If you have an LIC policy, then you can take a personal loan on it as well and the special thing is that you do not have to pay any installment for this.
People are facing financial crisis due to the lockdown in the midst of Corona havoc. In this situation people are now dependent on their old savings and those who do not have savings are taking the help of loans. If you have an LIC policy and you need money, then you can continue with it and remove the money problem. Actually, LIC is now giving personal loans to people on the basis of the policy.
You can also take a loan against your policy. The special thing is that this loan is quite different from other personal loans, which helps you during this time and does not put the burden of installments on you. Know what is special about this loan and who are eligible to take this loan.
According to a report by Money9, you can take a personal loan from LIC only against an endowment policy. In such a situation, first make sure that which is your policy. After this you can process this loan through loan also. For this, you will not have to go to the branch and more than half of your work will be done through online medium.
How to make payment?
The special feature of this loan is that there is no hassle to deposit the loan in it. You do not have to pay any installment for the payment of this loan and the loan will be repaid later. In this you only have to pay interest. You must also be thinking that how can this happen. By the way, on maturity of the policy, the company will deduct the loan amount and the remaining money will be returned to you. That is, the loan will not have to be paid now and this money will be deducted from your policy later.
Who will get this special loan?
To take this loan, you must have an LIC policy and you must have paid the premium for at least three. 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.
How to get loan?
If you want to take advantage of this facility, then you 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. Also, the form has to be printed and filled and then uploaded. After this LIC contacts you and the loan process starts and after a certain process you will get the loan.
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