The LIC policy holders can avail loan against policy with several conditions, the maximum loan amount available under the policy is 90% of the Surrender Value of the policy (85% in case of paid up policies) including cash value of bonus.
The Life Insurance Corporation can grant a loan to the policyholder against his policy as per the terms and conditions applicable to the policy. Application for loan with an endorsement of terms and conditions of the loan being placed on the policy. Policy to be assigned absolutely in favour of the Corporation
Rate of Interest for Loan Against LIC Policy is 9% which is to be paid half-yearly. The minimum period for which a loan can be granted is six months from the date of its payment. If the policy holder desired to repay the loan amount within this period the interest for the minimum period of six months will have to be paid by the customer.
The Life Insurance Corporation can grant a loan to the policyholder against his policy as per the terms and conditions applicable to the policy. Application for loan with an endorsement of terms and conditions of the loan being placed on the policy. Policy to be assigned absolutely in favour of the Corporation
Rate of Interest for Loan Against LIC Policy is 9% which is to be paid half-yearly. The minimum period for which a loan can be granted is six months from the date of its payment. If the policy holder desired to repay the loan amount within this period the interest for the minimum period of six months will have to be paid by the customer.