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PolicyWala NewBie
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
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PW Stalwart
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.
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PolicyWala Fan
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.
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