What is loan against LIC policy?
Since any life insurance policy is a long term investment commitment and due to some finanicaial emergencies a policy holder may need some amount in between the policy term. Though he can always surender the policy and take out the money and use it. In such case the policy holder not only misses out on the future bonun declarations but is no longer having a life cover.
LIC of India is giving out an option to the policy holder to take out money from his policy even before the policy is completed. A loan can be availed against the LIC policy by the policy holder to take care of his temporary financial needs.
How much loan can be taken against a LIC policy?
Almost all LIC policies have the built in facility of getting a loan against the policy. from LIC of India. Policy holder can avail the loan facility on policies after completion of two 2 years of policy. The loan eligibility differ from plan to plan. Usually the loan can be availed for up to 80 percent of your total premiums paid and bonuses added.
Is here any interest on the loan against policies
Yes, you need to pay interest on the loan taken on the policy.
How do I take Loan against LIC policy?
What is the eligibility criteria? How much is the interest rate? Do I have to return the loan? loan on. lic policy application form. how to apply. What is the procedure? Calculator? How to return? How much loan can I get against my LIC policy? Loan against LIC policy interest rates? Loan against LIC policy bond.
ULIP and Term insurance policies do not have any loan availability. People who have taken a term insurance cannot take a loan against their LIC policy from LIC of India. Same is the case with the people who have ULPIs (unit linked insurance plans, like Future Plus, Market Plus, etc.)