Thursday, 14 September 2017

How to apply for Loan against LIC Policy online?

Loan against LIC Policy online
Image credit:www.ebiz.licindia.in


How to apply for Loan against LIC Policy online?



LIC (Life Insurance Corporation), the country's biggest insurer, is the most trusted brand in the insurance sector in India. LIC is the only public sector life insurance company in India. In fact, life insurance means LIC in India.

Earlier in order to apply for a loan against LIC policy, you need to visit the servicing branch. It was a quite hectic task. But now you can apply for a loan against LIC policy online. LIC has recently started the online facility to apply for a loan against LIC policy. Even the repayment of loan can also be done online. However, Premier Services Registration on LIC portal is mandatory to access this service. Let’s take a look at how to apply for a loan against LIC policy online.



How to register for Premier Services?

a) If already registered on LIC Portal

If you are already registered on LIC Portal, then follow the below steps

1. Visit the official website of LIC: https://www.licindia.in/

2. Click on “Customer Portal” and you will be redirected to a new page.
Loan against LIC Policy online

3. Click on “Registered User”, log in to the portal using your user-id and password.
Loan against LIC Policy online

4. Click on “Service Registration -> Service Request -> Premier Services Registration” option.
Loan against LIC Policy online

5. Click on “Proceed” to "Generate Registration Form".
Loan against LIC Policy online

6. Now, print the form, sign it and upload the scanned image of the form and identity proof (PAN Card / Aadhaar Card / Passport) through the "upload and submit documents" option.

7. The file size of the scanned image should be less than 100 KB and the image should be in any of the following formats: .bmp, .png, .jpg, .jpeg, .gif, .tiff. Please don’t crop out any part of the image and avoid blurred image.

8. After verification from LIC, an acknowledgment email and SMS will be sent to you. Now you are ready to avail LIC Premier Services.


b) If not registered on LIC Portal

If you are not registered on LIC Portal then follow the below steps

1. Visit the official website of LIC: https://www.licindia.in/

2. Click on “Customer Portal” and you will be redirected to a new page.

3. Click on “New User”.

4. Fill the required details for creating your LIC account and click on Proceed. After completing the required verification process for portal Registration, you will be authorized to use the new portal.

5. Now follow the steps mentioned under point a) “If already registered on LIC Portal”.


How to apply for Loan against LIC Policy online?

As mentioned above, LIC has recently started the online facility to apply for a loan against LIC policy. Even the repayment of loan can also be done online.

Here are the steps to apply for loan against LIC policy online

1. Visit the official website of LIC: https://www.licindia.in/

2. Click on “Online Loan” tab under Online Services Section.
Loan against LIC Policy online

3. You will be redirected to a new page. Here you have two options. One is for “Loan Repayment or Loan Interest Payment” and second is for “Online Loan Request”.
Loan against LIC Policy online

4. Click on “Through Customer Portal” to apply for a loan against LIC policy. Please note that this service is for Premier Service Registered customers only.

5. On clicking, you will be redirected to the login page where you have to use User Id, password and date of birth for authentication. If you are not a registered user, you can also register yourself on LIC portal from this page.
Loan against LIC Policy online

6. After authentication, the system will pick up the policy eligible for loan automatically.

7. You have to provide your Aadhaar number and PAN number and click on “Proceed” button to apply for a loan against LIC policy.

8. Now LIC will communicate your loan approval and other details on your email Id and mobile number.


Advantages of Loan against LIC policy online facility

1. The process of online loan against LIC policy is quick and convenient.

2. No physical visit to the servicing branch is required for applying a loan against LIC policy online.

3. Usually, the interest rate is cheaper as compared to personal loan.

4. Repayment of loan can also be done online on LIC portal.

Hope this will help you to know about the process for applying a loan against LIC policy online. 



Also read: LIC Mobile App - A useful app for LIC policyholders


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4 comments:

  1. Nice post. Very informative. Only question is many a time these groups claim a lot of things on paper. But at the time of actual business, they show you different set of rules.

    ReplyDelete