Loan Against LIC Policy: Life Insurance Corporation of India is the largest insurance company in the country. It has crores of policy holders across the country. People can invest in different insurance policies to secure their future and keeping in mind their needs. The special thing about LIC’s insurance policy is that you can avail the loan facility on this policy. Sometimes we suddenly need money. In such a situation, you can easily take a personal loan on LIC Policy. You can avail this loan for travel, to meet the needs of children’s marriage, illness, home renovation etc.
How to get loan against LIC policy?
Let us tell you that the loan taken on LIC policy is considered a secured loan (Loan Against LIC Policy). If a person is not able to repay this loan after taking it, then in such a case its loan is reimbursed from LIC’s claim. If you want to know the amount of loan you can get on LIC policy, then for this you can get its information by visiting LIC e-Services. At the time of taking this loan, your policy document is kept as a guarantee. If a person does not pay the loan amount, then that money is deducted from the maturity amount of the policy.
Some important rules for taking loan on LIC policy
1. According to the rules of LIC, any person can get loan only up to 90% of the surrender value of LIC policy.
2. Keep in mind that if you want to take a loan on LIC policy, then at least three premiums must be deposited on your policy.
3. Along with this, if the surrender value of a person’s policy is more than the loan amount, then you can close the policy even after taking the loan.
4. If a person repays the loan amount in full within the fixed limit, then he gets the full amount of LIC on maturity.
How to apply for loan against LIC policy
You can apply both online and offline to get a personal loan against LIC policy. Learn here both ways-
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Online Application For this, first of all register yourself by visiting the portal of LIC’s e-services. After this you login to your account. After this, you will have to give a loan application for the loan here. With this, you will have to submit your KYC Documents and after that send all these documents to LIC’s office. After this, after seeing your documents, LIC will approve the loan within 3 to 5 days.
offline application To do this, you have to go to the LIC office and apply there. Then documents have to be submitted after KYC. If your application is accepted then money will be transferred to your account within 3 to 5 days.
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