Life's got you in a chokehold? LIC Policy to the rescue (with a loan, of course)!
Let's face it, life throws curveballs like nobody's business. From car repairs that leave you feeling like they ransacked your wallet to that dream vacation that suddenly seems more "pipe dream" than "dream vacation," sometimes, you need a little financial help.
That's where your LIC policy comes in, not just as your loyal life insurance companion, but also as a potential loan superhero. Yes, you read that right! Most LIC policies allow you to take a loan against their surrender value.
Reminder: Reading twice often makes things clearer.
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| How To Get Loan On Lic Policy |
So, how does this loan-y business work?
Think of it like this: your LIC policy is like a piggy bank, but instead of loose change, it holds accumulated value based on your premiums. This value is called the surrender value, and it's basically the amount you'd get if you decided to cash out your policy (which we highly discourage because, hello, life insurance is for the long haul!).
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Now, the good news is that LIC allows you to borrow a percentage of this surrender value. This percentage usually ranges up to 90%, depending on the policy type and term.
Tip: Take a sip of water, then continue fresh.
Here's the catch (there's always a catch, right?): You'll have to pay interest on the loan amount. But hey, compared to other loan options, the interest rates on LIC policy loans are generally lower.
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Alright, alright, enough with the lecture. How do I get this loan?
There are two ways to do this, both equally painless (well, as painless as requesting a loan can be):
1. Channel your inner superhero and conquer the LIC branch:
- Head to your nearest LIC branch, armed with your policy document and your superhero cape (optional, but highly recommended for added confidence).
- Request a policy loan application form. Fill it out with your chiselled (or not-so-chiselled, but definitely legible) handwriting.
- Submit the application form along with your KYC documents (proof of identity and address).
- Once everything checks out, BAM! Your loan amount will be credited to your account, usually within 3-5 working days.
2. Unleash your inner tech whiz and go online:
- If you're a registered user on the LIC portal, you can apply for the loan online. Just log in, navigate to the "Online Loan Request" tab, and follow the on-screen instructions.
- This method is faster and more convenient, especially if you're not a huge fan of battling traffic or queues.
Important things to remember before you suit up:
- Check your policy eligibility: Not all LIC policies are eligible for loans. Make sure yours is before you get your hopes up. You can check the policy document or contact your LIC agent for confirmation.
- Repay, repay, repay: This loan might be your hero, but it can turn into a villain if you don't repay it on time. Make sure you factor in the repayment installments into your budget.
- Don't borrow more than you can handle: Remember, this loan is not free money. Only borrow what you absolutely need and are sure you can repay comfortably.
There you have it! Now you're equipped with the knowledge (and hopefully a good dose of humor) to navigate the world of LIC policy loans. Remember, this loan is a temporary solution, not a permanent fix. Use it wisely, and your LIC policy will continue to be your financial superhero for years to come!
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