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.
Sir I have applied LIC 3 Loans. Hence three loans sanctioned and deposited to my account only 2 remaining one is not transferred by NEFT LIC message came my policy numbers as below
1) 661349485
2) 661750585
3) 662261433
Sir,
Please contact your branch.
Regards,
Lic Loan
I want loan against policy
Sir,
Please contact your branch for loan.
Regards,
Lic Loan
Loc loan states