Money Excel - Personal Finance Blog

Menu
MENUMENU
MENUMENU
  • Home
  • Business Ideas
    • 225 Small Business Ideas
    • 40 Online Business Ideas
    • 20 Business Ideas for Beginners
    • 20 small manufacturing business
    • 30 Food Business Ideas
    • 100 Business Ideas low investment
  • Stock Market
    • Best Demat & Trading Accounts 2020
    • Best Stocks 2020 by Experts
    • Best Virtual Trading Apps
    • Best Stock Screener
    • Best Discount Brokers in India
    • Multibagger Stocks of LockDown
    • Rakesh Jhunjhunwala Portfolio
  • Mutual Funds
    • Best Mutual Funds 2020-21
    • Best Direct Mutual Fund Platform
    • Best Mutual Fund Mobile Apps
  • Incometax
    • Income Tax Slab FY 2020-21
    • Income Tax Calculator FY 2020-21
    • Income Tax Refund Request
    • Pay Advance Tax Online
    • Download New 15G -15 H Forms
  • Investment
    • Best Investment Ideas 2020
    • Long Term Investment Options
    • Best Investment Regular Income
    • Best Investment Options NRI
  • Credit Card
    • Best Credit Cards 2020-21
    • Best credit card for online shopping
    • Best Forex Card in India
    • Best Business Credit Cards
    • Credit Cards against Fixed Deposit
  • Insurance
    • Best Term Insurance Plans 2020
    • Best Health Insurance 2020
    • Best LIC Policy 2020
    • Best Car Insurance Companies
    • Best Mobile Insurance Companies
  • Downloads
Home
Personal Finance
Loan against LIC Policy – Online Facility

Loan against LIC Policy – Online Facility

Raviraj Parekh May 16, 2020

Now you can apply for Loan against LIC Policy online. LIC has launched online policy loan option. Earlier in order to get a loan against LIC Policy, it was a compulsion to visit service branch as no online option was available. The cumbersome and manual process of loan application and repaying loan interest and repayment is now made online by LIC. Let’s take a look at How to avail Loan against LIC Policy Online.

How to avail Loan against LIC Policy Online?

The steps to follow in order to avail Loan against LIC Policy online is given below.

  1. Visit LIC Website https://www.licindia.in/ on the Home page you will find an option of “Online Loan” under Online Services section.
  2. Once you click on Online Loan Option you will be re-directed to another page. Here, you will find two options. One is for loan repayment of interest payment and Second is for submitting Online Loan Request.

online loan LIC

  1. The online Loan request is through customer portal only. You need to register as a customer in order to avail this facility.
  2. In order to apply for Loan against LIC click on “Through Customer Portal” link. You will be redirected to login page. If you are registered user you can provide your LIC login, password and date of birth for authentication. Alternatively, you can also register on LIC portal from this page.

Do not miss below posts -
  • ATM PIN mandatory for purchase using Debit Card
  • Shopping Syndrome Influenced by Advertisement
  • 15 Money Mantras of 2015
  1. Once you authenticate it will redirect to a page where the system will pick up the policy eligible for loan automatically. You need to just provide your Aadhaar Number and PAN number and click on proceed button to apply for a loan against LIC Policy.

Loan against LIC Policy

Loan Approval and other details shall be communicated by LIC on your email address and Mobile number.

Features of Loan against LIC Policy –

  • The maximum loan amount available under the policy is 90% of the Surrender Value of the policy.
  • Under this facility system will select eligible policy automatically. However, to avail loan, you must be paid the premium for at least 3 years.
  • You need to pay interest on loan half yearly.
  • If you do not pay interest amount within 30 days from the due date, LIC reserves the right to foreclose the policy and settle the loan amount against the proceeds.
  • Apart from LIC, you can contact other financial institutions and banks for a loan against LIC policy. However, amount sanction by a bank and other institutions will be lower and interest rate will be higher.
  • Interest rate is 10.5% per annum.
  • You need to submit original policy document as security.

LIC Premium Paid Certificate Download For Income Tax Purpose

Advantage of Loan against LIC Policy Online facility –

  • Online Loan against LIC Policy is quick and convenient way under an emergency situation.
  • No visit to LIC branch required. You just need the internet and registered account against your eligible policy.
  • The interest rate is cheaper compared to personal loan.
  • Repayment of the loan is also online on LIC portal which makes this option more lucrative.
  • No Documentation is required only LIC policy is sufficient for the loan.

Limited loan amount and no tax benefit are negative sides of loan against LIC policy. However, if you are planning to take a personal loan you should look at loan against LIC Policy option.

 

Prev Article
Next Article
Tags:LIC Loan LIC Loan facility online loan against LIC loan against LIC Policy Loan LIC Policy Online Loan Against LIC Policy

About The Author

Raviraj Parekh

Raviraj is the man behind moneyexcel.com. He is PGDBA, engaged in blogging for 10 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

Leave a Reply

Cancel reply

IIFL Demat Account

Search

Top Posts & Pages

  • Income Tax Calculator FY 2020-21 (AY 2021-22) – Excel Download
  • Rakesh Jhunjhunwala Portfolio Holdings - January 2021
  • How to check Property Records and Land Records online in India?
  • LIC Premium Paid Certificate Download For Income Tax Purpose - Online
  • 20 small manufacturing business ideas with low cost
  • 225 Small Business Ideas with Low Investment in 2021-22
  • Cash Deposit Machine Locator – How to find CDM Near You?
  • Income Tax Calculator FY 2019-20 (AY 2020-21) - Excel Download
  • Top 60 Manufacturing Business Ideas
  • 10 ways to Convert Black Money to White

Subscribe to Blog via Email

Join 5,470 other subscribers

Follow MoneyExcel

Money Excel – Personal Finance Blog

Personal Finance Blog
Copyright © 2021 Money Excel - Personal Finance Blog
| About |Downloads | Contact Us | Sitemap | Disclaimer | Privacy Policy |