Thursday, February 2, 2023

Do you require financial assistance? Loans are easily obtained through LIC policies, and interest rates are low. Understand the entire procedure.

LIC Loan: The Life Insurance Corporation of India (LIC) offers a loan in exchange for a policy. The best part is that this loan is simple to obtain and has a low-interest rate. Learn everything there is to know about it.

New Delhi, India: During the Corona era, many people lost their jobs. In such a case, anyone may require financial assistance. Getting a loan without a job, on the other hand, is challenging. However, you will be pleased to learn that the Life Insurance Corporation of India (LIC) offers loans secured by its policies. The best part is that this loan is simple to obtain and has a low-interest rate.

It’s a loan that’s backed by collateral.

Personal loans are available through the Life Insurance Corporation of India (LIC). This loan can be used for travel, higher education, medical emergencies, weddings, and house repairs, among other things. This is a policy-backed secured loan. Your insurance policy is maintained as collateral in this. If a borrower is unable to repay the loan, LIC may compensate them from the insurance policy’s maturity or the claim sum.

Can pay till the end of the term

A loan from the Life Insurance Corporation of India (LIC) has a minimum term of 6 months, but it can be repaid over the entire maturity period. Along with this, a LIC loan has the option of simply paying the interest and having the principal subtracted from the maturity amount later. Only endowment, income, and unit-linked plans with a surrender value are eligible for it. It’s worth noting that this isn’t available with term plans.

Read More: Instagram had a big security patch when an Indian hacker caught, Facebook gave a reward of 22 lakhs

Rate of interest on a loan

Taking a loan from the Life Insurance Corporation of India (LIC) has a relatively low-interest rate. LIC currently charges 10.5 percent interest on this, which is less than other banks or organizations in the market. You’re probably wondering how much money you’ll get from the loan. LIC provides loans up to 90% of the policy’s surrender value. This restriction can be up to 85 percent of the policy surrender value in the case of some paid-up plans. The surrender value is utilized as security in both circumstances.

It is necessary to have a policy paper.

You’ll need Aadhar Card, Voter ID Card, Passport, and Aadhar Card as proof of residency, as well as a Voter ID Card, Driving License, and Utility Bill as proof of income. It’s possible that your pay stub and bank statement will be lost. A canceled check from the account where the loan will be taken out should also be included.

Loan Against LIC Policy Requirements

Loans against LIC policies are also subject to certain conditions. The applicant’s minimum age, for example, should be 18 years old. The applicant must have a current LIC policy. The LIC insurance used for the loan has a guaranteed surrender value, whereas term policies do not have this feature. For at least three years, the LIC premium must be paid in full.

Apply online or in person.

You can apply for a loan against your LIC coverage online or in person. You go to the LIC office and complete out the loan application form together with the necessary KYC documents, which you then submit with the original policy document. You can access your online account if you have enrolled for LIC e-services.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

Loan Interest: Big blow to the borrowers, these banks increased the interest on the new year

HDFC Bank: In today's time people need to take loans to meet their needs. Through loans, people are able to meet their needs quickly....

Interest Rate Hike After the announcement of RBI, now these big government banks have increased the interest rates,

RBI Hike Repo Rate: Rising inflation in the country is not taking the name of stopping. The debt of common people is continuously increasing....

LIC is going to merge, these four government insurance companies will be merged!

LIC Merger News: Another big news is coming out between privatization and merger happening in the country. Now four government general insurance companies of...

Banks will not have to detour, take loan on LIC policy like this, this is online-offline process

Documents Required For LIC Loan: 'With life, afterlife...' You must have read this tagline of Life Insurance Corporation of India i.e. LIC. There is...

LIC Unclaimed Amount: Now it is easy to know and claim the unclaimed amount deposited in LIC, Let us know the complete process here

LIC Unclaimed Amount: Please read this information immediately if you want to check or claim your pending LIC claim or amount. Unclaimed LIC Amount: This news is...

Most Popular

Subscribe

* indicates required