LIC, being India’s largest and oldest insurance company, serves millions of policyholders nationwide. Besides offering various insurance policies, LIC provides the facility of obtaining loans against these policies. In times of sudden financial needs, policyholders can opt for a loan against their LIC policy, which serves as a secured personal loan. This loan can be utilized for various purposes like hospital expenses, education, wedding expenses, house construction, etc.
LIC Policyholders: Secure Your Finances with Loans Against LIC Policies
To apply for a loan against LIC policy, the policyholder must pledge the policy bond as collateral. In case of non-repayment, the loan amount is deducted from the policy’s maturity value. To know the loan amount available for a particular policy, policyholders can access LIC’s e-services and check the applicable loan amount based on the policy’s surrender value.
According to LIC rules, the loan amount is determined by up to 85% of the policy’s surrender value. It is crucial to have paid premiums for a minimum of 3 years to be eligible for the loan. If the premium payment period is less than 3 years, the loan application will not be processed.
How to Obtain a Loan Against Your LIC Policy: A Secure Personal Loan Option
The application for a loan against LIC policy can be made online through LIC’s e-services. Policyholders need to log in to their account, apply for the loan, and upload the required KYC documents. The documents will then be submitted to the LIC office for verification. Once approved, the loan will be disbursed within 3 to 5 days. Alternatively, policyholders can visit the LIC office in person to apply for the loan offline and submit the necessary KYC documents to complete the process.
