In this article I will be writing about the loan against LIC policy. As I have explained in my previous articles about the different kind of loans and how to apply for it. Loans against LIC policy is one of the good idea to get loans for cheaper price. It involves many restrictions because you will not be eligible to get huge loans under this scheme even if you have the policy. I will explain the conditions involved in getting the loan against LIC policy. If you have any doubts please post it in the comments section. Please subscribe to our future articles here.
What is Cash Value for LIC policy?
In my previous article I have explained what is surrender value?. Cash Value is also referred as the Surrender Value of the policy. Before applying for the loan you must know the exact cash value of the policy because if it is very low then there is no point in applying the loan if your need is huge amount.
How to pay LIC premium online?
Loan on LIC
The provision of loan against a life insurance policy is basically an advance against the cash value (surrender value) of the policy. The advance is always less than the case value. Most of the insurers approve 90% of the cash value of the policy. In case a loan is provided, the policy is absolutely assigned and held by the insurance company as security for repayment of the loan.
- You have to pay the interest specified in the loan.
- If you failed to pay the interest on time, that will be added to the principle and calculated the interest.
- If the total dept is more than the cash value, the insurer has the rights to terminate your policy.
- If the policy is matured before completing the loan, insurer has the rights to deduct the loan amount from your maturity amount.
Summary
I hope this article will be useful for the people who has the policy with good surrender value and need of urgent loan. If you apply for personal loans, the interest rates will be very high. This scheme will be very helpful. Thank you for reading the article. If you have any doubts please post it in the comments section.
Subscribe to our articles here.
February 6, 2011 at 8:48 am
i need personal loan please provide the details
February 9, 2011 at 10:02 pm
can i get deduction in IT for interest paid on LIC loan against policies
February 14, 2011 at 4:57 am
Dear sir,
i paid jeevan anand policy for the last five years with 02 Lakhs. Now i want to avail personal loan against my policy. Please clarify the details.
February 16, 2011 at 3:28 am
Dear Team,
Can I get Loan against my Jeevan Mitra Policy no.178726710 (149), Actually I Pay premium of Rs.21627/- per year & the risk cover is Rs.12,00,000/- so How Much I will get LOan Amount under this Policy??????????????????
Awaiting for ur soonest reply.
Thks & Rgds,
Om Narayan
9899796095
February 18, 2011 at 12:12 am
Dear Team,
I would like to know the mode of payment for the interest for loan against LIC policy and how to pay back the principal amount? can the principal amount paid as instalments like EMI???
Regds
Krishna
February 23, 2011 at 11:17 pm
Dear Sir,
Already I’ve Rs.23,000/- loan against my LIC policy. I’ve enrolled my policy in LIC website and when I checked my loan eligibility amount as Rs.38,000/-. Can I get the remaining amount without repaying my previous loan? Kindly clarify.
Thanks in Advance
February 24, 2011 at 12:18 am
Dear sir
i have money back policy worth 50000
and money plus polies value 30 thousand and 15 thousands
based my policies how amount i claim to lic
March 7, 2011 at 6:47 am
sir namste me ye janana chata hu ki me apne policy ke badle me education loan lena chata hu to woh loan mujhe kitne ka or kis intrest per mil sakta hai
April 19, 2011 at 12:31 am
sir i have taken jeevan saral lic policy and its is about two years i m continuously paying premium now can i apply a loan of Rs100000/- on that policy? and how can i apply and from where? plz help
April 19, 2011 at 8:57 pm
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May 27, 2011 at 10:27 pm
Hi anyone want to LIc policies….. plz contact me 9677111976
May 27, 2011 at 10:30 pm
Hi anyone want lic policies…. plz contact me 9677111976
get Rs 2,22,198/- @15th year by paying just Rs500/- monthly in LIcs jeevan saral avail full TAX Rebate…. For Door step plz contact me 9677111976
June 8, 2011 at 2:56 am
Query – suppose i have policy of Rs. 50000/- for 25 years and i have paid Rs. 35000/- premium on it. against my policy i had taken loan of Rs. 30000/- @ 9% interest
If i have exceute documents with LIC & inform to recovered my loan & interest if any against premium paid by me i.e Rs. 35000/- and keep my LIC Policy active
Kindly advice for above Query
June 10, 2011 at 10:54 am
Hello,
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Hope to see your response via this mail address, joyloanfirm12@gmail.com
June 18, 2011 at 9:04 am
i have hole life convertible plan policy with lic from last 7 yrs. can i take a loan againt it ? what will be the rate of interest ?
June 29, 2011 at 2:55 pm
I got v valuable info for this post…i have one question and would be thankful if anyone can reply to it……….few years back my big brother had taken a Bank limit loan against my LIC policy..and now i dont have good relation with my brother…and he is denying to give my Lic policies back also….the loan limit is in his name only.
Is there anything I can do about it any legal action ?….the maturity dates are aug 2011….kindly help.
July 11, 2011 at 11:29 pm
Thnx
July 18, 2011 at 1:23 am
Hi,
any one pls guide how many days will take for the process of loan against lic policy
johny
July 20, 2011 at 10:49 am
Hi have lic policy of Rs.100000 i need a loan for my personal requirments pls advise me about procedure
August 7, 2011 at 10:26 pm
i wants to loan againts lic policy in hydrabad call me 09000140251
August 7, 2011 at 10:39 pm
I need load for internet cyeber
August 14, 2011 at 11:18 am
Dear sir,
I have one jeevan saaral policy an amount of 30000/month. I have started paying from last year. Maturity ill be on 2016. Now i need loan against my policy (Rs.100000). Can i get the required amount against my policy.
Please suggest ASAP.
August 14, 2011 at 11:19 am
Its not by month its by year/
August 20, 2011 at 8:58 am
hello,
I have taken a loan against my LIC ( endowment + bonus) of Rs. 30000 around one year back . My policy is now 5 yrs old. I have been paying regular premiums but have not paid interest or pricipal of the loan. Will my policy lapse or will it be terminated. My premium amount is 4887 per quater. the policy is for 5 lakhs.
Please reply.
Regards
Karan
August 21, 2011 at 6:51 pm
I have a Jeevan Saral policy, paid 2 premiums of 25000 yearly. Can I get a loan from LIC and how much?
September 4, 2011 at 9:30 pm
Hello,
I’m planning to apply loan against my LIC Jeevan Anand policy. LIC portal says I’m eligible for a loand amt of 1 Lakhs. I just want to know how long is the processing time for such a loan by any branch office.I’m in an urgent need of money, so please advice the LIC loand processing time and fomalities at sundar_kskv@yahoo.com
Thanks,
Sundar.K
September 13, 2011 at 8:40 am
Dear Sir,
I took this policy no, 762215299 New Jeevan Shree Sum on 15-03-2003 assured Rs.500000 and accident benefit sum assured Rs.50000 . Premium payment was Rs.2719 per month upto march 2008 there after quarterly payment R.s 8106. My date of birth is 28/02/1977. Policy table & term is 151-25(16). I would surrender this policy what will be total surrender amount and within how much period this amount will be settle ?
Thank you Sir,
Yours Sincerely
-sd-
SANJEEV KUMAR RAM NAIK
MIG-I/479,HUDCO,BHILAI
DIST-DURG(C.G.) 490009
MOBILE NO.9407763205
email – skrn77@rediffmail.com
September 19, 2011 at 10:00 pm
Dear sir,
I have a jeevan mitrra policy paying rs 21627 as an yearly premium and paying since last two years the policy is for 16 years i have an urgent requirement of a loan can i take against my policy.
Regards
Om Narayan
September 21, 2011 at 7:31 am
I want persanal loan aginst my policy .what are the condition
October 3, 2011 at 12:14 am
I have a money back policy which is maturing in March 2013.Bonus accrued as on date is 102500. I am in need of rs 50000 loan. Pls tell me what will be rate of interest on loan and emi for repayment if to be paid in one year or on maturity.also tell me the procedure too
October 14, 2011 at 7:16 am
sir i have a lic policy jeewan tarang which sum assured is 1 lac
sir how much i can take the loan Pls.suggest………….
Rajendra Bisht Mo – 9810804475
October 19, 2011 at 11:15 pm
Hi, i took a policy in tamilnadu, now iam staying in bangalore. Whether we can apply loan against LIC policy in this place or we have to take LIC policy loan where we have applied.
October 27, 2011 at 3:32 am
Hello Sir,
can I take loan against LIC Policy. and which Bank gives the loan against LIC Policy.
Thanks
Puneet Khandelwal
October 28, 2011 at 6:57 am
Do you need a loan such as Xmas,business,pay bills loans or for personal reason,PROVILENT LENDERS PLC is currently offering all kinds of loans now.If interested contact us now at (provilentlenders@zsk.name) for more information.
November 4, 2011 at 7:20 pm
sir mala educatoin 500000 loan kadha satthi kiti investment karave lagel ani plan konta rahil
November 8, 2011 at 10:24 pm
Loans against LIC Policy
November 12, 2011 at 4:53 pm
dear sir,
iam from chennai, any one wants any Insurance needs and service pls call me. iam doing lic Housing loan also .
9840047520
nagarajvlic@gmail.com
November 12, 2011 at 4:56 pm
for check your loan value pls dial 1251 or call me or email me.
take a policy for your family financial protection, pls ask for suitable Lic policy,
9840047520
nagarajvlic@gmail.com
November 15, 2011 at 7:54 am
please send a copy of LIC Loan against policy to my mail id.
November 24, 2011 at 7:49 pm
i would like to take a loan against my LIC policy. Kindly guide as to what amount is permissible ? what are the terms and conditions relatrd to it ?
November 29, 2011 at 2:49 am
Hai sir
i have a small question i took loan against my lic policy in 2008.iam paying all my interest’s.my question is will i get my bonues every year even i took loan from lic.can u plz explain.
thanking you
December 8, 2011 at 1:15 am
Please tell me what is the maximum period of payment of lic loan ag.policy.
December 19, 2011 at 11:13 pm
Dear LIC Team,
Can I get Loan against my Policy (622247248), Actually I Pay premium of Rs.1833/- per three month & the risk cover is Rs.1,00,000/- so How Much I will get LOan Amount under this Policy??????????????????
Awaiting for ur soonest reply.
Thanks & rgds
Sunil
December 23, 2011 at 3:14 am
hi
Can I get Loan against my Jeevan anand Policy, Actually I Pay premium of Rs.6206/- per three month last 3 and half year so How Much I will get LOan Amount under this Policy i need approx 300000 is is possible to get this amount
December 26, 2011 at 12:59 am
Hello Sir,
can I take loan against LIC Policy. and which Bank gives the loan against LIC Policy.
Thanks
M K BOCHE
09163660270
December 30, 2011 at 12:17 am
hi i m having jeevan saral lic policiy with yearly premium is 12252.00 rs/- and sum assured is rs. 250000 /- for 10 yrs and started on Jan-2009.now i made 3 yrs payment ie 12252*3=36756.00 rs/-.i m going to take loan on this polocy so how much i can get loan for this policy maximum?
Bibhuti singh
January 4, 2012 at 11:26 pm
hi, i want to take loan over my money back lic policy.
What procedure for that?
Will u please email me the form and information required on
Chanakya7@gmail.com
January 4, 2012 at 11:26 pm
hi, i want to take loan over my money back lic policy.
What procedure for that?
Will u please email me the form and information required
January 5, 2012 at 4:30 am
I have a bima gold amd jeevan anand policy paying rs 2600,1950 as an half yearly premium and paying since last four and half years. The policy is for 16 years i have an urgent requirement of a loan. How much loan can i get and what is the procedure. Can i take against my policy.
January 23, 2012 at 5:00 am
Sir, i have two LIC policy, one policy yearly premium 20,000/- one is yearly 40,000. iam paying premium last 6years, can i get loan from LIC. PLS reply me.
rakeshdxb84@yahoo.com