2023-12-23 12:00:00
Title: Easy Access to Loans for LIC Policyholders
LIC policyholders now have a convenient option to avail loans by pledging their policies. This comes as a relief for individuals who have faced difficulties in securing loans due to lack of property value or low CIB scores.
Traditional banking institutions often require borrowers to have property or assets as collateral, making it challenging for many individuals to obtain loans. Additionally, those with low credit scores may find it nearly impossible to secure a loan. However, LIC policyholders now have an alternative option to access funds through their policies.
One notable advantage of this method is that even individuals with low civil scores can avail loans using their LIC policies. To be eligible, policyholders must have an LIC Endowment policy with three years of continuous payments and guaranteed surrender value. Additionally, the policyholder must be above 18 years of age.
Eligible individuals can pledge their LIC policies to obtain loans from the concerned companies, with the loan amount being up to 90 percent of the surrender value of the policy. Moreover, if the insurance policy matures before the loan is fully repaid, the required amount can be deducted from the LIC.
Another benefit is the ease of application, as loan seekers can easily apply for loans through LIC offices or online. This streamlined process makes it convenient for policyholders to access the funds they need.
Overall, the availability of loans for LIC policyholders offers a practical solution for individuals who may have struggled to obtain traditional loans. This option provides a valuable opportunity for individuals to access the financial support they require, regardless of their credit score or lack of traditional collateral.
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