LIC JEEVAN UMANG PLAN - 100 YEARS POLICY - BEST FOR ALL

LIC JEEVAN UMANG PLAN

 

HEALTH INSURANCE BUY - FAMILY FLOATER POLICY - 9886568000

Buy Health Insurance for complete family

Buy Health Insurance for complete family

Buy Health Insurance for complete family

 Affordable health insurance for all

LIC Policy loan for emergency purpose - Rate of interest - how to calculate the loan interest

Life is unpredictable, and financial emergencies can arise unexpectedly. During such times, leveraging existing assets can be a crucial lifeline. One such asset is an LIC policy. Instead of surrendering the policy prematurely and losing out on long-term benefits, policyholders can opt for a loan against their LIC life insurance policy. This option provides immediate financial relief without the need for regular EMIs and ensures that the policy continues to offer life insurance coverage.

Key Features of an LIC Policy Loan

1. No EMI Requirement

One of the most significant advantages of taking a loan against an LIC policy is the absence of Equated Monthly Installments (EMIs). Unlike conventional loans, where borrowers are required to repay in fixed monthly installments, an LIC policy loan provides flexibility. Borrowers are only required to pay interest on the loan amount, and the principal can be repaid at any time during the tenure of the policy. This feature makes it easier for policyholders to manage their finances during emergencies without the added burden of monthly repayments.

2. Simple Documentation Process

Obtaining a loan against an LIC policy involves minimal documentation. The primary requirement is pledging the LIC policy document. This straightforward process eliminates the need for extensive paperwork, credit checks, and lengthy approval procedures that are typical of other loan types. The simplicity and speed of this process make it an ideal solution for urgent financial needs.

3. Competitive Interest Rate

LIC offers loans against policies at an attractive interest rate of 9.5% per annum, calculated on a daily basis. This rate is generally lower than the interest rates on personal loans or credit card advances, making it a cost-effective borrowing option. By leveraging the policy as collateral, policyholders can access funds at a more affordable rate.

Example of an LIC Policy Loan

Consider a policyholder with an LIC policy that has a surrender value of Rs 8 lakh. Facing an urgent financial need, the policyholder opts for a loan of Rs 4 lakh. With an interest rate of 9.5% per annum, the interest calculation is as follows:

Annual Interest=4,00,000×0.095= 38,000 INR

The daily interest would be:

$\text{Daily Interest}=\frac{19,000}{365}\approx 52\text{ INR per day}$

Daily Interest=

365

38,000​

≈Rs 104 INR per day

If the policyholder repays the loan after one year, the total interest paid would be Rs 38,000. The policyholder can repay the principal amount of Rs 4 lakh at any point, thus concluding the loan without any prepayment penalties.

Till the time, the policyholder clears the policy loan, the Policy bond will be with the Corporation only. On clearing, loan with interest only be given back to the policyholder.

Continuation of Life Insurance Coverage

One of the most reassuring aspects of taking a loan against an LIC policy is that the life insurance coverage continues uninterrupted. The policy remains active, and the death benefit is preserved. In the event of the policyholder’s death before the loan is repaid, the outstanding loan amount is deducted from the death benefit, and the remaining sum is paid to the beneficiaries. This ensures that the policyholder’s family remains financially protected, maintaining the core purpose of the life insurance policy.

Benefits of an LIC Policy Loan

Immediate Financial Relief: Quick access to funds in times of need without complex procedures.

Flexibility: No fixed EMI requirement, allowing for manageable repayment based on financial circumstances.

Lower Interest Rates: More affordable compared to other borrowing options like personal loans or credit cards.

Preservation of Benefits: Continuation of life insurance coverage and eligibility for bonuses and other benefits.

Minimal Documentation: Simple and efficient loan processing with the primary requirement being the policy document.

Conclusion

Taking a loan against an LIC life insurance policy is a prudent option for policyholders facing financial emergencies. It offers immediate relief with minimal documentation, competitive interest rates, and the flexibility of no EMIs. Most importantly, it allows the policyholder to retain the life insurance coverage, ensuring that their family remains protected. By opting for a policy loan instead of surrendering the policy, policyholders can manage short-term financial needs while safeguarding their long-term financial security and benefits.

 

LIC Jeevan Utsav - buy LIC New policy - 9886568000

LIC Jeevan Utsav - buy LIC New policy

The LIC Jeevan Utsav Plan is an excellent choice for individuals seeking guaranteed lifetime returns. This single premium, non-linked, participating endowment plan offers both financial security and steady growth. It provides a guaranteed lump sum payment on maturity, along with bonuses that enhance the overall return. Additionally, it includes a death benefit, ensuring financial protection for the policyholder's family. Ideal for risk-averse investors, Jeevan Utsav ensures long-term financial stability and peace of mind, making it a valuable addition to anyone's financial planning portfolio.

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Why Buying LIC Policies Offline Offers Superior Services and Claims Support

 Why Buying LIC Policies Offline Offers Superior Services and Claims Support

In today's digital age, the convenience of online transactions has become increasingly prevalent. However, when it comes to purchasing LIC policies and ensuring robust claims support, opting for the traditional offline route can often provide unmatched benefits. In this comprehensive article, we delve into the myriad advantages of buying LIC policies offline, emphasizing how it facilitates better services and claims support for policyholders.

1. Personalized Guidance and Expert Advice:

When buying LIC policies offline, individuals have the opportunity to receive personalized guidance and expert advice from licensed agents. These agents possess in-depth knowledge of various policy options, enabling them to tailor recommendations based on the specific needs and financial goals of the policy seeker. Unlike online platforms, where information is generalized, offline agents offer personalized consultations, ensuring that customers make well-informed decisions.

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2. Understanding Complex Policy Terms:

LIC policies often come with intricate terms and conditions that may be challenging to comprehend for the average consumer. Offline agents play a crucial role in simplifying these complexities, breaking down policy jargon into easily understandable language. Through face-to-face interactions, they can address any queries or concerns raised by policyholders, ensuring complete clarity regarding the policy terms and benefits.

3. Seamless Application Process:

While online platforms offer convenience in terms of application, the process may lack the personal touch and assistance that offline channels provide. Offline agents facilitate a seamless application process, guiding policyholders through each step with precision. From filling out forms to submitting necessary documents, agents ensure that applications are completed accurately and efficiently, minimizing the likelihood of errors or omissions.

4. Enhanced Trust and Credibility:

For many individuals, the trust factor plays a significant role in their decision-making process when purchasing insurance. Offline agents, with their physical presence and personalized interactions, instill a sense of trust and credibility among potential policyholders. Face-to-face meetings allow customers to develop a rapport with agents, fostering a relationship built on transparency and reliability.

5. Accessibility and Convenience:

Contrary to popular belief, offline channels offer convenience and accessibility comparable to their online counterparts. With the presence of numerous LIC branches and authorized agents across various locations, individuals can easily access offline services within their vicinity. Moreover, for individuals who prefer human interaction over digital interfaces, offline channels remain the preferred choice for availing insurance services.

6. Comprehensive Claims Support:

One of the most crucial aspects of insurance is claims support, wherein policyholders rely on prompt assistance during times of need. Offline agents serve as a reliable point of contact for policyholders, offering comprehensive support throughout the claims process. Whether it involves initiating a claim, submitting necessary documentation, or liaising with the insurance company, agents ensure that policyholders receive timely assistance and guidance.

7. Proactive Policy Management:

Beyond the initial purchase, offline agents engage in proactive policy management, regularly communicating with policyholders to ensure their coverage aligns with evolving needs and circumstances. Whether it's updating beneficiary details, adjusting coverage levels, or exploring additional policy options, agents proactively assist policyholders in optimizing their insurance portfolio for maximum benefit.

8. Resolution of Queries and Concerns:

In the event of queries or concerns regarding policy terms, coverage, or premium payments, offline agents offer prompt resolution through direct interaction. Unlike online platforms where communication may be limited to automated responses or chatbots, offline channels provide real-time assistance, addressing policyholder concerns with empathy and expertise.

9. Establishing Long-Term Relationships:

Offline agents prioritize building long-term relationships with their clients, focusing on customer satisfaction and loyalty. By understanding the unique needs and preferences of each policyholder, agents cultivate enduring partnerships based on trust, reliability, and mutual respect. This long-term commitment ensures that policyholders receive ongoing support and guidance throughout their insurance journey.

10. Conclusion:

In conclusion, while online platforms offer convenience and accessibility, the traditional offline route remains unparalleled in terms of personalized service and robust claims support. By opting to buy LIC policies offline, individuals can benefit from personalized guidance, seamless application processes, and comprehensive claims assistance. Moreover, the trust and credibility established through face-to-face interactions foster long-term relationships, ensuring that policyholders receive optimal support and assistance throughout their insurance journey.