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