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You have questions,
we have the answers
For Customers
Insurance Premium Financing is a practice in which a lender provides funds to an individual to pay for their insurance premiums. The borrower then repays the lender, typically with interest, over a specified period of time.
InsurFin is a platform to help the insurance intermediary in better sales conversions, by offering easy access to finance.
InsurFin is a Lending Service Provider, and adheres to the applicable RBI guidelines.
InsurFin (M/s Achanchal Insurtech Solutions Private Limited) is a registered entity under the Ministry of Corporate Affairs, Government of India. Insurfin is a platform developed by the company, and this platform will be under the Lending Service Provider purview of RBI.
No, InsurFin will only help in getting your premium financed, ensuring that you take the adequate amount of insurance cover.
No, InsurFin can be used to avail of only insurance premium finance. InsurFIn is the only player in this space, with its unique compliant model.
Yes, InsurFin can be used to avail of insurance premium finance for New Policies as well as for renewals. Ask your insurance distributor to register with InsurFin if not already registered.
Please check with your insurance agent/ intermediary if they are empaneled by InsurFin. If yes, then you can easily avail the loan by asking them to add your details. If they are not empaneled, please tell them your requirements so that they will empanel with InsurFin, and you can easily avail of premium finance.
As your Advisor/Intermediary keeps track of your policies, it is helpful to go through them. InsurFin helps the Advisors to keep track of the policies as well while providing the opportunity to help their clients with access to funding for their premiums.
The instalments are structured to help you pay regularly. It is a healthy practice to pay on time. However, just in case you were to delay the payment the lender could charge you for the delay. The lending agreement is between the lender and the client (YOU). The agreement details the responsibilities and actions therein.
Ideally, the instalments need to be paid as per the agreed schedule. If your cash flow improves, it should not be a problem to continue the instalments and the additional cashflow can be utilized by you for more opportunities.
This is an alternative to Insurance Loan Financing. This is a unique financing option allowing you to pay your insurance iInstalments with the following advantages:
- Borrowing money against the cash value of your eligible life insurance policy.
- Your insurance policy will not be held as collateral.
In Insurance Premium Financing Unpaid loan accrues interest, reducing your death benefit and cash value. If you don't repay, your policy could lapse, leaving you without coverage. However, with InsurFin’s premium financing you don’t need to worry about this.
Rates vary by lender and customer eligibility. Ideally it would be around 10% APLR
You will be required to pay two advance EMIs and balance EMIs on monthly basis.
Late fees will apply. It is recommended to keep enough balance to ensure the E Nash is cleared.
Most lenders allow prepayment without penalty but check your specific terms.
The loan amount will be deducted from your death benefit before it's paid to your beneficiaries.
Consult a tax advisor for personalized advice based on your situation.
For Distributors
Insurance Premium Financing is a practice in which a lender provides funds to an individual to pay for their insurance premiums. The borrower then repays the lender, typically with interest, over a specified period of time.
InsurFin is a platform to help the insurance intermediary in better sales conversions, by offering easy access to finance.
InsurFin is a Lending Service Provider, and adheres to the applicable RBI guidelines.
InsurFin (M/s Achanchal Insurtech Solutions Private Limited) is a registered entity under the Ministry of Corporate Affairs, Government of India. Insurfin is a platform developed by the company, and this platform will be under the Lending Service Provider purview of RBI.
Yes, InsurFin can offer easy and straightforward premium finance to your customers. It helps in easy tracking of customer repayment and allows you to communicate with the customer at all the right touchpoints during their journey. Get in touch, remind them of their payments, collect their documents, and upsell additional products and policies, all through one central dashboard.
Yes, you can download the Customer app of InsurFIn.
Please check with your insurance agent/ intermediary if they are empanelled by InsurFin. If yes, then you can easily avail. If they are not empanelled, please tell them your requirement so that they will empanel with InsurFin, and you can easily avail of premium finance.
Sure, Please download the apps at Google PlayStore or Apple (AppStore). It is as easy as saying 1 - 2 - 3
Once, you have shared all details, you can start using it, after the InsurFin approved your request for empanelment .
InsurFin is a great platform for distributors to be on. The platform provides the following advantages to the distributors.
a) Helps provide easy funding access for annual premiums.
b) Regular annual premiums mean higher retention percentage (Satisfied Customers)
c) Higher retention leads to better incentives and RnR achievements.
d) A dashboard to monitor and follow up on customers on the platform.
e) Customer Service excellence leading to more customers.
f) An inducement to add more customers by helping them decide quickly.
g) High Value insurance sales becomes possible and easier.
HIGH VALUE, HIGHER BENEFIT, HIGHER EARNING POTENTIAL - HIGHER RECOGNITION
As an empaneled Distributor to make the most out of the association, a Distributor will need to:
a) Identify and onboard quality customers.
b) Keep track and remind/follow up on customer payments, as every year it’s a new opportunity.
c) Ensure proper documentation for a seamless journey on the platform for the customer.
d) Your integrity towards the customer benefits and the InsurFin platform that provides you the unique benefits.
While there is no legal liability with respect to Lending and Repayments but morally your responsibility is high as you stand to benefit the most from the platform. TheInsurFin Platform is your partner in your success.
Rates vary by lender and customer eligibility. Ideally it would be around 10% APLR
Customer will be required to pay two advance EMIs and balance EMIs on monthly basis.
Late fees will apply. It is recommended to keep enough balance to ensure the E Nash is cleared.
Most lenders allow prepayment without penalty but check your specific terms.
The loan amount will be deducted from the customer’s death benefit before it's paid to their beneficiaries.
Still have doubts? We are more than happy to get in touch.
Pay policy premiums, Manage policies, and contact your associate with just a few clicks Insurfin simplifies policies management of all insurance companies with ease!
HD-072, Weworks Salrpuria Symbiosis,
Bannerghatta Road, Arekere, Bengaluru - 560076
Email - contact@insurfin.in
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Trademark of M/s Achanchal Insurtech Solutions Private Limited (CIN - U67110KA2022PTC163307)