I would never ever recommend LIC to any of my friends because there is a Lack of Transparency. The loan agent has a casual attitude. There is also a delay in disbursement of loan which leads to penalty. Also, when the rate of interest changes from fixed to floating, they do not offer the floating rate which is being offered to others specially to new customers.
There is a large gap in the interest offered to old Considering. Also there is Non provision of "sanction letter, tripartite agreement, details of loan account including interest rates" besides other hassles. It makes life difficult.