How to get loan on LIC Policies
I have three LIC Policies. Due to some personal requirement I need loan. Could you please let me know what is the procedure of getting loan from LIC on LIC Policies.
Thanks in advance
As per licindia.com
Availing Loans On Policies
- Many of our plans are of endowment type and you would be allowed to raise a loan against your policy should you require funds.
- You repay the loan with interest or continue paying the interest and allow the loan to be deducted at the time of the claim payments.
- Further loans on policies are also allowed after deduction of earlier out standings.
- Most financial institutions too allow loans against LIC policies based on the value LIC quotes on request from you
Hope this will help.
Keep this thing in mind that you can avail loan on the LIC policy but the loan value should not exceed the surrender value of the policy.