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.
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February 1, 2012 at 3:35 am
My doubts:
1. Can Paid-up-policy have death coverage?
2. Which is the best lic policy for children?
3. How Premium can be calculated?
4. How many years can wait for LIC policy loan?
5. If i open a policy for my child alone, may i have a policy in lic or not? Can i fill two application forms and should sign?
Thank you sir! I am waiting for ur answers!
February 2, 2012 at 12:42 pm
Dear Sir/Madam,
Myself Sunil working for MNC Bank in Bangalore city as Relationship Officer. If you are looking for Personal loan & Business Loan, Please give me a call. Loan amount from Rs. 1,00,000/- to 30,00,000/-. Loan amount will be sanctioned within 4 working days. For more details please contact me @ 9035004558.
Thanks and Regards,
Sunil
June 17, 2012 at 7:54 am
i want loan against my polisies
August 4, 2012 at 11:45 am
HI,
how r u ?
can your give me your email id. i need same loan its very urgent plz help me .
awaiting your reply
February 2, 2012 at 12:43 pm
Dear Sir/Madam,
Myself Sunil working for MNC Bank in Bangalore city as Relationship Officer. If you are looking for Personal loan & Business Loan, Please give me a call. Loan amount from Rs. 1,00,000/- to 30,00,000/-. Loan amount will be sanctioned within 4 working days. For more details please contact me @ 9035004558.
Thanks and Regards,
Sunil
October 22, 2012 at 1:44 pm
can u send your mail id ?
February 5, 2012 at 10:25 pm
hello sir,
can u plz let me knw how old policy should b for taking loan..
February 5, 2012 at 10:27 pm
hello sir,
can u plz let me knw how old policy should b for taking loan..it urgent plz let me knw…
February 9, 2012 at 5:08 pm
Dear Sir,
Is there any tax benefit available on repayment of loan taken against LIC policies( surrendered )?
February 12, 2012 at 11:17 pm
If you Want LIC Policy, than please contact to me, 8500547460
February 21, 2012 at 7:09 am
I have 3 policies 2 of those are 6 years old and another 1 I have
for first two policies i am paying 36000 yearly
and for next i am paying 36000
how much loan will i get
February 28, 2012 at 4:32 am
I’m obliged for the article.Thanks Again. Fantastic.
February 28, 2012 at 5:17 am
hi, i wanted to know if it is possible to put my policy up for loan in a bank… if yes what should be d minimum inforce duration of that lic policy
March 1, 2012 at 8:29 pm
i want need my policy balence loan account.Policy no.230553561,232217190,230735779,231947026,230553695,232217193, Please give me detail to my e-mail address. My id is rajadevrtising@rediffmail.com
Thanking you
Anoop Srivastava
Mob-91-9718320123,9968711123
March 2, 2012 at 5:04 am
hello sir, i haven’t pay my credit card amount it is still in due. im i aligible to take a house loan ? plz help me out sir
March 12, 2012 at 4:30 am
hi, i want to take loan over my JIVAN SARAL lic policy.
What procedure for that?
Will u please email me the form and information required on
kundlik.patil@yahoo.com
March 13, 2012 at 9:26 am
Looking forward to reading through more. Great blog post.Much thanks again. Would like more.
March 14, 2012 at 10:52 am
March 14, 2012
hi, i want to take loan over my money back and marrige lic policy.
What procedure for that?
Will u please email me the form and information required
March 17, 2012 at 3:57 am
sir i want whole information regarding loans and recoveries procedure in lic please if u know that send to my mail bcoz am doing project work on that topic that’s y …. please am waiting for ur reply
March 26, 2012 at 8:48 am
can we apply and get the loan against LIC policy through online?
March 28, 2012 at 7:51 am
sir am doing my final sem project work in lic that to my topic is loans and recoveries on policy , could u please help to give information on loan procedure on loans on lic polices ….. please send to my mail…… am waiting urgent …..
April 3, 2012 at 2:56 am
sir i want whole information regarding loans and recoveries procedure in lic please if u know that send to my mail bcoz am doing project work on that topic that’s y …. please am waiting for ur reply
April 8, 2012 at 4:53 am
Could you please let me know how to make interest payments on LIC Loans via online mode?
Thanks.
April 22, 2012 at 2:19 am
Sir,
I have LIC policies with policy No.793374396(premium amount Rs. 44135.7/-DOC:28/01/2003, ) and policy no.791840938(Rs. 6307/-,DOC: 28/11/1997 ). I am living in Dubai and planning to visit India in July. I want to know the maximum loan amount I can get against these two policies. I also want to know the documents required to be submitted for this. Is it possible to apply for loan through online?Pls advise me through my email id as soon as possible.
April 27, 2012 at 2:20 am
call me 9005846796 to loan
April 28, 2012 at 6:07 pm
Hi,
I have 10 different LIC policies and most of them are 4 yrs old. As per the LIC Website total Loan Eligibility Amount for all these policies are around 47000. So is it the Max Loan that I can get from LIC or it depends on other criterias too?
May 24, 2012 at 2:57 am
hi, i want to take loan on lic against
I have 3 policies 2 of those are 1years old
plz inform on my email add
am waiting urgent plzzz
May 24, 2012 at 11:35 pm
hi, i want to take home loan loan over my JIVAN SARAL AND JIVAN ANAND lic policy.
What procedure for that?
Will u please email me the form and information required on
suranidilip@gmail.com
June 7, 2012 at 11:26 pm
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June 16, 2012 at 4:51 am
iwant load against my policy
how much i got loan
my policy amount is rs.30,000
pls reply fast
June 16, 2012 at 6:36 pm
Hello Amit,
Please contact your insurance agent or bank to know the details.
Thanks,
Krishna
June 17, 2012 at 11:54 pm
I have LiC Jevan Ananad policy which i purchased in 2008 policy amount 2 lakhs and policy premium 10428/-P.A. now i need loan on it pls. tell me exact loan amount which i get pls. provide me calculation.
Regards,
Smita
June 18, 2012 at 12:08 am
Hello Smita,
Thank you for writing to us.
If you want to get the loan, you should have paid the at least three premiums. The loan amount is calculated based on the surrender value of the policy.
Since you have bought the policy on 2008, the surrender value of the policy would be less. However you need to submit the policy to bank for getting the loan. They will keep the policy with them and handover the loan amount.
Please let me know if you have more doubts.
Thanks,
Krishna
June 18, 2012 at 12:41 am
Ya i want to know my loan amount.
Regards,
Smita
June 20, 2012 at 6:38 am
hi sir
i have an insurence with moneyback policy
i’m in a need of rs.20lac for my education purpose
wil i be able tob get such huge amount on my policy if yes how would i apply??
plz help me as soon as possible
June 20, 2012 at 6:46 am
hi
i have 4 different insurance policy
‘m in need of 20lacs for my education purpose
wil i get loan against my policies??
if yes how wud i apply??
June 20, 2012 at 7:06 am
Hello NIHARIKA,
You can get the loans for your endowment policies. Loans are given by the banks by taking your policy as the security. Please talk to the banks to know about loans for your policies.
Thanks,
Krishna
June 22, 2012 at 7:12 am
sunil sir which policy can give loan pz tale me that policy name n give me surat authorize contect no
July 3, 2012 at 2:55 am
Dear Sir,
I started my career in dubai just before two months. Am in thought of buying a flat for 30 lacs after three years. I can’t save as much money within that. So can you suggest me a LIC product to be submitted as collateral at time of applying for loan after 3 years.. now my age is 23..
How much premium i have to pay yearly in order to avail 20 lacs loan against LIC policy.
July 3, 2012 at 3:46 am
Hello Hari,
Taking loan from LIC for buying the house is not suitable in your case. You can apply for the home loans itself. Read this:
http://www.thinkplaninvest.com/2012/05/home-loans-for-nri/
Thanks,
Krishna
July 19, 2012 at 5:57 pm
dear sir
i want loan agst my police
July 19, 2012 at 7:27 pm
Hello vijay kumar,
Please talk to the bank.
Thanks,
Krishna
July 26, 2012 at 2:21 pm
I am Venkatesh residing in Mumbai and working as Insurance Consultant for LIC & Star Health. You can contact me on my Email ID.
July 26, 2012 at 8:06 pm
Sir, I am Mani I am having a JEEVAN ANAND policy sum assured Rs.200000 DOC 28/07/2008 policy No. 645738637 the policy in force and I would like to take loan on this policy can I take the loan if so how much can i get? How to get? Is it possible to from any bank? please let me know details., my email Id:
July 26, 2012 at 8:09 pm
Sir,
Give me response as early as possible as I have to pay to some land owner, My Email-Id: jcmbc@redifffail.com
July 27, 2012 at 12:43 am
Hi Fnds
If you are willing to take LIC policies, then contact me 9003016581
July 28, 2012 at 1:58 am
dear sir /madam
i want to close my loan agains my policy argently . my policy no is –
jeevan Anand – 882045141 , Money Back – 907398427 pls told me my total payment of loan closed & call me .
July 28, 2012 at 2:01 am
i want to close my loan agains my policy argently . my policy no is –
jeevan Anand – 882045141 , Money Back – 907398427 pls told me my total payment of loan closed & call me . 9324941146
August 5, 2012 at 5:42 am
You don’t need a parachute to skydive…only to skydive twice.
August 9, 2012 at 5:10 pm
Hi,
I have taken Jeevan Saral policy in the year 2011. Paid one insallment of Rs. 16800 for the financial year 2011-2012. Yet to pay the installment for the financial year 2012-2013. The sum assured is 3.5L. Kindly let me know whether i’m eligible to take a personal loan with my policy.
August 26, 2012 at 7:06 am
we pay 2 yearly premium in jeevan anand per year 12000 we have paid.now we urgently wanted 20000.it is possible to get loan from our policy
October 2, 2012 at 2:11 pm
I want a loan of 2 lakh rupees against my LIC plicy. currently I am paying 19000 as a yearly premium.
Kindly suggest me whom to contact or provide me any agents no who is near by kalyan,dist thane.
October 2, 2012 at 8:21 pm
Praveen sir, where do you stay, I stay in Mumbai and work as Insurance Advisor for LIC.
October 4, 2012 at 6:40 am
Hello Praveen Shetty,
You can also contact the LIC office and get more details.
Thanks,
Krishna
October 4, 2012 at 6:41 am
Who ever wants loans against their LIC policies may contact the LIC office.
Thanks,
Krishna
October 23, 2012 at 10:24 am
Availing Loans On Policies
http://www.licindia.in/policy_guidelines.htm#15
Policy Loans:
http://www.licindia.in/policy_conditions.htm#16
November 4, 2012 at 5:58 pm
I forgot my Lic online User name and passward have some procedure to reset my user name & password
November 16, 2012 at 2:04 am
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have a bad credit score. Before you start out searching to
the perfect destination it really is recommended to make contact with
a lender specialized in offering quick poor credit loans.
With bad credit boat financing, you might be likely to feel the effects of your respective bad
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November 23, 2012 at 3:04 pm
I am working in a central govt department. I wish to know a person who has taken a housing loan from a Nationalised bank for purchase of new flat. and later for renovation of the flat has taken a loan from LIC against his policies.
He is already taking Tax rebate under section 24 for the loan taken from the bank. Now he has applied for tax rebate for the loan taken from LIC against his policies.
Is he eligible for tax rebate for the loan against LIC policies…
December 11, 2012 at 3:09 pm
How can I make ONLINE repayment of loan against LIC policy?
January 3, 2013 at 1:36 pm
Previously we can able to check the loan balance in LIC web site. But now it has been removed. When we will get back this option again ?.