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 one policy for each category of LIC. Tax exemption is also available on this. But very few people know that you can also get a loan against LIC policy, it can be considered a better option than a personal loan. A loan against LIC can be a safe option. Your funds will not be affected by this and all the requirements will also be met. Let us now tell you how you can take a loan against the LIC policy and who can get the loan.

What is the eligibility for loan against LIC policy?

• You must have a valid LIC policy.
• Age should be 18 years to take loan.
• The LIC policy used for availing the loan should have a guaranteed surrender value.
• You can get a loan against the policy only after paying the LIC premium in full for three years.

How to apply for loan offline

• First of all, go to the official website of LIC.
• Here you will get the option of online loan. Click on it.
• Click on ‘Through Customer Portal’ for LIC Online Loan.
• Here you have to log in with User ID, Date of Birth, and Password.
• Now choose the policy on which you want to take a loan.
• Your loan will be approved within 3-5 days of your application being approved.

What is the process of offline loans?

For this, you have to go to your nearest LIC office. Fill there loan application form and submit KYC documents along with original LIC documents. Now the process of verification will start and if all goes well, loan will be given up to 90% of the surrender price of the policy.

Which documents will be required?

You will also need certain documents for the loan. These are- Aadhar card, Voter ID card, any other identity document, two passport-size photographs. Aadhar, Vote ID, License can be given for residential certificate. Income certificate should contain other documents like bank details and payment slips.

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