5 Steps To Apply LIC Loan Online On Your Policy For Early Sanction

By | January 15, 2022

5 Steps Process To Apply LIC Loan Online Against Your Policy For Early Sanction

Here is the process to apply for a loan against the Life Insurance Policy of LIC India to get approved instantly and the requirements to submit towards loan sanction Present interest rates for online or offline are also given

Online LIC Loan

Recently LIC India has introduced a loan policy for those who are already eligible for LIC Policy and the customer can register for the services at premiere services on the LIC web portal

Registration for LIC premiere services is mandatory to register for LIC loans Here is the loan application process explained step by step

LIC Loan Online Application

  • Visit LIC India portal at licindia.in
  • Click the option online loan
  • The user would be redirected to the online loan page as he clicks the option Details are to be provided to the login page
  • Click the option Through Customer Portal
  • Fill in your Login credentials
  • Policyholder’s registered mobile number/email ID/user ID
  • LIC Portal login password
  • Policy holder’s date of birth
  1.  Click the option premiere services
  2. A series of options open as you hover the mouse over premiere services
  3. Click option online loan request
  4. Terms and conditions for LIC loan Applications are displayed
  5.  Select the checkbox as I Agree
  6. Click the option Proceed
  7. A customer validation page opens as the check box is agreed The customer would receive an OTP on registered mobile number
  8. Fill in the OTP received your mobile number
  9. Click Submit option
  10. This would policyholder a lot in further validation of LIC account and customer would be redirected to a new page
  11. Select the insurance policy number against which you want to get a loan
  12. Choose the option Full Loan Disbursement or Partial Amount
  13. The eligible loan amount would be displayed as per the LIC policy against your selected LIC life insurance
  14. Click to select
  15. Submit the confirmation by clicking submit option
  16. The user is directed to a new page as he clicks the submit button Here all the information provided by the user will be displayed
  17. Selected loan amount by the user
  18. LIC registered bank account details
  19. LIC branch name and address
  20. Click to change if you want to change any details and click the yes button to proceed
  21. In the LIC web portal, a service number is generated note it down and it can be used for further references These 3 buttons would be shown
  22. Service request
  23. Policy loan application
  24. NEFT mandate form

Submit the form filled with signatures at the nearest LIC bank branch and the submitted form is valid for days The loan application would be canceled in case the applicant fails to submit LIC Loan Application

LIC Online Loans Benefits and Drawbacks

  1. Still the LIC loan application has a certain step that cannot be done online and the applicant must have to visit the bank branch
  2. Without being dependant on a LIC agent applicant can check himself if he is eligible or not
  3. An interest rate of 9.5%is being charged which is the lowest interest rate charged in financial institutions
  4. No pre-approval is mandator and the LIC India loan amount is only dependant on the value of the policy
  5. With the policy premium payment, EMI payment and interest payments are inline
  6. The principal amount can be paid any time you feel conveniently Loan policy is amazing as the risk covered under policy continues It is among the easiest processes to apply for a loan online
  • For Insurance Services LIC Merchant Login
  • Online LIC Payment Failed, Premium Refund Process
  • Download Online LIC Premium Receipt at ebiz.licindia.in
  • For Insurance Policy Status, Bonus& Nomination LIC SMS Alerts
  • To Pay Life Insurance Premium LIC Online Payment
  • To Calculate LIC Policy Premium LIC Premium Calculator
  • For Life Insurance Policy LIC Maturity Claim Proces
  • If Insurance Policy Documents Lost/Misplaced Get LIC Duplicate Bond
  • Login Customer Portal LIC e-Services at ebiz.licindia.in
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