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How to apply for loan on LIC policy?

Our savings will come to our rescue when we face a financial emergency. But what do we do if we don’t have any savings. In that case we will inevitably have to borrow. Instead, if we have an LIC policy, we can get a loan on it.

We get loans when there is an emergency. But we have to pay half of the loan interest. Yes, in that case, so many people are in trouble for not being able to repay the loan. Many have lost their houses and properties to repay small loans with interest and wheel interest.

When you are facing all these problems due to debt, isn’t it better to get a loan on LIC policy?. We will be able to get loan on LIC policy. Here is more information about how we can apply online and offline, what are the required documents, what is the eligibility.

Eligibility for availing loan on LIC policy

  • Applicant age should be at least 18 years.
  • LIC policy should be valid. That means it should be current.
  • If you want to get a loan on LIC policy, there should be a surrender amount in the policy.
  • Must have paid LIC premium for at least three years.

Loan on LIC Policy: Essential Information

  • The interest rate on the loan is decided based on the applicant’s profile.
  • Only those who have endowment policy are eligible for loan.
  • The loan amount is an advance of the surrender value of the project.
  • The surrender value of LIC insurance determines the maximum loan amount. The sum is 90 percent of the policy value.
  • LIC has a policy of getting the loan amount if the applicant refuses to repay the loan.
  • If the policy matures before you repay the loan amount, the maturity amount will be deducted from the loan balance.

What are the required documents?

  • Application form is required to be submitted along with two passport photographs.
  • Policy information has to be given.
  • Aadhaar Card, Passport, Voter ID Card, Other Identity Document
  • Address Proof: Aadhaar, Voter ID, Driving License, Others.
  • Income Proof: Payslip (Salary Proof), Bank Statement.

How to get loan on LIC policy?


  • Step 1: Visit the nearest LIC office.
  • Step 2: Fill the application form.
  • Step 3: KYC document should be submitted along with the policy document.
  • Step 4: All information is verified.
  • Step 5: 90% of the surrender value is loaned.


  • Step 1: Visit LIC official website.
  • Step 2: Choose an online loan.
  • Step 3: Click on Through Customer Portal for Online LIC Loan
  • Step 4: Login using credentials like User ID
  • Step 5: Choose on which policy you want to avail loan
  • Step 6: Apply for the loan
  • Step 7: After this, the loan will be approved in 3-5 days. The document about the loan will be emailed.
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