LIC of India is committed towards making its policyholder’s life easy by making the finances available easily for them. All life insurance policy holders can now avail the loan against their insurance policies. The facility is provided to the people by LIC of India keeping the increasing demand of liquid cash from the policy holders.
If you have a in force policy and have paid the minimum number of premiums which is 3 years for most of the policies you are eligible for taking loan against your policy.
The loan against LIC policy is fast, requires very less documentation and can be repaid easily. The policyholders are required to pay just the interest on he loan. The principle amount of the loan can be adjusted against their policy payouts like money back, maturity etc.
Before you apply for the loan here are a few FAQs on the procedure to take the loan.
Yes, all policies except term insurance and pension plans are eligible for loans against them
The interest rates are revised from time to time. The rates are always lower than the market rates for personal loan.