How to get loan on lic policy
Can I take loan from my 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?
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.
What is loan amount in LIC 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 get loan from LIC 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.
What is the interest rate in LIC?
Latest LIC Housing Finance FD interest rate for senior citizens, on the other hand, ranges between 5.50% to 6.00%.
LIC Housing Finance Fixed Deposit Interest Rate: Today.
| Time Duration | FD Interest Rates Today | Current FD Interest Rates for Senior Citizen |
|---|---|---|
| 2 years | 5.65% | 5.90% |
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.
Can I get loan against LIC Jeevan Saral policy?
Yes, the Loan facility is available under the Jeevan Saral policy.
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.
What is the surrender value of LIC?
Guaranteed Surrender Value:
The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
How do I register for premier service in LIC?
Here are some simple steps to be followed to register under online services.
- Visit www.licindia.in.
- Click on the customer portal.
- If you are not registered, click on “New-User”
- Select your user-id and password.
- After successfully logging in, register your policies for availing e-Services by filling the form.
Can I pay LIC premium through Google pay?
Login to Google Pay (G Pay) mobile app and pay your LIC premium within 3 steps to avoid the rush for payment of insurance premium at online counters or bill pay portal on registration, Just link your Life Insurance Corporation of India policy number to Google Pay and complete your payment at any time…
Which app is best for LIC premium payment?
LIC has partnered with popular apps like Google Pay, PhonePe, and Paytm to make premium payment smoother for customers. To make a premium payment, LIC customers can also use the LIC Direct App.
Is there any discount on LIC premium online?
Avail 10% Off With Lic Premium Payment Offers
Never miss this chance to acquire an exclusive 10% discount on sitewide orders by using our voucher code on the checkout page.
Can I get cashback when paying my lic Instalment online?
You can get 1% cashback on LIC premium payments. The maximum cashback is Rs. 200 per card. This offer is only valid on online transactions.
What is reduced paid up in LIC?
Meaning of Reduced Paid-Up in LIC
When the policyholder cannot further pay premiums for the life insurance policy for any reason, the sum assured for the policy is reduced by the insurer (LIC in this case).
What is Jeevan Anand plan 149?
LIC Jeevan Anand plan 149 is a traditional participating whole life endowment plan. The plan provides an option of regular premium payment to the insured. On survival till the end of the plan term, the benefit on maturity is paid to the insurance holder and the plan continues to be in force.
How can I pay LIC premium without paying?
Premium Payments through Credit Cards are subject to a “Convenience fee”. The “Convenience Fee” applicable is entirely borne by LIC. There are no charges for payment through Debit-card, Net-banking and UPI.
What happens if LIC premium is not paid on time?
Revival Of Lapsed Policies
If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.
What is the penalty for late LIC premium?
What Are Late Payment Charges For LIC Premiums?
| Late Fee Charge (Per Rs.) | Month 1 | Month 5 |
|---|---|---|
| 6% | 0.005 | 0.025 |
| 7.50% | 0.00625 | 0.03125 |
| 9.50% | 0.00792 | 0.03958 |
What happens if I stop paying LIC premium after 5 years?
Implications of LIC Policy Withdrawal After 5 Years
The contract between the insurer and insured is voided, the life-insurance element will cease to exist once the policyholder has surrendered their policy. Thus any benefits before available will no longer be valid.
What happens if I stop paying LIC premium after 4 years?
Life Insurance
Term: If you stop paying premiums, your coverage lapses. Permanent: If you have this type of policy, you will have the following choices: Cash out the policy. This means that you can stop paying the premium and collect the available cash savings.
What happens if I pay LIC after due date?
After linking LIC policy with your LIC credit card, the outstanding premium amount will be paid automatically after 25 days of the due date i.e, within the 30 days of the grace period. Using this, the life assured gets another 45 days to pay the bills.
What happens if I stop paying LIC premium after 1 year?
For single premium policies, the surrender value gets acquired after the first year itself. In case you haven’t paid even 2 or 3 years’ premium (as per the case above) and want to discontinue, the insurer will not pay you back anything and will not convert it into a paid-up policy either. The money is all but lost.
How many days can LIC premium be paid?
30 days
Payment of Premiums:
A grace period of one month but not less than 30 days is allowed where the mode of payment is yearly, half-yearly or quarterly and 15 days for monthly payments. If death occurs within this period, the life assured is covered for full sum assured.