Mera Kal operates a platform providing secured loans specifically against existing life insurance policies for middle-income customers. This service allows borrowers to access liquidity up to 90% of the policy's surrender value while maintaining policy benefits and coverage. The platform offers affordable interest rates starting at 11% p.a. and processes applications without requiring a CIBIL score check.
Funding
Funding not disclosed
Founders
Product
Problem
Many life insurance policyholders face financial constraints that may lead them to surrender or lapse their policies, resulting in a loss of coverage and accumulated savings. Traditional loan options often require a CIBIL score or income proof, creating barriers for policyholders seeking to leverage their policy's value for immediate financial needs.
Solution
Mera Kal provides loans against life insurance policies, enabling policyholders to access up to 90% of their policy's surrender value without needing a CIBIL score or income verification. This service allows individuals to optimize their finances while preserving their life insurance coverage and its benefits. By offering a low-cost financing option starting at 11% per annum, Mera Kal helps policyholders avoid surrendering their policies and maintain their financial safety net. The loan process is designed to be simple and accessible, requiring only basic documentation such as ID, policy documents, and bank details.
Target Audience
The primary target audience includes life insurance policyholders in need of immediate funds who may not qualify for traditional loans due to the lack of a CIBIL score or income proof.
Features
- Loan amounts range from ₹25,000 to ₹1 Crore, based on the policy's surrender value.
- Interest rates starting at 11% per annum.
- No CIBIL score required for loan approval.
- Simple documentation process requiring only ID, policy document, and bank details.
- Surrender value calculator to estimate loan eligibility.
- Digital application process with policy front-page or premium receipt upload.
- Partnerships with Reserve Bank of India (RBI) regulated NBFCs and banks.