LIC POLICY - LOAN PROCEDURE

 

LIC Policy Loan Procedure

LIC In addition to the insurance plans also provides secured personal loans - known as loan against LIC policy using life insurance policies as collateral. These loans have flexible - end use with competitive interest rates that can be used by the borrower to deal with various expenses.

Eligibility Criteria

The following are some key Eligibility Criteria for those opting for a loan against LIC Policy:

•     The applicant should be a resident of India and at least 18 years old.

•     The applicant must have a valid LIC (or other life insurance) policy.

•     The LIC policy used for obtaining loan has guaranteed surrender value (term plans not eligible).

•     At least 3 years of LIC premium has to be paid in full.

•     The policy has to be assigned completely in favour of LIC.

•     The policy holder may get loan up to 85% - 90% of Surrender value.

Requirements:-

1. Loan application form 2. Original LIC Policy 3. Pan Card

4. Aadhar Card 5. Cancelled Cheque 6. NEFT FORM

Loan Applying Methods:

a) Offline Method : The offline method requires you to visit the nearby LIC office and fill out the loan application forms along with applicable KYC documents and submit those along with the original policy document. Once the details of the application are verified, a loan amount of up to 90% of the surrender value of the policy is paid out.

b) Online Method : If you have registered for LIC e-Services, you can log into your online account and check of your insurance policy is eligible for obtaining a loan against LIC policy. If it is, the terms and conditions, interest rates and other features of the loan will be shown to you online. On submission of the application you may be required to upload KYC documents or send those to the nearby LIC Office in order to get your loan application processed.

* Also you can do the following:

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