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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 Pragat...

LIC policy is beneficial not only because of it provides us with mandatory insurance policies but also because it offers some crucial personal loan options against itself. One needs to consider all of its key benefits, features, conditions as well as eligibility criteria before opting for a loan. Loan against LIC policy If you are already a subscriber of LIC policies, it becomes easy for you to get quick and instant personal loans against your life insurance policy. Minimal documentation is required to avail of this loan. No additional documents and CIBIL score will be needed. In these types of loans, interest is paid on a half-yearly basis, i.e., interest is calculated every 6 months. Such loans are not paid in EMIs, which results in more flexibility in loan repayment. The current interest rate on the LIC policy loan is around 10-12%. This loan gives the borrower an option to either pay both the principal and interest or pay only the interest. In the latter ca...