LIC Policy loan

LIC Policy loan

LIC Policy Loan major details are given below. kindly comment your feedback at the bottom.

which are the Plan excluded from taking policy loan?
Jeevan Akshay(189), Jeevan Nidhi(818), Amulya Jeevan(823) and Anmol Jeevan(822) are the plan from which policy loan cannot be taken.

When can you take a policy loan?
LIC Policy Loan can be taken from your existing policy, which completed 3 years term except for few type of policy. Policy loan cannot be taken on all term policies.

What is the interest charge to be paid for policy loan?

What is the total loan one can get from LIC policy?
90% of the policy surrender value can be taken as loan. The surrender value will be available only after the three years of policy term fully paid.

What is the interest rate chargeable on LIC policy?
currently, 10% is the interest rate chargeable on your policy loan. The interest rates are calculated twice in a year. If a loan is repayed within 6 months, minimum 6month interest will be charged.

how to repay the policy loan?
There is no EMI structure. You can pay as much as possible, which reduces the interest on your principle.

Is online loan available from LIC Policy?
Yes. LIC introduced the facility to avail this online. Also, you can visit your branch or contact LIC Agent to avail this.

What happened when a policy is claimed or matured before the loan repayment?
LIC deduct the loan principal with interest and returns the balance amount to the customer.