Used LIC policy as collateral for a loan? Know what the lender can do if you fail to repay the outstanding dues

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A recent NCDRC ruling explains what happens when an LIC policy is assigned to a bank as security for a loan. The commission held that LIC was not at fault for surrendering the policy on the bank’s instructions after the loan remained unpaid.

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Used LIC policy as collateral for a loan? Know what the lender can do if you fail to repay the outstanding dues

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