Personal loan: Corona epidemic has created financial crisis in front of many people. People need money for important expenses or business. In such a situation, personal loan on LIC policy can be a better option.
The best thing about taking a loan against LIC policy is that the interest on it is also low and there is less hassle in taking the loan. If you want, you can also complete this process online. It is important to note here that you can take a personal loan from LIC only against an endowment policy.
Loan Against Premium Amount
LIC is offering personal loan facility to its existing customers. If you have also bought an insurance policy, then you can take a loan against the premium amount. Generally people think that to take loan from LIC, one has to visit the branch, but it is not so. You can take this loan by applying online sitting at home.
The best part is that you will not need to repay the loan. Because, on maturity of the policy, the company will deduct the loan amount and the remaining money will be returned to you. This will have the advantage that you will have to pay only the interest of the loan.
Who can take loan?
To take a loan against LIC policy, it is necessary to be an Indian citizen. Apart from this, you have bought LIC policy. You must have paid premium for at least three years before applying for the loan. You must be over 18 years of age.
You can take a loan up to a maximum of 90% of the surrender value of the policy. If your LIC policy is paid up, then you can take a loan only up to 85% of the surrender value. Loan is available on LIC policy for at least 6 months.
How to apply
LIC gives this facility on its website. If anyone wants to take advantage of this facility, then they can apply by visiting https://www.licindia.in/home/policyloanoptions. After visiting this link, you get the facility of applying for loan online. By clicking here, the requested information has to be filled.
After this a form has to be downloaded. This is the same form that you have filled online. After downloading this form is completely filled and only after signing it has to be scanned and reloaded on the LIC website.
Doing so will complete this process. After this LIC starts the process of giving you the loan. LIC transfers the money of this loan to your bank online very soon.
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