Loan against LIC Policy

POSTED BY Shriram K ON May 13, 2013 3:23 pm COMMENTS (5)

Loan against LIC policy taken 3 years ago.  The banker has taken only a xerox copy of the policy at that time and disbursed the loan.  Does the banker has the rights to claim the money on the policy from LIC at a later date ?

5 replies on this article “Loan against LIC Policy”

  1. Ashal Jauhari says:
    May 14, 2013 at 4:53 pm

    Dear Shriram, in that case, It looks that policy was never assigned to bank.

    Thanks

    Ashal

    Reply
  2. bharat shah says:
    May 14, 2013 at 4:04 pm

    i think , the assignment is done on policy paper itself. so check the policy document with you.

    Reply
  3. Ashal Jauhari says:
    May 13, 2013 at 9:44 pm

    Dear Shriram, please check with LIC. it seems your policy is not at all assigned to the bank.

    Thanks

    Ashal

    Reply
  4. bharat shah says:
    May 13, 2013 at 3:49 pm

    i think , banker must have taken the letter of assigning the policy to the bank , and must have recorded in LIC. so at time of payment, LIC would give your dues first to LIC and the remaining a/m to you or your nominee.

    Reply
    1. Shriram K says:
      May 14, 2013 at 2:12 pm

      Thanks Bharat and Ashal. But there was no intimation received from the LIC with respect to any form of assignment to the bank.

      Reply

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