pledge of policy documents

Querist : Anonymous (Querist) 07 March 2019 This query is : Resolved
my friend ria pledged insurance policy documents of lic of value 1 cr with sbi now she could not pay the loan . lic agent is telling that it is for a term amt cannot be given now . in that case how bank will proceed . if the lic agent says it can be recovered. can he have authority to say that .

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kavksatyanarayana (Expert) 07 March 2019
Did SBI sanction loan by pledging LIC policy documents (worth one crore)? After completion of period, the amount of LIC Policy will be released. Without completion of period, the subscriber will be given amount after deducting the amount as noted under terms and conditions in the LIC policy bond.

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