LIC Update: Want to take a loan on LIC Policy, read this to know the details...
Know how you can take a loan on LIC policy. Life Insurance Corporation of India (LIC) offers policies for every category, in which along with protection, the option of depositing funds is also given. Tax benefits and loan benefits are also given on the LIC policy. If you have also taken a policy of LIC and want to take a loan on it, then this can be a better option than a personal loan.
A loan against LIC can be a safe option that can meet your financial needs without affecting your funds. Here's how you can apply for a loan against LIC policy and to which policyholders the loan will be given.
Who is eligible to take a loan on LIC?
- If you want to take a loan, you must be at least 18 years old.
- Must have a valid LIC policy.
- The LIC policy used for the loan should have a guaranteed surrender value.
- The loan can be availed against the policy only after full payment of the LIC premium for at least 3 years.
How to apply for a loan online
- First of all, you have to go to the official website of LIC.
- Now the 'Online Loan' option has to be selected here.
- Click on 'Through Customer Portal' for Online LIC Loan.
- One has to login in with a User ID, DOB, and Password.
- Select the policy on which you want to take a loan.
- Once the request is accepted, the loan will be approved within approximately 3-5 working days.
How to apply for an offline loan
First of all, you go to the nearest office. Here you will have to fill out the application form for the loan. Now submit the KYC documents along with the original policy document. Now the details will be verified and then a loan of up to 90% of the surrender price of the policy will be given.
What documents are required to take a loan against LIC policy?
If you are going to apply for a loan, then you must have certain documents with you. You must have two passport-size photographs, an Aadhaar card, passport, voter ID card, and other identity documents, residential proof- Aadhaar, a voter ID card, driver's license, income proof- payment slips, and bank details.