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  #1  
14th June 2016, 05:52 PM
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Whether my LIC Policy dissolves after applying for Corporation Bank Education Loan against it?


I have an LIC Policy of 15 years. Now, I want to go Abroad for MS course. I want to apply an Education Loan in Corporation Bank through my LIC Policy. So my question is, can my LIC Policy dissolve if I apply an Education Loan against it?




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  #2  
24th July 2016, 10:00 PM
SudeepKumarSaha
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Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Whether my LIC Policy dissolves after applying for Corporation Bank Education Loan against it?

No, the LIC policy will not get dissolved if you are seeking education loan against it for your studies in abroad. You can definitely take education loan against LIC policy to meet the expense of your MS course in abroad. You need to submit all policy and registry papers related to the LIC to the concerned branch of Corporation Bank from which you are seeking education loan. Your policy will act as a mortgage. You can use it for repayment of education loan, otherwise when you successfully repay the entire loan, the bank will give you a NOC and return all papers concerning your LIC policy.
Do you have any question? or have anything to say?



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