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Loan Against LIC Policy

Loan Against LIC Policy

Loan Against LIC Policy

Loan against LIC Policy - At some time, people needs to take a loan for LIC policy for their financial emergency. LIC means Life Insurance Corporation, which means to provide financial coverage in any cases. There are some types of life insurance policies also allow policyholders to take loan against LIC policy online. A personal loan from LIC policy is to meet your urgent charges. In addition to take an insurance plan, then Life Insurance Corporation has offer a personal loan on LIC policy.

Benefits of loan against LIC policy

Loan Amount-The greatest loan amount that can be profited depends upon the surrender values of the said policy.

Low Interest rate- The financing cost offered by LIC against LIC policy is nearly lower as compared with different banks. LIC charges an interest rate from 9% to 11% on a loan. Also, the interest on the loan has to be paid semi-annually that is two time every year.

Types of Policy

  • Jeevan Labh
  • Jeevan Lakshya
  • Jeevan Rakshak
  • Jeevan pragati

Loan on LIC Policy

The purpose of loan on LIC policy can be useful to meet your urgent personal expenses. This may be unpredictable medical situation, marriage charges, educational and simply getting out of the financial emergency. Some key features of Loan on LIC policy:

  • Loan amount- Upto 90% of the accepted values.
  • Loan tenure- Minimum 6 months has to be served as tenure.
  • Interest rate- For loan on LIC policy the interest rates are in the range of 10% -12%.
  • Termination- LIC can terminate the policy in case of aggregate amount depts. Arrives at more than a accepted values. Hence, LIC also holds the leverage of deducting the loan amount from the development amount if the policy develops before finishing of loan repayment.

Advantages of loan against life insurance policy

  • You may get low interest rates.
  • You get high loan value.
  • Your loans are safe and secured and are required limited inquiry.
  • Availability of loan is quick.


  • Not getting loans on all types of life insurance.
  • There is a waiting time around 3 years.
  • You can get smaller loan amount in the initial policy years

Eligibility criteria

  • The applicant should be a resident of India
  • He/she should be 18 years old.
  • He/ she should be LIC policyholder

Documents required

  • Your income proof
  • Your address proof
  • Your identity proof
  • An applicant for helping a loan on LIC policy.
  • Your loan against LIC bond should be in original.

Online Loan Against LIC Policy

Loan against LIC policy

To get Loan against LIC policy there following two ways-

Online process -

  • To apply loan against LIC policy online, you can apply LIC policy online can be done only when you are registered user and have enrolled for premium services. For LIC policy loan apply online the following is the procedure given below:
  • Visit to the home page of LIC website and pick the option LIC.
  • You would be taken to the another page where you can demand for online LIC policy by clicking on “through customer portal”
  • Provide client ID, password, and date of birth in DD/MM/YY configuration to continue.
  • When you are sign in to the LIC account, choose policy on which you want LIC loan.
  • Make a loan request and the request will be proceed.

This is the process for online loan on LIC policy which is also easy way to take loan on LIC policy.


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