Loan on LIC Policies: If you are an LIC policy holder and want to take a loan against the policy, you can easily get it. We are telling you the process of loan application.
Loan Against LIC Policies: Life Insurance Corporation of India has crores of policyholders across the country. LIC is India’s largest and oldest insurance company which offers many great insurance options to the investors. But do you know that you can also get a loan on LIC’s policy. Sometimes people suddenly need money.
In such a situation, in case of emergency, you can easily get a loan against your insurance policy. This is a personal loan which can be used for hospital expenses, studies, marriage, house construction etc.
Know how to get loan?
It is worth noting that the loan available on LIC policy is a collateral ie secured loan. If a person is unable to repay this loan, then in such a situation the loan amount can be taken after the maturity of the policy. In this, the policy bond is kept as a guarantee. If you also want to get a loan on your policy, then you can see how much loan you can get on LIC’s policy by visiting e-services on LIC’s website.
How much loan can be availed on one policy?
According to the rules of LIC, the loan amount is decided according to the surrender value of any policy. This amount can be up to 90% of the total surrender value. On the other hand, in paid up policy, customers can get loan only up to 85 percent of the value. The point to be noted is that it is necessary to have at least 3 years’ premium deposit on the policy. You will not get a loan for a period less than this.
How to apply for loan-
If you want to get a loan on LIC policy, then for this you can adopt both online and offline methods. For online application, you will have to login to your account by visiting LIC’s e-services. Then you will have to apply for the loan on the portal and upload KYC documents. After this, these documents will also have to be sent to the office of LIC.
After this, after verification of documents and loan application, the loan will be approved within 3 to 5 days. For offline application, go to LIC office and submit loan application and submit KYC documents. After this you will get the loan.
