How to check LIC policy loan details online

A DIY Guide on how to Check LIC Policy Loan Details Online

Changes in technology had made things easy for all of us. The technology had made us smart as well as lazy. There are many other advantages and disadvantages of technology in our lives. Today you can buy a new LIC policy sitting at home, pay your LIC policy premium, check LIC policy loan details, and clear the loan dues online from wherever you are. 

The Life Insurance Corporation of India (LIC) is one of the oldest and most trusted insurance providers in India. It offers a range of life insurance policies that come with various features and benefits, including the option to avail a loan against the policy’s surrender value. For policyholders who have taken a loan against their LIC policy, checking the loan details regularly is essential to stay updated on the outstanding balance, interest, and other key information. Fortunately, LIC provides several methods to check these details online, making the process easy and convenient. Here’s a step-by-step guide to help you check your LIC policy loan details online:

Step 1: Register for LIC’s Online Services

To access your policy loan details online, you must first register on the official LIC portal if you haven’t already. Follow these steps:

1. Visit the Official LIC Website: Go to LIC India and click on the “Customer Portal” link.
2. Create an Account: Click on the “New User? Register Here” option. You will be prompted to enter details like your policy number, mobile number, email address, and a few other personal details.
3. Set a Password: After entering the required details, set a password for your account. Make sure it’s secure and unique.
4. Activation: Once your registration is complete, you’ll receive an activation link via email or SMS. Follow the instructions to activate your account.
5. Login: After activation, log in using your credentials (email ID or mobile number and password).

Step 2: Access the LIC policy Loan Details

Once you’re logged in to the LIC Customer Portal, follow these steps to check the loan details of your policy:

1. Navigate to ‘My Policies’: On the homepage, look for the “My Policies” section. Click on it to view a list of all your LIC policies.
2. Select the Relevant Policy: From the list of policies, click on the one for which you want to check the loan details.
3. View Loan Information: After selecting the policy, you will find an option to view the “Loan Details.” If you have availed a loan against your policy, it will be listed here. You’ll be able to see information like:
   • LIC policy Loan Amount
   • LIC policy Interest Charged
   • LIC policy loan outstanding Balance
   • LIC policy loan due Dates for Repayment
   • LIC policy loan Status (Approved, Pending, etc.)
4. Loan Repayment Details: You may also find an option to view your loan repayment schedule, which will show the dates and amounts due for repayment.

Step 3: Check LIC policy Loan Status via LIC’s Mobile App

For greater convenience, you can also check your policy loan details through the LIC mobile app. Follow these steps:

1. Download the LIC Mobile App: The app is available on both Google Play Store (for Android) and the Apple App Store (for iOS). Search for “LIC India” and download the official app.
2. Log In: Use your credentials (email ID or mobile number and password) to log in.
3. Navigate to Your Policy: After logging in, you will see a list of your policies. Click on the policy for which you want to check the loan details.
4. Loan Details: Under the policy details, check the section related to “Loan” to find the relevant loan-related information.

Step 4: Check LIC policy Loan Status via SMS (Alternative Method)

If you don’t want to use the website or app, you can also check your LIC loan details via SMS. LIC offers an SMS service for loan status and other policy-related queries:

1. Send an SMS: You can send an SMS to the number 9222492224 with the following format:
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   POLNO <Your Policy Number> LOAN

2. Wait for the Response: You will receive an SMS response with the details of your loan, including the outstanding amount and interest.

Step 5: Contact LIC Customer Support (If Necessary)

If you are unable to find the loan details online or face issues with the website or mobile app, you can reach out to LIC’s customer service. They offer support through various channels, including:

1. Phone: Call LIC’s customer service helpline at 022-68276827 or visit your nearest LIC branch for assistance.
2. Email: You can email them at customerzone@licindia.com for further help.
3. Branch Visit: If you prefer in-person assistance, you can visit your LIC branch and request the loan details.

Step 6: Monitor Loan Repayments and Interest

Once you have accessed your LIC policy loan details, it is important to monitor your loan repayments and interest regularly. LIC loans accrue interest, and failing to repay on time can affect the policy’s maturity benefits. Set reminders to ensure timely repayments and avoid penalties.

Conclusion

Checking your LIC policy loan details online is a simple and convenient process that can be done via the LIC website, mobile app, or even through SMS. Regularly monitoring your loan status is crucial to managing your policy effectively. By following the steps outlined in this guide, you can keep track of your outstanding balance, interest, and repayment schedules, ensuring that your loan remains in good standing and your policy benefits are preserved.