How can get loan from lic
Steps to Avail a Loan Against LIC Policy
- Visit the nearest LIC branch office.
- Fill out the loan application form.
- Submit the required documents.
- Once processed, the loan will be disbursed within 3-5days.
When can I get loan on LIC policy?
You are eligible for a loan against policy only when you have paid 3 years of premium as the policy acquires a surrender value only after 3 years of paid premiums. Your loan tenure is restricted to the remaining tenure of the maturity of your loan policy.
Can I get loan on my policy?
In order to avail a loan on an insurance policy, the policy must acquire a surrender value. The amount sanctioned for the loans is usually 85% to 90% of the policies surrender value.
What is the rate of interest in LIC?
LIC HFL offers good interest rates on their FD schemes. At present, the interest rates offered ranges from 5.25% to 5.75% on all individual deposits.
| Term | Interest rate p.a for monthly option (Non-Cumulative Deposits) |
|---|---|
| 1 year | 5.25% |
| 18 months | 5.50% |
| 2 years | 5.65% |
| 3 years | 5.75% |
Can I get loan on LIC money back policy?
The loan amount is given on the basis of the surrender value of the LIC policy. The maximum loan amount that can be availed will be up to 90% of the surrender value. The maximum loan amount is 85% of the surrender value for a paid-up policy. This includes the cash bonus that may be applicable to the policy.
Can we take loan against LIC policy online?
You can apply online for a loan against your LIC policy. Here are the steps you need to follow to apply for a loan against your LIC policy. It should be noted that the online facility to apply for the loan against LIC policy is available only to registered customers.
How much loan can I get on my insurance policy?
You can get a loan approved for a minimum of Rs. 5 lakhs to Rs. 5 crores. You can avail between 50% to 85% of the value of the security being put up for collateral.
What is the minimum salary for personal loan?
When it comes to personal loans, there is no set minimum salary for your application to be approved. Some banks may keep a minimum limit (say Rs. 15,000 – Rs. 20,000 per month).
How can I get loan from LIC Jeevan Anand?
How to Apply for Such Loans? You need to fill in and submit Form 5196 or 5205 with your agent or the nearest LIC branch. Form 5196 is for taking out a fresh loan. Form 5025 is applicable for a follow-up loan where the policy is already endorsed in the name of LIC.
How can I know my LIC loan details?
LIC Housing Finance Loan Status
- Visit the official website of LIC Housing Finance Limited.
- Click on the ‘Home Loans’ tab and you will be directed to the following page:
- Click on ‘Online Loan Application’ on the left-hand panel and you will be directed to the following page:
How do you calculate surrender value?
The paid-up value is calculated as original sum assured multiplied by the quotient of the number of paid premiums and number of payable premiums. On discontinuing a policy, you get special surrender value, which is calculated as the sum of paid-up value and total bonus multiplied by surrender value factor.
Can I withdraw my LIC policy before maturity?
It is the option to exit from life insurance product before maturity wherein policyholder will get the amount which is called as Surrender Value. A regular premium policy will be eligible for surrendering after the policyholder has paid the premiums continuously for 3 years.
How much money will I get if I surrender my LIC policy after 5 years?
A 100% special surrender value is given out if the policyholder has regularly paid the premiums for five years.