Loan against LIC policy

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 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 a=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.)

ALSO SEE  How to surrender LIC policy

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