Personal Loan: Life Insurance Corporation of India (LIC), the country’s largest insurance company, is offering personal loan facility to its customers. You can take a loan up to a maximum of 90% of the surrender value of the policy.
The demand for personal loans has increased significantly in the Corona crisis. Due to Corona, people are going through financial crisis. LIC policy can prove to be an option to meet the need of money. If you have an LIC policy, then you can meet your needs by taking a personal loan at very low interest rate. Let us tell you that personal loan from LIC can be taken only against the endowment policy.
The country’s largest insurance company Life Insurance Corporation of India (LIC) is offering personal loan facility to its customers. If you have also bought a LIC policy, then you can take a loan against the premium amount.
Who can take loan?
To take a loan against LIC policy, it is necessary to be an Indian citizen. Apart from this, you should have a LIC policy. The premium should be paid for at least three years before applying for the loan. Applicant’s age should be more than 18 years. Applicants who fulfill these conditions can apply for a personal loan.
How much loan can I get?
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.
The best part is that you will not need to repay the loan. On maturity of the policy, the company will deduct the loan amount and return the remaining amount to you. You only have to pay the interest on the loan.
HOW TO APPLY?
You do not need to visit LIC’s office to get a loan. You can also apply for a personal loan sitting at home. LIC provides this facility on its website. If you want to take advantage of this facility, you can apply by visiting https://www.licindia.in/home/policyloanoptions.
After visiting the link, you will get the facility of online loan application. By clicking here, you have to fill the requested information. 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 uploaded again on the LIC website.
Once uploaded, the process will be completed. After this LIC starts the process of giving you the loan. LIC transfers the loan money to the customer’s bank account online.
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