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A life insurance loan is a type of loan that allows a policyholder to borrow money from their life insurance policy. The loan is secured by the policy's death benefit, which serves as collateral for the loan. If the policyholder dies before repaying the loan, the death benefit will be reduced by the outstanding loan balance.
If you have life insurance, it is possible to borrow against the policy for a loan. If you do not pay back the loan, the company will use the money from your life insurance policy to pay back the debt. This type of borrowing is called a life insurance loan. Life insurance loans are not taxable if they are being used to pay for the premiums of life insurance. However, if they are used for other purposes, then they become taxable.
Also read to know more about Max Life Insurance: Premium Receipts, Surrender Value, Auto Pay
To check your LIC Life Insurance policy claim status online, follow these steps:
The process of surrendering an LIC life insurance policy online is easy. To surrender your LIC life insurance policy online, send an email to LIC life insurance customer service with the reason for surrendering the policy along with the required policy details and other documents. Once the surrendering form is submitted to the insurance provider, they will surrender the policy. The surrendering process may take some time to complete. Wait for confirmation from LIC Life Insurance that your policy has been successfully cancelled. Once the refund application is approved the refund amount is credited to your account.
To check the fund value of your LIC (Life Insurance Corporation of India) life insurance policy online, follow these steps:
To download an Edelweiss Tokio life insurance policy statement, you typically need to follow the below steps.
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