Documents Required for LIC Policy Loan

When you apply for a loan against your LIC (Life Insurance Corporation) policy, having the right documents in place is crucial for a smooth process. Here’s a detailed guide on the documents you need:

1. Application Form: You must fill out the LIC policy loan application form. This form is available at LIC branches or can be downloaded from the LIC website.

2. Policy Document: The original policy document needs to be submitted. It serves as proof of your policy and is required to assess the loan amount against your policy’s surrender value.

3. Photographs: Recent passport-sized photographs of the policyholder are required. These help in verifying your identity.

4. Proof of Identity: Valid identification proof such as a government-issued ID (Aadhaar card, passport, driver's license) is necessary to confirm your identity.

5. Proof of Address: A document that verifies your address, such as a utility bill, rent agreement, or bank statement, is required.

6. Signature Verification: Some LIC branches may require a signature verification on the application form. This can be done at the branch or through a notary.

7. Bank Account Details: Details of the bank account where the loan amount will be credited are required. This includes the account number and IFSC code.

8. Policy Loan Repayment Plan: Some branches might ask for a repayment plan or schedule, especially if your policy is a long-term one.

Having these documents ready will streamline the loan application process and avoid unnecessary delays. Ensure all documents are up-to-date and correctly filled out to facilitate a smooth approval process.

If you need any additional information or help with the process, visiting your nearest LIC branch or checking their official website can provide further assistance.