How much can I take loan from my Jeevan Saral LIC Policy

[satyanarayan]

Hello Friends,
I have an LIC policy "Jeevan Saral". I have just paid my 12th policy i.e just completed 3rd Yr (quarterly premium). In these 3 years, I have paid the policies with few interests also due to paying the premium after due date. Now I am in a need of Money, So I want to take a loan on my Policy. I don't want to close the policy. I just want a loan against my policy. Now I want to know few details regarding my policy:

1) If I am eligible for the Loan ?

2) Whether this policy will provide me loan or Partial Withdrawal. If both facility is there, then which is better?

3) After 3 years, How much I can take Loan, if loan facility is available in Jeevan Saral Policy. i.e the % of Premium deposited.

4) If there is no Loan facility, then how much I can withdraw as partial withdraw scheme?

5) Finally, which option is better whether partial withdraw OR Loan?

I Hope You can resolve my issue soon. Waiting for your response....

Thanks

[Vivek]

Hello Friends,
I have an LIC policy "Jeevan Saral". I have just paid my 12th policy i.e just completed 3rd Yr (quarterly premium). In these 3 years, I have paid the policies with few interests also due to paying the premium after due date. Now I am in a need of Money, So I want to take a loan on my Policy. I don't want to close the policy. I just want a loan against my policy. Now I want to know few details regarding my policy:

1) If I am eligible for the Loan ?

There is no loan facility (http://www.licindia.in/special_plan_001_benefits.htm) in this plan.



2) Whether this policy will provide me loan or Partial Withdrawal. If both facility is there, then which is better?

No loan or Partial withdrawal Option. There are three types of surrender options (http://www.licindia.in/special_plan_001_benefits.htm) available under this plan -
1- Surrender Value
2- Guaranteed Surrender Value
3- Special Surrender Value



3) After 3 years, How much I can take Loan, if loan facility is available in Jeevan Saral Policy. i.e the % of Premium deposited.

No loan option.

[Vivek]

4) If there is no Loan facility, then how much I can withdraw as partial withdraw scheme?


As per query 2 answer. There are three types of surrender options available under this plan -
1- Surrender Value
2- Guaranteed Surrender Value
3- Special Surrender Value



5) Finally, which option is better whether partial withdraw OR Loan?

I Hope You can resolve my issue soon. Waiting for your response....

Thanks
Both options are not available - partial withdraw OR Loan.
But partial surrender option is there, you can check that with any LIC Branch or LIC Call center.

[satyanarayan]

As per query 2 answer. There are three types of surrender options available under this plan -
1- Surrender Value
2- Guaranteed Surrender Value
3- Special Surrender Value


Both options are not available - partial withdraw OR Loan.
But partial surrender option is there, you can check that with any LIC Branch or LIC Call center.

Thanks for providing me such a useful tips. Really I am quite happy to know the quick response from You...

Now,Can Any one suggest me about Partial Surrender. Actually, I want to Continue my LIC even after widrawing the money. So, if I will go for "Partial Surrender", what does it exactly mean. Will still my Life is Insured? Will still I get the Sum Assured Value at the end of 10 Years (well, the portion that I have taken will definitely not come under the Sum Assured, so the sum assured will be less). How much I can get if I have already deposited Rs.1.5 lakhs in 3 Years.

Hope I will get good response soon... :)
Thanks

[Manish_Kumar]

Partial Surrender or Partial Withdraws
- If the customer partially withdraws some of the amount from the policy fund value, it is known as ‘partial withdrawal.’
- Partial withdrawal of a policy implies withdrawal of only a part of the funds of the policy.
- The premium will correspondingly reduce and thereby the associated benefits too.

Conditions to be met for Partial Surrender or Partial Withdraws
1- At least 3 years premiums are paid
2- Minimum basic annual premium after withdrawal - 3000/- where age at entry was 49 years or below and 4800/- where age at entry was 50 years or above
3- Minimum basic annual premium for withdrawal - 1200/-
4- Withdrawal in multiples of 600/- annual premium
5- Minimum waiting period between successive withdrawals 1 year

Till the point you are meeting, all the above conditions, you can withdraw the deposited premium amount, but your sum insured will also reduce accordingly. So do some maths and calculate yourself.