)

  Several NBFCs provide quick loans against insurance policies with faster processing and flexible repayment options.

• Insurance companies

  In some cases, the insurer itself may allow policyholders to take a loan against their policy once it acquires a surrender value.

• Loan against securities providers

  Certain financial institutions that offer loans against financial assets may also accept life insurance policies as collateral, depending on eligibility criteria.

Choosing the right lender depends on factors such as interest rate, loan-to-value ratio, processing time, and repayment flexibility.