Insurance Policies - Loan on LIC Insurance Policy - Jeevan Anand & So on in Personal Finance - Who is eligible for LIC Policy Loan Policy holders are eligible to take loan on their policies subject to certain ...
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Loan on LIC Insurance Policy - Jeevan Anand & So on

  1. 06-19-2013 02:17 PM
    rmani84
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    Loan on LIC Insurance Policy - Jeevan Anand & So on

    Who is eligible for LIC Policy Loan
    Policy holders are eligible to take loan on their policies subject to certain rules

    What is the procedure to get a LIC policy loan?
    The policy holder has to apply for loan in a prescribed form and submit the Policy Bond with the form duly completed

    For how much loan Policy holder is eligible?
    The loan amount is calculated depending on the surrender value (S.V) the policy would have acquired. Approximately 90% of the S.V is given as loan

    What is the rate of interest for policy loan?
    Presently, LIC is charging 10% interest on policy loans except Jeevan Astha (195) & Jeevan Vriddhi (808). Under 195 and 808, Policy Loan is 10.50%

    How to repay the loan amount?
    Policy holder can repay the loan amount either in part or in full anytime during the term of the policy

    What happens if the loan is not repaid
    If loan is not repaid during the term of the policy or early claim, the amount of loan plus interest, if any, will be deducted from the claim money and balance amount will be paid to the claimant
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  2. 06-19-2013 02:26 PM
    rmani84
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    What if the interest of LIC loan is not paid regularly?
    If interest is not paid regularly every half year, then interest is calculated on compound interest basis. As a final resort, LIC can recall the entire loan amount

    Are there any plans/policies for which loan will not be granted?
    No loan is granted for the following policies:
    41, 43, 50, 92, 94, 96, 97, 102, 109, 113, 116, 122, 128, 131, 135, 136, 140, 146, 147, 148, 150, 152, 153, 154, 155, 156, 157, 159, 160, 163, 164, 169, 170, 172, 173, 176, 177, 180, 181, 183, 184, 185, 187, 188, 189, 190, 191, 193, 194, 197, 807, 810, 901, 902

    Interest on loan wef 2009:
    (1) For a minimum period of 2 months (Or)
    (2) For actual term of the loan i.e, date of repayment of loan (-) date of loan Or
    (3) Rs 2000 /-

    Out of 1,2&3 above whichever is higher will be charged. This is also applicable for policies which are surrendered/discounted within 6 months from the date of granting the loan.
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