Can we get loan on money back policy?

Policyholders can also avail of loan facility under the policy. The LIC new money back policy can be surrendered only after it accrues cash value after payment of 3 years of premiums. … Nevertheless, if premiums have been paid for three years, a paid up value is accrued for a reduced sum assured.

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In this way, can I take LIC loan from any branch?

You can avail of the loan from LIC itself, or you can also borrow from other banks. You do not need to cancel or surrender your existing policy, thus allowing you to keep your savings intact and at the same time, meet your personal expenses. You do not need any additional documents, or credit score to get this loan.

Secondly, can LIC provide loan? You can avail a loan amount up to 90% of the policy’s surrender value to meet various personal financial needs such as medical expenses, marriage, education, etc. …

Simply so, 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.

How can I cancel my LIC policy and get money back?

Documents Required For Policy Surrender

  1. Original policy bond documents.
  2. Request for surrender value payment.
  3. LIC Surrender form- form 5074.
  4. LIC NEFT form.
  5. Bank account details.
  6. Original ID proof like Aadhar card, pan card or driving license.
  7. A cancelled cheque.
  8. Hand-written letter to LIC stating the reason to discontinue.

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.

How does LIC money back policy work?

LIC Money Back Policy Key Features

Simple money-back plans with a bonus option. Premium needs to be paid for 15 years only while the policy continues for 20 years. … If the life insured dies within the policy tenure, the entire Sum Assured + accrued bonuses would be paid to the nominee as Death Benefit.

How is interest calculated on a loan?

You can calculate Interest on your loans and investments by using the following formula for calculating simple interest: Simple Interest= P x R x T ÷ 100, where P = Principal, R = Rate of Interest and T = Time Period of the Loan/Deposit in years.

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.

Is loan against LIC policy good?

Advantages. LIC policyholders can get up to 80%-90% of their surrender value as the loan amount. Therefore making it one of the most attractive options in the market. Opting for a loan against LIC Policy will cost you lower interest rates compared to the usual 13-15% of interest for personal loans.

What is the interest rate in LIC?

FD Interest Rate in LIC Housing Finance 2021

Time Duration FD Interest Rates Today Current FD Interest Rates for Senior Citizen
1 year 5.25% 5.50%
2 years 5.65% 5.90%
3 years 5.75% 6.00%
5 years 5.75% 6.00%

What is the surrender value of 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 means surrender value?

The surrender value is the actual sum of money a policyholder will receive if they try to access the cash value of a policy. … These costs and the policy’s surrender value can fluctuate over the life of a policy. After a certain time period the surrender costs will no longer be in effect.

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