LOANS
LIC Policy Loans
The Corporation can grant a loan to the policyholder against his policy as per the terms and conditions applicable to the policy. The requirements for granting a loan are as under :
a) Application for loan with an endorsement of terms and conditions of the loan being placed on the policy.
b) Policy to be assigned absolutely in favour of the Corporation.
c) A receipt for the loan amount.
The maximum loan amount available under the policy is 90% of the Surrender Value of the policy (85% in case of paid up policies) including cash value of bonus.
The rate of interest charged on loans is at 9% to be paid half-yearly. The minimum period for which a loan can be granted is six months from the date of its payment. If repayment of loan is desired within this period the interest for the minimum period of six months will have to be paid. In case the policy becomes a claim either by maturity or death within six months from the date of loan interest will be charged only upto the date of maturity/death.
agent
Sir, i had taken loan in marh,2017. My name is Arindam Das and my policy no is 419818407. I want to know that how much i have to pay including interest up to date.
Sir,
Please contact your branch.
Regards,
Lic Loan
I have taken a loan against LIC Policy, due to some financial problem iam not in a position to pay premium as well as loan interest . now i would like to surrender the policy to clear my loan what is the procedure for clear all the amount from my policy amount i have already paid sofar
Sir,
Please contact your branch.
Regards,
Lic Loan payment