LOANS

 

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.

DOWNLOAD LIC LOAN APPLICATION FORM

5 Comments on "LOANS"

  1. I AM HARI KUMAR.T AND HAVING 4 LIC POLICIES HOLDING BY ME AND WIFE. WE WANT ABOUT 3 LAC LOAN FOR OUR HOME RENOVATION. PLEASE CALL ME ON 9725380497 FOR GUIDING ME TO GET LIC LOAN. THE DETAILS OF LOAN WILL BE SUBMITTED LATER ON.

  2. Sir,I applied for a loan against my policy.My policy no is 425820578. Lic pay the money to my bank account they say. But it’s aground 11 day’s past money didn’t rich in bank.what should I do kindly advice.

  3. mahavir prasad dabral | September 27, 2016 at 3:52 am | Reply

    Sir, i had taken loan in marh,2015. My name is mahavir prasad dabral and my policy no is 121193920. I want to know that how much i have to pay including interest up to december 2016.

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