How to get LIC Loan Against the Policy

For Policy Contact: 8121520197

LIC Providing Loans based on the profile which he has taken, So the Loan eligibility time period is applicable as per the Individual profile and Policy.

Eligibility Criteria

The following are some key eligibility criteria for those opting for a loan against LIC policy:

• The applicant should be a resident of India and at least 18 years old

• The applicant must have a valid LIC (or other life insurance) policy

• The LIC policy used for obtaining loan has guaranteed surrender value (term plans not eligible)

• At least 3 years of LIC premium has to be paid in full

• The policy has to be assigned completely in favour of LIC

• Jeevan Pragati

• Jeevan Labh

• Single Premium Endowment Plan

• New Endowment Plan

• New Jeevan Anand

• Jeevan Rakshak

• Limited Premium Endowment Plan

• Jeevan Lakshya 

Currently term plans provided by LIC cannot be used as collateral for this secured personal loan as they do not have a guaranteed surrender value. The following are some of the popular LIC policies that can be used as collateral for loan against LIC policy:

How to apply for Loan against LIC policy

• Currently you can apply for the same using either the offline method or the online method:

  a) Offline Method

  The offline method requires you to visit the nearby LIC office and fill out the loan application forms along with applicable KYC documents and submit those along with the original policy document. Once the details of the application are verified, a loan amount of up to 90% of the surrender value of the policy is paid out.

  b) Online Method

  If you have registered for LIC e-Services, you can log into your online account and check of your insurance policy is eligible for obtaining a loan against LIC policy. If it is, the terms and conditions, interest rates and other features of the loan will be shown to you online. On submission of the application you may be required to upload KYC documents or send those to the nearby LIC Office in order to get your loan application processed.

  Documents Required to apply for Loan Against LIC Policy

  The following is a list of key personal loan documents that need to be provided in order to apply for this secured loan:

  • Original policy document
  • Proof of identity: Aadhaar Card, Voter ID Card, Passport
  • Proof of residence: Aadhaar Card, Voter ID Card, Driving License, Utility Bills
  • Proof of income: Salary Slips, Bank Account Statement
  • Deed of assignment.