Loan Against LIC Policy
Loan Against LIC Policy
Loan against LIC Policy - At some time, people needs to take a loan for LIC
policy for their financial emergency. LIC means Life Insurance Corporation,
which means to provide financial coverage in any cases. There are some types of
life insurance policies also allow policyholders to take loan against LIC
policy online. A personal loan from LIC policy is to meet your urgent
charges. In addition to take an insurance plan, then Life Insurance Corporation
has offer a personal loan on LIC policy.
of loan against LIC policy
Loan Amount-The greatest loan amount that can be profited depends upon
the surrender values of the said policy.
Low Interest rate- The financing cost offered by LIC against LIC policy is
nearly lower as compared with different banks. LIC charges an interest rate
from 9% to 11% on a loan. Also, the interest on the loan has to be paid
semi-annually that is two time every year.
- Jeevan Labh
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on LIC Policy
The purpose of loan on LIC policy
can be useful to meet your urgent personal expenses. This may be unpredictable
medical situation, marriage charges, educational and simply getting out of the
financial emergency. Some key features of Loan on LIC policy:
- Loan amount- Upto 90% of the accepted values.
- Loan tenure- Minimum 6 months has to be served as
- Interest rate- For loan on LIC policy the interest
rates are in the range of 10% -12%.
- Termination- LIC can terminate the policy in case of
aggregate amount depts. Arrives at more than a accepted values. Hence, LIC
also holds the leverage of deducting the loan amount from the development
amount if the policy develops before finishing of loan repayment.
of loan against life insurance policy
- You may get low interest rates.
- You get high loan value.
- Your loans are safe and secured and are required
- Availability of loan is quick.
- Not getting loans on all types of life insurance.
- There is a waiting time around 3 years.
- You can get smaller loan amount in the initial policy
- The applicant should be a resident of India
- He/she should be 18 years old.
- He/ she should be LIC policyholder
- Your income proof
- Your address proof
- Your identity proof
- An applicant for helping a loan on LIC policy.
- Your loan against LIC bond should be in
Online Loan Against LIC Policy
against LIC policy
To get Loan against LIC policy there
following two ways-
- To apply loan against LIC policy online, you can
apply LIC policy online can be done only when you are registered user and
have enrolled for premium services. For LIC policy loan apply online the
following is the procedure given below:
- Visit to the home page of LIC website and pick the
- You would be taken to the another page where you can
demand for online LIC policy by clicking on “through customer portal”
- Provide client ID, password, and date of birth in
DD/MM/YY configuration to continue.
- When you are sign in to the LIC account, choose policy
on which you want LIC loan.
- Make a loan request and the request will be proceed.
This is the process for online
loan on LIC policy which is also easy way to take loan on LIC policy.