LIC did not intimate loan interest, installment

Dear Sir,

I have taken a loan on LIC policies. My premium installment usually goes through
my salary. LIC agents told me that installment will get refund from the policies itself.
I came to know yesterday that LIC doesn’t cut the amount of installment through policies
itself as it does in Money Back policies.

My question is Why LIC office has not intimated me regarding the loan installment from last 3 years even they have got my email id, mobile number and my address also?
Neither the LIC agents has conveyed me regarding this!! Generally, any finance company give the intimation of loan or notice to the borrower but I have not received any notice or intimation from any source!! I am a regular premium costumer through salary.

Dinesh B. Hanchate

Default Filed on December 14, 2015 in Insurance.
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  • 3 Answer(s)

    You should be receiving SMS notification as well. Have you register your mobile number? Since you are already facing an issue the best thing to do is visit your nearest LIC office and they should be able to help you.

    Doctor Answered on December 14, 2015.
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    Dear Sir
    I have already registered SMS and email address.

    Default Answered on December 15, 2015.

    In such cases visit your nearest LIC office

    on December 15, 2015.
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    If interest is not paid regularly every half year, then interest is calculated on compound interest basis. As a final resort, LIC can recall the entire loan amount.

    Default Answered on December 16, 2015.
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