Loan on LIC policy:

         If you are a LIC customer, LIC allows you to get personal loan against your policy for fulfilment of your immediate needs. Most of the customers of LIC don't know about this facility. It is easy to get a personal loan against your policy. Because of you have already deposited the amount to LIC through your policy. LIC give us only the deposited amount as loan. So your loan amount depends upon your paid amount against the policy. Anyhow this is an option to get a loan for your immediate need. If you can't repay your loan amount LIC will recover it from your deposited amount against your policy. The interest rate is declared by LIC every year and it is vary time to time. 

How much amount can be taken as loan from LIC policy?

         You can take a loan of an amount as equal to 90% of your surrender value ot the policy on the time of application. The surrender value means - if anyone want to discontinue hi/her policy , if he or she want to close the policy in that time which amount he or she received as return. So the loan amount you can avail against your policy is comparatively low.

Eligibility for LIC loan:

         Here are the some eligibility conditions which are given bellow.

         *He or she should have a own LIC policy.
     
         * The policy premium must be paid continuously three years without any lapse at the time of                  applying for loan. 
       
         *The maximum loan amount will be 90%of the surrender value of the policy.
       
         *  He or she should be at least 18 years old.

How to check what amount actually you can withdraw as loan online:

         To check how much amount you can actually withdraw as loan against your LIC policy online, you have to register with LIC online portal. After register with the online portal you have your user Id and password. There after you have to register with LIC premium service. If you will not register with LIC premium service you can not apply for loan online. So if you wish to apply for LIC loan online firstly register with LIC online portal and thereafter with LIC premium service. 

Registration with LIC online portal:

         I have already publish a post about how to register on LIC portal. Here also I explain briefly. To register with LIC portal you have to take handy your policy number, date of birth, your PAN number, Aadhaar number, policy premium without adding tax etc. Follow the following steps.

         * Go to google and type www.licindia.com and click on search button. It will redirect you a page where the related search result will open.
         
         * Now click on 'LIC of India' the first search result. When you click on it the LIC India home page will open. Here you have to find the option 'customer portal' option on the left side of the page. Click on the option, a new page will open where you two option on the middle of the page 'new user' and 'registered user'. Click on the new user option. 
         
         * A form will appear on the screen you have to enter all the details and click on 'Proceed'. After that you will have the option to generate your login Id and password on LIC portal. Generate your Id password.


LIC premium service registration process :

         After register with LIC portal, you have to register with LIC premium service. Which is a three step process. You will have some extra option only after registering with premium service. Follow the following steps. 
      
         * Go to www.licindia.com and click on the first search result. It will redirect you to LIC website home page. Click on 'customer portal' then another page will open. Here click on 'Registered user' Then you will have the option to login to LIC portal.

          * Now enter your login Id, password, date of birth and complete the login process.
       
          * After Login to LIC portal you will see your your dashboard and apps on the screen. Click on the 'service registration' app. It will redirect you an another page.


          * In this page you will find an option 'Service Request' on the left side of the page. Click on it then another option will appear 'LIC's Premier Service Registration'. Click on this option also. Now you see a three step process to register with LIC Premier service.


         * Here you have to complete the process. First generate the registration form by clicking on the proceed option, download it. After download the form take a print out and fill the details. Thereafter upload the form clicking on the 'upload form' option in this page. After few days of upload the form LIC approve your registration to premier service and you will be use the service.

Check eligible loan amount you will get and applying process online : 

         Now we are on the main topic, how to check eligible loan amount and how to apply online? For that you have to login with LIC online portal login Id and password once again and follow the following process.

         * Go to LIC customer portal (Registered user portal) and login with your LIC online portal user Id and password.

         * After login to the portal you will see your account's dashboard and apps. Here you have to find 'Service Registration' app and click on the app. It will redirect you to 'Service Registration' page.



         * In this page you you will see some options on the left side of the page. Here you have search 'Service Request' option and click on it. After clicking on the option another two option will open one is 'LIC's Premier Service Registration' and another is 'Online Loan Request'. Click on the option 'Online Loan Request'.



          *  A new page will appear where you will see some conditions about loan as shown on the image bellow, select I agree button and click on 'proceed'.



         * After submit on 'proceed' a OTP will send to your registered mobile number given on the LIC portal. In this page you are ask to submit the OTP and click on 'submit'. Enter the OTP and proceed to next page.

         * In this new page you are asked to select the policy for which you want to check loan eligibility amount and apply for loan. Select the policy number from the list of your enrol policies. After select the policy the loan eligible amount will appear on the screen for the selected policy. If you wish to apply for loan select the option 'Full' for get the whole amount as loan or select 'partial' to get a partial amount. If you select the 'partial' option you will ask to enter your required amount. Enter your required amount and click on 'Next'.


         * In this page you have to confirm your selection, if you wish to edit click on the 'pencil' icon on the screen and set again. otherwise click on 'yes'.



         * In this step you will get your loan application form and NEFT form download the form and sign on it. And deposit to your LIC brunch for approval of loan.