Apart from insurance plans, unlike other insurance companies, Life Insurance Corporation of India (LIC) offers personal loans against its insurance plans. This loan can be taken for expenses like travel, higher education, medical emergencies, wedding, home repairs, etc. This loan against the policy is a secured loan where your insurance policy is kept as security. In case the applicant is unable to repay the loan, LIC can retain the insurance policy amount. If you also want to get a LIC insurance policy loan, then for this we will provide you complete information on how to apply for a LIC insurance policy loan here.
LIC Policy Loan Application Form PDF
| Article/Form | LIC Policy Loan Application Form |
| Applicable | In all states |
| Profit | Loan for expenses |
| Beneficiary | LIC Policy Holder |
| Purpose | To help the policyholders financially |
| Official Website | Click Here |
| Loan Application Form PDF | Download |
LIC Personal Loan Eligibility Terms
There are some important eligibility conditions for availing loans against LIC policy, which are as follows.
- The applicant must be an Indian resident.
- The minimum age of the applicant should be 18 years.
- Applicant must have a valid LIC (or other life insurance) policy.
- The LIC policy used for availing the loan has guaranteed surrender value (Term plan not eligible)
- LIC premiums for at least 3 years must have been paid in full.
- The policy should be completely handed over in favor of LIC.
Required Documents
Following is a list of the main personal loan documents that need to be provided to apply for this secured loan.
- Original policy document.
- Identity Proof => Aadhar Card, Voter ID Card, Passport.
- Residence Proof => Aadhar Card, Voter ID, Driving License, Utility Bill.
- Income Proof => Salary Slip, Bank Account Statement, Assignment Deed.
LIC Policy Loan Application Form Download
At present, you can apply for a loan against LIC policy using offline or online mode. Here we will provide you the information on both processes –
How to Apply for an LIC Policy Loan
If you want to apply for a LIC loan offline, then for this you need to follow the following steps.
- First, you go to the nearest LIC office and get the applicable loan application form.
- You can also download the loan application form from the link given below.
- After downloading the form fill the form with KYC documents and submit it along with the original policy document.
- Once the application details are verified, a loan of up to 90% of the surrender value of the policy is given. Thus you can easily apply offline.