If you have got your LIC policy done and you need money, then you can easily take a loan against the policy itself. What is its process, let us know
There are crores of people in India who still prefer to invest money in Life Insurance Corporation of India because there is no risk in it. LIC policy also gives investors the benefit of good returns in the long term. But do you know that along with good returns, you also get the facility of loan on LIC policy (Loan Against LIC Policy).
In case of emergency, instead of taking a personal loan from the bank, you can take a loan against LIC Insurance Policy. Through this, you can meet the expenses of your studies, marriage house, going abroad, medical emergency etc.
Know how to take loan on LIC policy?
Many people do not even know that how to take loan on LIC policy, so we are giving you information about it. Let us tell you that loan against policy is considered a secured loan. In this, your insurance policy is kept as security. If a person is unable to repay the amount of this loan, then the loan is reimbursed from the money of his policy.
You can get this information through LIC’s e-services that how much loan you will get against the policy. In lieu of this loan, LIC keeps the policy bond with itself. After this, LIC returns the money to the policyholder by deducting the loan amount in case of non-payment of the policy maturity.
How much loan can be availed on the policy?
Significantly, LIC gives loan on 90 percent of the total surrender value of LIC. At the same time, on some pre-paid schemes, this limit is also up to 85 percent. Along with this, know that your insurance policy should be at least 3 years old to take a loan against the policy.
Process of applying for the loan online-
- You can also apply for the loan through the online method.
- For this, you have to register yourself for LIC’s e-services.
- After this, you can apply for the loan by going to e-Services (LIC e-Services).
- After this you will have to complete the KYC process along with the documents.
- Then you have to send all the documents to the branch of LIC.
- After this, your loan will get approval in 3 to 5 days as well.
Process of applying offline for loan-
At the same time, you can also apply offline for loan against LIC. For this, first of all you have to go to the branch of LIC where you have the policy. After this, the application form has to be filled for the loan. After this, the policy bond and other documents will have to be submitted. After this, your loan will get approval in 3 to 5 days.