PLI Loan Condition

1. Loan is admissible on Whole Life Assurance (WLA), Endowment Assurance (EA) and Convertible Whole Life Assurance (CWLA) policies.
2. Currency of policy should be minimum of 3 years in case of EA and CWLA.
3. Currency of policy should be minimum of four years in case of WLA.
4. Policy should be unencumbered/ unassigned.

Loan Limit:

(a) Whole Life Assurance

Currency of Policy Percentage of surrender value on which loan is admissible

More than 4 years to 7 years 60% More than 7 years to 12 years 80%
More than 12 years 90%

(b) Endowment Assurance and Convertible Whole Life Assurance

Currency of Policy Percentage of surrender value on which loan is admissible

More than 3 years to 5 years 60%
More than 5 years to 10 years 80%
More than 10 years 90%

• Insurant should apply on LI-35 (loan application) and send to DDM (PLI) along with policy document and premium receipt book.
• Second and subsequent loan is admissible after a year if the first loan is fully repaid.
• Loan interest @ 10% p.a is calculated on six monthly basis.