What is the LIC PLO 21 Form Used For? A Complete Guide

Definition & Meaning of the Lic Plo 21 Form

The Lic Plo 21 form, also known as the Policy Loan Office Form 21, is a document utilized by policyholders of the Life Insurance Corporation of India (LIC) to apply for a loan against their life insurance policy. This form allows individuals to access funds from their policy's surrender value while keeping the policy active. By using this form, policyholders can secure necessary financial assistance without losing their insurance coverage.

How to Use the Lic Plo 21 Form

Using the Lic Plo 21 form involves several steps to ensure a smooth application process. Here’s how to effectively use the form:

• Obtain the form: Access the Lic Plo 21 form from the official LIC website or a local LIC office.
• Complete the form: Fill out the necessary details, including your policy number, the amount you wish to borrow, and personal identification information.
• Submit the form: Provide the completed form along with required documents to your LIC branch.

How to Obtain the Lic Plo 21 Form

The Lic Plo 21 form can be obtained through various channels:

• Online: Download the form directly from the LIC official website in PDF format.
• In-person: Visit a local LIC branch to request a physical copy of the form.
• Customer service: Contact LIC customer service for assistance in obtaining the form.

How to Fill Out the Lic Plo 21 Form

Filling out the Lic Plo 21 form requires careful attention to detail. Here are the key components:

• Policy details: Include your policy number, type, and date of issuance.
• Loan amount: Specify the amount you are requesting, ensuring it does not exceed the surrender value.
• Personal information: Provide your full name, address, contact number, and any other required identification details.

Steps to Complete the Lic Plo 21 Form

Completing the Lic Plo 21 form involves several critical steps:

1. Download or collect the form from a local LIC office.
2. Fill in your policy details accurately.
3. Indicate the loan amount you wish to request.
4. Attach any required identification documents, such as proof of identity and address.
5. Review the completed form for accuracy.
6. Submit the form to your LIC branch for processing.

Who Typically Uses the Lic Plo 21 Form

The Lic Plo 21 form is primarily used by policyholders of LIC who need financial assistance. Typical users include:

• Individuals: Those who have active life insurance policies and need immediate funds.
• Families: Beneficiaries of policies who may need to access funds for emergencies.
• Business owners: Policyholders seeking loans for business-related expenses.

Important Terms Related to the Lic Plo 21 Form

Understanding key terms associated with the Lic Plo 21 form can enhance clarity:

• Surrender value: The amount available to the policyholder upon cancellation of the policy.
• Loan interest: The interest charged on the loan amount borrowed against the policy.
• Policyholder: The individual who owns the insurance policy and has the right to request a loan.

Legal Use of the Lic Plo 21 Form

The Lic Plo 21 form is legally binding and must be filled out accurately to avoid complications. It serves as a formal request for a loan against the policy, and any discrepancies can lead to delays or denials of the loan application. It is crucial for users to ensure that all information provided is truthful and complete.