If you have taken a policy of LIC and are depositing premium in it on time, then you can take a loan on the basis of that policy if needed and this will keep your policy running continuously.
In the wave of corona virus, many people are facing financial problems and people have to take the help of loans or their savings. But, if you have taken any policy of LIC, then you can also take loan through it. The special thing about this loan is that there is no hassle for you to pay the installment in it. In such a situation, know who can get this policy holder and what are the terms and conditions related to the loan …Also Read: How does income tax rule apply to a post office RD account and what is tds rule
According to a report by Money9, you can take a personal loan from LIC only against an endowment policy. Therefore, you should see what is your policy and you can take this loan through online medium. 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.Also Read: Tiger Shroff blocks Christmas 2022 for Ganpath release with Kriti Sanon
There is no hassle to deposit the installment in this loan. In this you only have to pay interest. Actually, on maturity of the policy, the company will deduct the loan amount and the remaining money will be returned to you. Money will be deducted from your policy itself.Also Read: Home Loan Offers by SBI PNB and Bank of Maharashtra Processing fees waived off
If your LIC policy is paid up, then you can take a loan only up to 85% of the surrender value.
How to take loan? – If you want to take advantage of this facility, 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.Also Read:Facebook with Indifi give loans from 500000 rupees to 5000000 rupees at annual interest rates of up to 20 per cent
