How to get loan against lic policy
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.
Can I take loan against LIC policy?
Features and Benefits of Loan Against LIC Policy
You can borrow a loan against the surrender value of your policy, and not the sum assured of your policy. In most cases, you will only be able to borrow up to 80% of the policy’s surrender value. You can apply for a loan against your LIC policy through online channels.
What is the procedure to get loan from LIC?
Eligibility Criteria
Applicant must have a valid LIC policy. The LIC policy used for obtaining loan has guaranteed surrender value. At least 3 years of LIC premium has to be paid in full.
What is the interest rate for loan against LIC policy?
Loan Against LIC Policy in 2022
| Interest Rate | 10.25% Check Best Offers |
|---|---|
| Loan Amount | Up to 90% of the surrender value |
| Minimum Tenure | 6 months |
| Pre-payment Charges & Foreclosure Charges | Nil |
| Repayment Options | Bullet Repayment with an option to pay monthly interest |
Can I get loan against LIC Jeevan Saral policy?
Yes, the Loan facility is available under the Jeevan Saral 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 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 is LIC surrender value calculated?
How Is LIC Surrender Value Calculated? The surrender value of the policy, only after 3 successful years of premium payments, can be calculated as: {Basic sum assured X (number of premium paid/ total number of premium payable) plus total bonus received}, X, the factor of surrender value.
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.
What is the maturity amount of Jeevan Saral?
There is no minimum age at maturity but the maximum age is 70 years. The monthly premium for the age group of 12 years to 49 years is Rs. 250/-, for the age group of 50 years to 60 years is Rs. 400/-.
LIC Jeevan Saral – Eligibility Criteria.
| Minimum | Maximum | |
|---|---|---|
| Age at Maturity (last birthday) | – | 70 years |
Why Jeevan Saral is closed?
The spotlight is back on endowment plans. Life Insurance Corporation of India’s (LIC) Jeevan Saral, withdrawn in 2014, was in the news recently after a PIL was filed in the Supreme Court , alleging that LIC had mis-sold the product by misleading policyholders.
Can I surrender Jeevan Saral after 5 years?
Special Surrender Value will be 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid. The Maturity Sum Assured for this will be corresponding to the term for which premiums have been paid.
How is Jeevan Saral calculated?
Core Benefits of LIC Jeevan Saral Plan
If the policyholders die before the policy term, then the mentioned nominee will get the maturity amount. Death benefit excludes the premium paid in the first year and the rider premium. The calculated death benefit= sum assured(250* monthly premium)+loyalty additions.
What is plan No 165 in LIC?
Product Summary: This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid.