Values considered by a bank when it gives loan against lic policy face value
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LIC gives a loan amount up to 90% of the surrender value (85% in case of paid up policies). The minimum tenure for a loan against LIC policy is 6 months. For long term loans, the applicant will have to pay 6 EMIs before they can prepay their loan.
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Explanation:
The loan amount is a percentage of its surrender value. Loans can be up to 85-90% against traditional plans with guaranteed returns. ...
This means that all rights of the policy are transferred to the lender, and the loan is sanctioned to the borrower thereafter.
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