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

6 Comments on "LOANS"

  1. How to get My LIC Loan Status
    Lic Loan application date is 8-06-2017

  2. SHAKTI SINGH | May 30, 2017 at 4:55 pm | Reply

    Policy No- 551435509
    Children Money back Insurance
    What is the procedure to get loan on this policy?

    • Policy is fully paid.

      Lic Money back children assurance Policy Review

      plan no -113

      Money back children assurance policy was INTRODUCED ON – 2/1/1995 and WITHDRAWN ON – 31/3/2002. Money back children assurance plan is a policy for children’s need i.e., it is mainly developed to facilitate provisions for educational expenses of children.

      Premiums come to an end on policy anniversary or immediately after the child attains the age of 18 years. Apart from risk cover money back children assurance policy also offers payment of sum assured in instalment at age 18, 20, 22, 24 and at age 26, guaranteed addition and loyalty addition if any.

      LicPolicyEnquiry.com

  3. for rs 9500/annum lic policy what is the maximum loan can be approved.

Leave a comment

Your email address will not be published.




This site uses Akismet to reduce spam. Learn how your comment data is processed.