Table of Contents
- How to Calculate Loan Amount from LIC Policy?
- What is the Percentage of Loan Against LIC Policy?
- Does LIC Give Loan Against Policy?
- How Long Does it Take to Get Loan on LIC Policy?
How to Calculate Loan Amount from LIC Policy?
Calculating the loan amount against your LIC policy can be done in a few simple steps:
- Identify the surrender value – The surrender value of your policy is the figure you will use to calculate the loan amount.
- Calculate the loan percentage – Depending on the type of policy, the loan percentages can range from 40%-70%.
- Multiply the surrender value with the loan percentage – Multiply the surrender value from the first step by the loan percentage from the second step.
- Subtract the processing fee – Subtract the processing fee from the result of the third step.
What is the Percentage of Loan Against LIC Policy?
The percentage of loan against a Life Insurance Corporation (LIC) policy can vary from policy to policy. Generally, an LIC policy can have a loan percentage of between 40%-70%.
Does LIC Give Loan Against Policy?
Yes, LIC does provide loans against policies. Policyholders can take out a loan against their LIC policy for an amount between 40%-70% of the policy’s surrender value.
How Long Does it Take to Get Loan on LIC Policy?
The time taken to get a loan against an LIC policy depends on the type of policy and the policyholder’s individual circumstances. Generally, it takes 2-3 weeks to get a loan against an LIC policy.