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Loan against lic policy

Life insurance policies are the insurance policies that protect life from unforeseen events such as death or illness. Along with providing protection cover, LIC policies can help you to meet your personal financial needs by taking a loan against LIC policy.


Here are some essential features of a LIC Loan:
  • The process of getting a LIC Loan is rapid and instant.
  • Apart from taking LIC loans from Life Insurance Corporation of India, you can also consider banks such as Axis Bank, SBI or other major banks.
  • LIC loan is available for 90% of the surrender value of the policy.
  • Presently, you can get LIC Loan between 10%-12% rate of interest.


LIC Loan Eligibility Criteria: You can check the eligibility of loan using LIC Loan eligibility calculator based on these factors:

  • The basic requirement to take a LIC loan is that you should have paid annual LIC premiums for at least three years.
  • Some of the insurance policies against which you can take a loan are Jeevan Pragati, Jeevan Labh, Single-Premium Endowment Plan, New Endowment Plan,
  • The minimum tenure of getting a LIC Loan is six months.

LIC Loan repayment: The LIC loan can be repaid using flexible methods. Either you can pay the interest of the loan along with the principal amount of the loan or else you can pay the interest, and the principal amount can be paid on the maturity of the policy.. In case of failure to make the payment, then banks may deduct the interest and loan amount from the policy.

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