How to get loan on LIC Policy?

Need loan which is hassle free and instant then the best option is to take loan from Life Corporation of India or LIC. Borrowing money against a life insurance policy was a very hard task. The process was lengthy and time consuming but now you can get loan easily on your LIC policies. You have to keep your policy with LIC as collateral to avail loan. Talking about the process of getting loan is also easy you have to apply online or you can apply offline also.

What are the Eligibility criteria for loan against the

LIC POLICY?

·         Applicant must possess a valid Life insurance corporation Policy.

·         Minimum age of applicant is not less than 18 years.

·         Those LIC plans which are offering a guaranteed return amount on maturity can be used to avail personal loan.

·         3 full premiums shall be paid to seek loan on LIC Policy.

What is the Interest rate On Loan against LIC Policy?

The loan rate of interest starts from 9% and depends on policy and profile of the customer applying for the loan. The most important aspect of a loan is rate of interest applicable on it hence LIC has the minimum rate of Interest Compared to Other Players In this Scheme.

Benefits of loan against lic policies

• ·         Easy process

• ·         Trusted and are liable source

• ·         Low interest rates

• ·         No collateral required

• ·         Loan amount given is advance of maturity value.

• ·         Loan amount can be up to 90% of the policy value.

What are the LIC policies that are used as collateral

to take personal loans?

• ·         Jeevan Labh

• ·         Jeevan Pragati

• ·         New Endowment Plan

• ·         Single-Premium Endowment Plan

• ·         New Jeevan  Anand

• ·         Jeevan Rakshak

• ·         Limited period endowment plan

• ·         Jeevan Lakshya

Documents required For the Online Process

• ·         Policy numbers on your own life & on the life of your minor children

• ·         Instalment premiums under these policies (without service tax/GST)

• ·         Scanned image of PAN Card or Passport, with file size less than 100 KB

• ·         The scanned image should be preferably in .jpg or .jpeg format. However, images with the following formats can also be uploaded: .bmp, .png, gif, .tiff

• ·         Visit www.licindia.in and Click on “Customer Portal”

Loan on lic policy online

• Process for Registration on Portal
• Visit www.licindia.in and Click on “Customer Portal”
• If you have not registered earlier for Customer Portal, click on “New user”
• In the next screen, you will be required to choose the user id and password of your choice and submit.
• Login through this newly created user id and click on the option of ‘Basic Services’ - “Add Policy”
• Enrol all your remaining policies.
• At this stage all the Basic Services will be available under your enrolled policies.

Thereafter, follow the 3 step process for registration for Premier Services:

Registration for Premier Services:

If you are already a registered user, login with your user-id and password for LIC-Portal.

Follow simple 3 step process-Registration, Printing and Uploading of documents.

Step 1—Filling up Registration Form

• ·         Basic details including Date of Birth, mobile no, e-mail id provided at the time of registering as a Portal user will be automatically incorporated in the registration form.
• ·         Provide PAN Card or Passport details.
• ·         All the eligible policy numbers enrolled (policies on own life and on the lives of minor children) will be displayed at this stage.
• ·         For policies on the life of spouse, separate registration will be required to be done by him/her.

Step 2 – Print Form

• ·         Click on Print/Save form and print the registration form.
• ·         Check the details of the registration form and sign it.
• ·         Create a scanned image of the signed form and any one of the KYC documents (PAN or Passport)
• ·         The file size of the scanned image should be maximum 100 KB.
• ·         The scanned image should be created in any one of the following formats: .bmp, .png, .jpg, .jpeg, .gif, .tiff

Step 3 – Upload Form /Check status

• ·         Upload the scanned image of the registration form through the option provided.
• ·         Upload the scanned image of PAN Card or Passport.
• ·         After the documents are uploaded, click on submit the request.
• ·         An acknowledgement SMS and e-mail will be sent to the mobile/e-mail id provided in the registration form.
• ·         This request will be sent for verification to our Customer Zone.
• ·         After verification by our Customer Zone Official (within 3 working days from the date of registration), an acknowledgement e-mail and SMS will be sent to you “
• ·         Now you are ready to avail our Premier Services.”

Following Services will be activated only after your request for Premier Services is validated by the Czee Official: 

                 a. View Policy and Proposal images

                 b. View Claim history

                 c. Service Request Registration for:

After the above procedure you can apply for loan from the link loan Application.

Offline Mode to get Loan on a lic Policy

You can also visit a lic branch to get Loan On your Policy with The Policy Papers and Original Id proof.

How to Pay Loan premium on lic Portal?

The process of Loan amount premium payment is also very easy you can pay via online mode with the same account created by you at the time of Loan approval.

Frequently Asked Questions

Q1. Can I get loan against my Lic Policy?

A1. Yes you can get loan on your Lic Policy

Q2. What is the rate of Interest rate on Loan against Lic Policy?

A2. The rate of Interest on Lic Policy starts from 9% annually.

Q3. What is the processing time of Loan on Lic policy?

A3. It generally takes 5-7 working days when you apply through online mode.