Last Updated on 01/05/2017
Akshay

Eligibility:  Individual, whether in employment or professional or self-employed or in business.  
Individual, whether in employment or professional or self-employed or in business.  

Purpose:  For any personal financial commitments. The purpose is not verified but the declaration of the applicant is accepted as such. 

For any personal financial commitments. The purpose is not verified but the declaration of the applicant is accepted as such. 

Maximum Loan:  A maximum of 90% of the surrender value of the Life policy at the time of availment of loan. 
A maximum of 90% of the surrender value of the Life policy at the time of availment of loan. 

Margin : A margin of 10% of the surrender value of the Life policy is to be maintained always. 
A margin of 10% of the surrender value of the Life policy is to be maintained always. 

Rate of interest:  Retail credit interest rates 

Repayment : Repayable in a maximum of 36 EMI without any holiday. 
Repayable in a maximum of 36 EMI without any holiday. 

Processing charges:  Rs.204/- for loan above Rs.25000 up to Rs.2 lac and Rs.204/-per Rs.1 lac or part thereof. ( For rural branches 80% of the above fee is applicable)
Rs.204/- for loan above Rs.25000 up to Rs.2 lac and Rs.204/-per Rs.1 lac or part thereof. ( For rural branches 80% of the above fee is applicable) 

Security : Assignment of life policies (endowment policy with profit and money back policies) issued by LIC of India or any other private insurance company approved by IRDA. The policy should have acquired adequate surrender value. Policies which stand in the name of minor and those which attract provisions of sec.6 of the Married Women's Property Act 1874 are NOT eligible categories of security for loan under the scheme. 
Assignment of life policies (endowment policy with profit and money back policies) issued by LIC of India or any other private insurance company approved by IRDA. The policy should have acquired adequate surrender value. Policies which stand in the name of minor and those which attract provisions of sec.6 of the Married Women's Property Act 1874 are NOT eligible categories of security for loan under the scheme. 

Other conditions: 1. Premium should have been paid up to date and last premium paid receipt produced for verification. 2.Age of the insured should have been admitted. 3.No loan will be granted against policy which has not acquired surrender value. 4. The policy should not contain any restrictive clause as to its assignability. 5. If the policy stands in joint names, or if more than one person is having interest in the policy, all of them should jointly assign the policy or through a chain of assignments.  
1. Premium should have been paid up to date and last premium paid receipt produced for verification. 2.Age of the insured should have been admitted. 3.No loan will be granted against policy which has not acquired surrender value. 4. The policy should not contain any restrictive clause as to its assignability. 5. If the policy stands in joint names, or if more than one person is having interest in the policy, all of them should jointly assign the policy or through a chain of assignments. 

Documents :

 

2. Original policy document.
3. Last premium paid receipt.