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Take a loan against LIC’s insurance policy like this, know the rules and process

Loan Against LIC Policy: Nowadays experts advise people to buy an insurance policy (LIC policy). This is not only a better option for you to save but also gives you the benefit of insurance cover. Many insurance companies have come in the market nowadays, but even today a large number of people in the country prefer to invest in Life Insurance Corporation of India.

You also get the facility of loan by investing in many policies of LIC. Sometimes we suddenly need money. In such a situation, to meet this need of money, we choose the option of taking a loan from the bank, but it is not so easy to take a loan from the bank.

Many times people go to the bank to take a personal loan and many times the loan is not approved due to low salary or credit score. In such a situation, you can avail the facility of loan against your LIC policy.

You get many benefits when you take a loan against LIC policy. First, in this loan, you will have to pay a lower interest rate than a personal loan. Along with this, it is very easy to take a loan against the policy. If you are also planning to take loan against LIC policy, then we are giving you information about its details-

Some special rules for taking loan against LIC policy

    • Loan facility is not available on every LIC policy. Most of the loans can be taken against regional and endowment policies only.
    • How much loan will be given to you depends on the surrender value.
    • One can get a loan equal to 80 to 90 percent of the loan surrender value.
    • The interest depends on things like your credit score and profile like salary etc. It can be between 10 and 12 percent.
    • If your surrender value is more than the loan amount, you can discontinue the policy even after taking the loan.
    • If your policy matures before repayment of the personal loan, then the remaining amount of the loan is reimbursed from the maturity value of the policy.

How to apply for loan

If you want to get a loan against your LIC policy, then you can apply for it both online and offline. For this, first you go to LIC’s office and fill the loan form.

After this submit the KYC document and submit your application form. Along with this, before filling the application form, read all its terms, conditions etc. thoroughly. After this, submit the requested documents along with KYC. After this you will be approved by cross checking the loan application.

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