If you want to take a loan on your LIC policy, then do this work quickly, know the online and offline process of application

Loan Against LIC Policy: Life Insurance Corporation of India is the largest insurance company in the country. It has crores of policyholders across the country. People can invest in different insurance policies to secure their future and keep in mind their needs. The special thing about LIC’s insurance policy is that you can avail loan facility on this policy. Sometimes we suddenly need money. In such a situation, you can easily take a personal loan against LIC policy. You can take this loan to settle work like travel, marriage of children, illness, repair of house etc.

How to get loan against LIC policy?
Let us tell you that the loan taken on LIC policy is considered a secured loan (Loan Against LIC Policy). If a person is not able to repay this loan after taking it, then in this case, his loan is reimbursed from LIC’s claim. If you want to know the amount of loan you can get on LIC policy, then for this you can get its information by visiting LIC e-Services. At the time of taking this loan, your policy document is kept as a guarantee. If a person does not pay the loan amount, then that money is deducted from the maturity amount of the policy.

Some important rules for taking loan on LIC policy
1. According to the rules of LIC, any person can get loan only up to 90% of the surrender value of LIC policy.
2. Keep in mind that if you want to take a loan on LIC policy, then at least three premiums must be deposited on your policy.
3. Along with this, if the surrender value of a person’s policy is more than the loan amount, then you can close the policy even after taking the loan.
4. If a person repays the loan amount in full within the stipulated limit, then he gets the full amount from LIC on maturity.

How to apply for loan against LIC policy
You can apply both online and offline to get a personal loan against LIC policy. Learn here both ways-

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Online Application First of all, register yourself by visiting LIC’s e-services portal. After that you login to your account. After this you have to apply for loan here. With this you will have to submit your KYC documents and after that all these documents will have to be sent to the office of LIC. After this, LIC will approve the loan within 3 to 5 days after looking at your documents.

offline application To do this, you have to go to the LIC office and apply there. Then documents have to be submitted after KYC. If your application is accepted then money will be transferred to your account within 3 to 5 days.

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