Can I get loan on my LIC policy?

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LIC offers loan against their insurance policy, which individuals can use for their own personal or commercial needs. The LIC Insurance Policy acts as collateral for the loan taken. Any outstanding loan amount would be deducted from the maturity benefit if the policy matures and the loan is not repaid.

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Correspondingly, can we take loan against LIC policy online?

You can apply online for a loan against your LIC policy. Here are the steps you need to follow to apply for a loan against your LIC policy. It should be noted that the online facility to apply for the loan against LIC policy is available only to registered customers.

Also question is, how can I check my lic outstanding loan? Check LIC Loan Interest Amount Online

  1. Enter your login credentials. Enter User ID > Password > Date Of Birth > Click Sign In and wait till the page loads.
  2. Select Online. Click Online Payments.
  3. Tap Loan Interest. Hover and Click on Loan Interest Payment.
  4. Select Policy. …
  5. Find details.

Just so, how can I check my LIC policy surrender value?

How Is LIC Surrender Value Calculated? The surrender value of the policy, only after 3 successful years of premium payments, can be calculated as: {Basic sum assured X (number of premium paid/ total number of premium payable) plus total bonus received}, X, the factor of surrender value.

How can I know my LIC loan details?

How to Check Your LIC Housing Finance Home Loan Approval Status Online

  1. Visit the official website of LIC Housing Finance Limited.
  2. Click on the ‘Home Loans’ tab and you will be directed to the following page:
  3. Click on ‘Online Loan Application’ on the left-hand panel and you will be directed to the following page:

8 Related Question Answers Found

How is interest calculated on a loan?

Calculation

  1. Divide your interest rate by the number of payments you’ll make that year. …
  2. Multiply that number by your remaining loan balance to find out how much you’ll pay in interest that month. …
  3. Subtract that interest from your fixed monthly payment to see how much in principal you will pay in the first month.

How much loan can I get from LIC Jeevan Anand policy?

Conditions for Taking the Loan (LIC New Jeevan Anand)

The loan can be availed only after you have paid premium for three years. The maximum loan amount is 90% of the Surrender Value (85% in case of paid up policies) of the policy at the time of making application.

How much loan can I get on my LIC?

How much loan amount can I get on LIC policy? The loan amount is given on the basis of the surrender value of the LIC policy. The maximum loan amount that can be availed will be up to 90% of the surrender value. The maximum loan amount is 85% of the surrender value for a paid-up policy.

What is loan against policy?

Loans against insurance policies can only be availed in case one pledges specific traditional policies like money back and endowment policies. The amount sanctioned for the loans is usually 85% to 90% of the policies surrender value. …

What is surrender benefit?

Definition: It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity. … A regular premium policy acquires surrender value after the policyholder has paid the premiums continuously for three years.

What is surrender value LIC?

Surrender value is the sum/ amount payable to the insurer when deciding to stop the policy and embody the same from LIC. The value is payable only after three full years of premiums are paid to LIC. The policyholder can opt to surrender his policy anytime he wants to.

What is the interest rate for LIC policy loan?

Loan Against LIC Policy in 2021

Interest Rate 10.25% Check Best Offers
Loan Amount Up to 90% of the surrender value
Minimum Tenure 6 months
Pre-payment Charges & Foreclosure Charges Nil
Repayment Options Bullet Repayment with an option to pay monthly interest

Which private bank is best for personal loan?

Top Private Sector Banks Offering Personal Loans

Bank Interest Rate (p.a.) Repayment Tenure
ICICI Bank 11.25% onwards 12 months to 60 months
Axis Bank 16% to 24% 12 months to 60 months
HDFC Bank 15.50% to 21.50% 12 months to 60 months
Kotak Mahindra Bank 10.99% to 24% Up to 60 months

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