In this article, you can download lic loan form pdf, the file downloadable link is given below. Before downloading the form you have to know how to apply for lic loan, what is the process, and what documents are required all the information is given here. Read the article and know all details-
LIC Loan benefits and its features
In order to help people with their personal or professional requirements, LIC offers loans secured by insurance policies. The LIC Insurance Policy serves as security for the borrowed funds. If the policy matures and the loan is not repaid, any remaining loan balance will be subtracted from the maturity benefit.
|Sum borrowed||90 percent of the surrender value of the policy, not the LIC policy’s sum assured.|
|Rate of Interest||Starts at 9 percent annually. It won’t be charged on the total loan amount; only the amount that will be borrowed.|
|Term of Loan||Up to a five-year extension|
|Charges for prepayment||Nil|
|Lender||You can obtain a loan directly from LIC or from any other bank of your choosing|
* Fees and charges are based on the financial institutions’ discretion and market conditions.
Eligibility Criteria for LIC Personal Loan
To be eligible for a loan, you must meet the requirements for LIC Personal Loan eligibility listed below.
- The candidate must be an Indian national.
- The applicant’s age should fall between 21 and 65.
- The candidate ought to be covered by life insurance.
- There needs to be a surrender value for the insurance.
- The insurance plan shouldn’t be a unit-linked insurance plan or a term insurance policy (ULIP).
Popular LIC plans on which you can obtain a personal loan include the following:
- Jeevan Pragati
- Rakshak Jeevan
- Lakshya Jeevan
- New Endowment Strategy
- Jeevan Anand New
- Endowment Plan with a Single Premium
- Jeremy Labh
- Plan for Limited Premium Endowment
How to Apply for LIC Personal Loan? LIC loan form pdf
Online and offline applications are accepted for LIC Personal Loans. Prior to that, it’s crucial to confirm whether or not you qualify for a LIC policy loan. To determine your eligibility, take the actions listed below;
- Visit the LIC e-service website to log into your LIC account.
- Fill out Form 5196 by LIC loan form pdf downloading it.
- Send your insurance agent Form 5196.
- For further action, the policy agent must follow up with the relevant LIC office.
- For Offline you need LIC loan form pdf, download it and take a printout.
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What Documents Required for LIC Loan Apply
In the following below, here is the complete documents list to apply for LIC Personal Loan–
- LIC’s initial policy document
- Proof of residency includes a passport, voter identification card, driver’s license, and a postpaid utility bill such as a gas or electricity payment.
- Aadhaar, PAN, passport, voter ID, and driver’s license are acceptable forms of identification.
- Salary slips for the past three months and bank statements with income information are acceptable forms of identification.
- Assignment Deed
Download LIC loan form pdf
|Name of the form||LIC loan form pdf|
|Authority/ Department||LIC India|
|Uploaded on||27 June 2022|
|Uploaded by||JM Rahil|
|LIC loan form pdf||Download Here|
*Disclaimer- The above information is provided for information purposes only, for authenticity and accuracy please visit the official website before availing of any services.
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