How to take loan against lic policy ? If you want loan against lic policy, please follow the following steps :-
- Check the status of your policy from LIC Branch or customer care.
- Check the loan available on your policy from LIC Branch or customer care.
- In General a loan available on a policy after completion of three years.
- Term Insurance policy do not have any loan value available.
Submit documents as follows :-
- Original policy certificate
- Photocopy of premium payment receipts
- Photocopy of latest unit balance (for ULIPs)
- complete a loan request form to apply for a loan
- Fill-in the above forms and affix the revenue stamp
Submit all documents in your LIC office from where the policy has been issued. Policy holder can apply for loan.
Get the acknowledgement slip for your loan application. You will receive loan value cheque in 2-3 days. Rate of interest will be 10% payable on a half yearly basis.