Loan on LIC – How to check loan eligibility on lic policy in android App : LIC से लोन के लिए आप ऑनलाइन आवेदन कर सकते हैं आवेदन करने के लिए LIC वेबसाइट या App का इस्तेमाल कर सकते है
If you have an LIC policy that offers loan benefits, you can avail of a loan against it. The loan value usually depends on the type of policy, its tenure, and the Surrender Value. The loan amount is usually a percentage of the Surrender Value of the policy.
Here’s a step-by-step guide to check how much loan you can get on your LIC policy and how to apply:
- Check Policy Eligibility:
- Not all LIC policies are eligible for loans. Typically, traditional life insurance policies like endowment plans and money-back policies that have been in force for a few years are eligible. Term plans, ULIPs, etc., are generally not eligible.
- Determine the Surrender Value:
- You must find out the Surrender Value of your policy, as the loan amount is a percentage of this value. You can contact LIC directly, visit your nearest LIC branch, or sometimes even check this through your online LIC account.
- Loan Amount:
- Usually, LIC provides a loan of up to 80-90% of the Surrender Value for endowment policies and about 85-90% for whole-life policies. This can vary, so always confirm with LIC.
- Apply for the Loan:
- Visit the nearest LIC branch with your original policy document.
- Fill out the loan application form. Make sure to mention the loan amount you require (which should be within the eligible limit).
- Submit the necessary documents as required, which typically include the original policy document, a filled loan form, and an assignment form if the loan amount is substantial.
- The branch might also ask for additional documents like identity proof, address proof, etc.
- Interest Rate and Repayment:
- LIC will charge interest on the loan, which you need to pay at specified intervals. the interest rate was subject to change, so you’d need to check the current rates from LIC.
- The loan can be repaid either in part or full at any time during the policy tenure. If not repaid, the loan amount and interest will be deducted from the maturity amount.
- Online Facility:
- LIC primarily offered loans against policies through offline channels, but they might have introduced online methods now. It’s best to check their official website or contact customer care for the latest procedures.
- Important Considerations:
- Ensure you pay the interest on time. Unpaid interest can be added to your loan amount, increasing the total amount you owe.
- If the total unpaid loan amount (including interest) exceeds the Surrender Value, your policy might lapse. Always keep a tab on this to avoid losing your policy benefits.
Remember to keep your policy active by paying premiums on time, even if you’ve taken a loan against it. Also, always ensure you’re getting information from official LIC sources to avoid any misinformation or fraud.
How to check Loan on LIC eligibility in Android App
LIC had an official mobile application for policyholders called “LIC Customer.” Through this app, customers could manage their policies, make premium payments, and more. If you wish to check loan eligibility on your LIC policy via the app, follow these general steps:
- Download the LIC Customer App:
- Go to the Google Play Store on your Android device.
- Search for “LIC Customer” and download/install the app.
- Log In/Register:
- If you’re a first-time user, you need to register on the app. Use your policy details for registration.
- If you’ve already registered, simply log in using your credentials.
- Dashboard:
- Once logged in, you will see a dashboard displaying a list of your policies, total premium due, next premium due date, and other essential details.
- Select Policy:
- From the list of policies, select the policy for which you want to check the loan eligibility.
- Loan Details:
- After selecting the policy, look for an option that provides details about the loan. It might be named “Loan Eligibility”, “Loan Details”, or something similar.
- Check Loan Eligibility:
- Here, you should be able to see the amount of loan you can avail against your policy based on its Surrender Value.
- Apply or Get More Info:
- If there’s an option to apply for the loan directly from the app, you can proceed with the application. If not, the app may provide you with information or contact details to approach for the loan.
Please note that these steps might be general, and the actual steps can vary depending on updates to the app, its interface, or features. Always ensure you’re using the official LIC app and not third-party applications for security reasons. If you have any issues or can’t find the loan details on the app, it’s a good idea to contact LIC’s customer service or visit an LIC branch for detailed information and guidance.