Hi guys myself Gunti Shankar I am working as a LIC is known as Life insurance corporation agent since 1 year today I am going to explain benefits of LIC policy and policy loan baby this lines are useful to you so real carefully follow the below steps.
Policy loan :- loan can be avoided provided atleast 2 ful h premimuss have to bebeen paid.
The maximum loan that can be granted during the policy term shall be under :
For in force policies up to 90% of surrender value
For paid up policies UPTU 80% of surrender value
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The policy shall be assigned absolutely to and held by the operation as security for the repayment of loan and of the interest the thereon
Interest on loan shall be paid on compounding half yearly basis to the corporation at the rate to be specified by the corporation at the time of taking loan under this policy . The applicable interest rate shall be based on the method approved by RDAI. The first payment of interest is to be e-mail on the next policy anniversary are on the date 6 months before the next policy anniversary which were immediately follows the date on which the loan is sanctioned and every half yearly thereafter. ,
In the event of difficult in payment of loan interest and the due to dates as herein mentioned above and when the outstanding loan along with interest is to exceed the the surrender value the corporation would be entitled To foreclosure such policies such falsies when being foreclosed Shell be entitled to payment of the difference of surrender value and the loan outstanding amount along with interest if any.
corporation is entitled to recover our recall the amount of the loan with all due interest by given three months notice.
In case the policy shall mature or surrendered or become a climb by death the corporation shall become entitled Tu to deduct the amount of the loan are any portion thereof which is outstanding together with all interest from the policy moneys.
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Eesamsandeep
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