INTERVIEW QUESTIONS LOAN LOAN AGAINST SECURITIES DETAILS

Question: I was planning to take a loan on insurance with a plan to repay in a couple of months but LIC says loans with a minimum tenure of six months. Is this the case with every insurance company?

Answer: The repayment options for a loan against life insurance can differ from one insurer to another. So Life Insurance Corporation for example offers loans with a minimum tenure of six months which means even If you wish to repay before six months, you have to pay interest for the full six month period. In some other companies you can even avail a loan for the remaining policy term and can prepay the loan without any charges.

The repayment options for a loan against life insurance can differ from one insurer to another. So Life Insurance Corporation for example offers loans with a minimum tenure of six months which means even If you wish to repay before six months, you have to pay interest for the full six month period. In some other companies you can even avail a loan for the remaining policy term and can prepay the loan without any charges. Source: CoolInterview.com

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