LIC Housing Finance FD is an investment plan offered by the Life Insurance Corporation of India. The plan also knows for LIC HFL ‘Sanchay.’ The plan provides various benefits along with the attractive interest rate; the highest rate under the said plan is 6.00%, whereas for the senior citizens, it offers between 6.15% to 6.25%. The residents of India, NRIs, co-operatives, private companies, trusts, etc. can avail this plan. The Eligibility, Interest Rate, and all the other details of LIC HFL Sanchay have been stated here. You can Buy LIC Policy Online.
LIC Housing Finance FD
Features of LIC Housing Finance FD “Sanchay”
- The tenure of the LIC HFL Sanchay is of one (01) to five (05) years.
- The Minimum Deposit Amount in case of yearly option is Rs. 10,000, whereas for the monthly option, it is Rs. 2 lakhs.
- The senior citizen will enjoy the additional interest benefit of 0.25%.
- LIC Housing Finance FD is offered for both cumulative and non-cumulative deposits.
- Non-Resident Indians can deposit in the LIC HFL Sanchay for the maximum period of 03 years.
- A joint fixed deposit account can be opened with up to three (03) members
LIC Housing Finance FD Rates- Current
For regular citizens
|Tenure||Monthly Rates for Non-Cumulative Deposits per annum||Yearly Rates for Cumulative & Non-Cumulative Deposits per annum|
For senior citizens
|Tenure||Monthly Option for Non-Cumulative Deposits (% p.a.)||Yearly Option for Cumulative & Non-Cumulative Deposits per annum|
Loan against LIC Housing FD
Life Insurance Corporation also provides the loan facilities to its customer; one can request the loan against the LIC HFL Sanchay scheme. There are minimum conditions to avail the loan that are-
- The Fixed Deposit must be deposited for at least three months.
- The loan against the policy will be provided only up to 75% of the deposit policy amount.
- The Interest rate for the loan shall be imposed that will be 2% per annum above the FD rate.
- The policyholder has the option to repay the loan through the maturity deposit amount or in one lump sum.
Documents Required For LIC Housing Finance FD
|Mandatory Documents||Additional Documents|
|Photo Identity Proof- Aadhaar CardVoter’s Identity CardPassportPAN CardDriving License||Registration Certificate|
|Proof of Address- Utility Bill (Latest) Latest Bank A/C StatementDriving LicenseRegistered Rent Agreement, And Others||Bill of Telephone|
|PAN card||Trustee/ Beneficiaries/Settlors Identity Proof|
|–||Governing Deed and/or Rules & Regulations/ Bye Laws/ Partnership Deed / HUF Deed|
|–||Resolution of the Managing Committee|
|–||List of authorised signatories|
Early Withdrawal of LIC Housing FD
- The LIC Housing Finance FD/ Sanchay policyholder customer can withdraw their policy before the date of maturity. The important points for the same are-
- Such withdrawal can be applied to the achievement of 3 months after the beginning of FD.
The rates implied for the Early Withdrawal of LIC Housing FD-
|Period completed||Rate of Interest (p.a.)|
|3 months but less than 6 months||4%|
|6 months but before maturity||1% less than the applicable FD rate|
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