Check the new process to apply for Loan online against the Life Insurance policy of LIC India for immediate approval. What is the requirement to submit the loan sanction and the present interest rate for LIC online and offline loans?
LIC Loan Online
LIC India has recently launched a loan facility for the people who have an eligible LIC policy. The service can be availed by the customers who have registered for the premiere services on the LIC web portal.
If anyone who is not registered can apply for the loan online by first registering for LIC premiere services, so let’s have a look at the process of a loan application online at the LIC portal as per the step-by-step process given below.
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Apply LIC Loan Online
1. Open LIC India Portal at licindia.in
2. Click Online Loan
- Once the user clicks there, he will be redirected to the LIC login page of the portal, and on the login page, the user needs to provide the below-mentioned details.
LIC India Online Loan
3. Click-Through Customer Portal
LIC Online Loan Portal Login
4. Enter your Login credentials
- Registered user ID/Email ID/Mobile number of the policyholder
- The password created by the user for the LIC portal login
- Date of birth of the policyholder as per the details mentioned
5. Click Premiere services
- This is the third option on the menu, and once the user hovers his mouse over that, a series of opportunities will open in the new options.
LIC Loan Premier Services
6. Click Online loan request
- Once a person clicks on these options, a new page will open, with all the terms and conditions listed to apply for the LIC loan online.
7. Select I Agree on Checkbox
8. Click on Proceed
- Once the person agrees and clicks on the proceed button, a new page will open for customer validation, and then the customer would be sent an OTP on the registered mobile number.
9. Present the OTP received on your registered mobile
10. Click on Submit
- This will help validate the online loan account of the LIC policyholder, and the customer of LIC India will be redirected to a new page.
11. Select the Life Insurance Policy number which you wish to take the online loan against from the drop-down list shown
12. Select the option of Full Loan Disbursement or Partial Amount
- After this, the screen will show the eligible loan amount for which the person can take the loan against the LIC policy of their choice.
13. Click on Next
If there is already a loan taken on your account, it will show all the details such as loan is taken, interest on that, the amount paid, amount remaining, and due date on the same screen online.
14. Submit Confirmation > Click Submit
- After providing all the details and clicking on submit button, the user will be redirected to the next page in the online web portal for sanction, and this will have all the information selected by the user, such as
- The net amount of loan selected by the user
- Bank account details registered with LIC
- Name and address of the LIC branch.
- If the user wants to go back and change any of the details for the online application, the user of the LIC portal can do this at this point; else, if all the details are correct, the user can click on the “Yes” button and proceed.
15. Note down the service number which will be generated in LIC web portal below with a service number, having three buttons
- Service request
- Policy loan application
- NEFT mandate form
Download the respective form, and the filled-in LIC online loan form and signatures need to be submitted at the nearest concerned LIC branch, where the request form is valid for four working days. If the user fails to submit the online loan application during the said period, the loan application will be canceled by LIC, and they would have to repeat the whole process.
Key benefits and drawbacks of the LIC Loan Online Complete process
- The LIC online loan process still has specific physical steps for which the person needs to visit the LIC office to submit the documents personally.
- The person can self-check the loan eligibility for themself without being dependent on any LIC agent.
- The interest charged on the Life Insurance policy of LIC India is only 9.5% which is one of the lower interest rates for loans among other financial institutions.
- LIC India Loan amount eligible is on the policy’s surrender value, and no pre-approval is required for the same.
- EMI payment, the interest payment, is in line with the policy premium payment.
- One can pay the principal amount at any time and at his convenience. Thus one can also deliver the total amount through the online mode, and Risk cover under the policy will continue as it is without any change, and the loan benefit provided is a beautiful facility by LIC, especially with the convenience and the easy process that one has to go through to avail the loan.