People like to take loans in difficult times. Insurance also plays an important role in emergency situations. Life Insurance Corporation of India (LIC) is the largest insurance company in the country. It also provides a loan facility along with the benefit of insurance. Yes, if you have a LIC policy then you can also take a loan under it.
Let us tell you that you get less interest on the loan taken by LIC than on the personal loan. Come, today we will tell you how much interest you will have to pay for the loan against the insurance policy and what are its rules.
What is the rule?
You get this loan only under traditional and endowment policies.
The loan amount is decided according to the surrender value of the LIC policy. The loan is available only for 80 to 90 percent of the surrender value of the policy.
Although the interest rate on the loan available against the policy is 10 to 12 percent, but sometimes it also depends on the profile of the policyholder.
Whenever the policyholder avails loan facility, the company mortgages his policy.
If the policy matures before the loan is repaid, then the company deducts the loan amount.
How to apply
If you also have an LIC policy then you can apply both online and offline. For the offline method, you will have to go to the LIC office. To apply for an offline loan, you will also have to take KYC documents with you.
Whereas, for online you will have to register yourself in LIC e-Sewa. After this, after logging into your account, you can apply for the loan.
Before taking a loan against the policy, you should read all the terms and conditions carefully. If you do not understand something, you can also ask about it. Only after reading carefully, submit the application form and upload the online KYC document. In this way, you can apply for a loan.
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