If you have a Life Insurance Corporation (LIC) policy and need urgent funds, you can apply for a loan against it without surrendering your plan. The first step is simple: get the correct LIC policy loan form, fill it carefully, and submit it with the required documents. But knowing which form to download, where to find it, and how to fill it correctly can make a big difference to your approval speed.
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Which LIC loan forms are available to download?
LIC offers different loan application forms depending on the type of policy and the applicant’s profile. Using the correct form is essential to avoid processing delays.
| Form number | Purpose | Who can use it |
|---|---|---|
| 5196 | Loan application for policies with single or multiple holders | Individual or joint policyholders |
| 5198 | Loan application for policies with assignment to third party | Policyholders who have assigned their policy as collateral |
| 5204 | Loan application for policies under specific schemes | Policyholders with special plan-linked loans |
How to download LIC policy loan forms step-by-step
Here is the simplest way to get the right LIC loan form from the official LIC website:
- Visit the LIC official website
- Navigate to the ‘Forms’ section – Usually under Customer Services.
- Select ‘Loan on Policy’ forms – Choose the relevant form category.
- Identify your form number – Based on your policy type and assignment status.
- Click and download – Forms are in PDF format.
- Save and print – Keep a copy for filling and submission.
Mini checklist:
- Correct form number (5196, 5198, or 5204)
- Active policy details ready
- Printer and PDF reader installed
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How to fill out the LIC loan application form correctly?
Filling the LIC loan form accurately ensures your application is not delayed. Follow these steps:
- Enter personal details exactly as per the policy document.
- Mention policy number(s) clearly, double-check digits.
- Fill in the loan amount required in both numbers and words.
- Provide bank account details for disbursement.
- Sign in all required places, including witness sections if applicable.
- Attach a copy of ID proof with the form.
Required documents for LIC policy loan application
You need to submit supporting documents along with the completed form:
- Original LIC policy bond
- PAN: Any one of the officially Valid documents: Aadhaar, Voter ID Card, Passport, Driving License, NREGA Job Card, Letter issued by the National Population Register
- In case current address is not available on OVD, any one of the deemed to be officially valid document: Utility bill, Property or Municipal tax receipt, Pension or Family Pension Payment Orders (PPOs), Letter of Allotment of Accommodation from Employer issued by State Government or Central Government Departments, Statutory or Regulatory Bodies, Public Sector Undertakings, Scheduled Commercial Banks, Financial Institutions and Listed Companies, and Leave and License Agreements with such employers allotting official accommodationCancelled cheque or bank passbook copy
- Assignment deed (if applicable)
LIC policy loan interest rates and key conditions
The interest rate on LIC policy loans varies depending on the product type and prevailing rates.
| Loan type | Interest rate (Approx.) | Key conditions |
|---|---|---|
| Traditional policies | 10% p.a. | Payable half-yearly |
| ULIP loans | 8%-24% p.a. | Based on NAV-linked value |
For more details, check our guide on LIC policy loan interest rate
Compare rates before you decide Bajaj Finance Limited offers competitive rates on ULIP and endowment loans
