LIC did not intimate loan interest, installment
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
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.