Founder Member of this blogspot PSD Nashik:- Honble. CPMG Maharashtra Circle Col.K.C. Mishra (VSM), Hon Ex. PMG AGD, T. Murti Sir, Honble. PMG Aurangabad Shri. M.E. Haque, Honble DPS HQ Mumbai Dr. Vinod Kumar, Honble DPS Aurangabad V. Ramulu, Supdt PSD Nashik Shri. M.S.Ahirrao, Sys Admn Shri. N.R.Pandav.

 

Sunday, 28 June 2015

LOAN CONDITION ON PLI

0 comments
PLI Loan Condition
  1. Loan is admissible on Whole Life Assurance (WLA), Endowment Assurance (EA) and Convertible Whole Life Assurance (CWLA) policies.
  2. Currency of policy should be minimum of 3 years in case of EA and CWLA.
  3. Currency of policy should be minimum of four years in case of WLA.
  4. Policy should be unencumbered/ unassigned.

Loan Limit:

(a) Whole Life Assurance
Currency of Policy Percentage of surrender value on which loan is admissible
More than 4 years to 7 years 60% More than 7 years to 12 years 80%
More than 12 years 90%
(b) Endowment Assurance and Convertible Whole Life Assurance

Currency of Policy Percentage of surrender value on which loan is admissible
More than 3 years to 5 years 60%
More than 5 years to 10 years 80%
More than 10 years 90%

  • Insurant should apply on LI-35 (loan application) and send to DDM (PLI) along with policy document and premium receipt book.
  • Second and subsequent loan is admissible after a year if the first loan is fully repaid.
  • Loan interest @ 10% p.a is calculated on six monthly basis.

0 comments:

Post a Comment

 
PSD-NASHIK © 2013