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.