If you have an LIC insurance policy, then you can get a cheap loan from it. Whenever you need money, it can help you.

Loan facility
LIC gives its customers the facility of taking a loan against the policy. Many banks also keep LIC policy as a guarantee for giving loans.

Following the rules
There are some easy rules for taking a loan against LIC policy. If you follow these rules, you will get the loan.

Age and policy
To take a loan, you must be at least 18 years old. Your LIC policy should also be correct and running.

The premium has to be paid.
At least three years of premium of your LIC policy should be paid. Only then you will be considered eligible for the loan.

Surrender value
The money received on surrendering the LIC policy is called surrender value. You can get 90% of it in the form of a loan.

Interest rates
If you take a personal loan from outside, the interest is very high. However, the interest on LIC policy loans is very low or negligible.

Taking a loan against the LIC policy is very safe. It fulfills your need for money and there is no major risk in it.