Many of our plans have an endowment type. If you need funds, you can borrow the money to repay the loan or continue to pay the interest. The loan will be deducted from your claim payments.

Additional loans on policies can also be made after deducting any out standings.
Many financial institutions also allow loans against LIC policy based on the value of LIC quotes upon request.


Who can apply to LIC loans?

If you meet the eligibility criteria, you can apply for LIC loan loans
• Aged 18 and over
• Policyholders and owners of LIC policies
• Loan facilities are possible through the policy you have.
• You can borrow the loan against the surrender value of your policy.

Documents needed for LIC loans
To be eligible for LIC loans, you will need to provide the following documents:
1. Original policy bond
2. Application form for LIC Loan
3. A deed of assignment through which the loan is transferred to LIC
4. Your identity proof
5. Address proof
6. Bank account proof

Limits on Loans
The maximum loan amount that can legally be approved for a loan against LIC policies is 90 percent of their surrender value at the time of application. This limit is lower for paid-up plans at 85% of surrender value. This includes any cash bonus that could be applicable to the collateral life insurance policy.

How do I get a loan against my LIC policy?
To borrow a loan, you must first prove that you are eligible for a loan under your LIC policy.
• Go to the closest branch of your bank.
• Complete the loan application form. Submit it to the lender with all required documents.
• Existing bank customers will only need to provide minimal documentation.
• After verifying the documents you have submitted, your application will then be approved by the lender.
• The loan amount will be deposited into your savings account if approved.

LIC Policy Loan Interest Rate
The interest rates charged by most lenders range from 10% and 12% respectively on loans against LIC life insurance policies. Lender to lender will vary in the interest rate.



How works?

There may be instances when you would like to make alterations in your policy like change of premium payment mode, address, nominee or policy status, loan status and revival of policy etc. Our customer service is considered the best in the business and will handle your request proficiently and promptly.

1. Tell us what you’re looking for
2. We find the best advisor in your area
3. You connect with the local advisor of your area
4. Free Consultation & Guidance on Policy Servicing Matters
5. Handling of all your queries and filing all required forms along with necessary documents
6. Customer or Policyholder need to pay pre fixed administrative and service charges to the advisor
7. Personal visit to respected branch for alteration related work and get it done in required manner
8. Delivery of altered documents at home address once completed
9. Support system for post service queries and difficulties, if any

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