بسم الله الرحمن الرحيم
(1) The business of LIC is based on interest and gambling; hence it is not lawful for a Muslim to avail such policy.
(2) It is not lawful for a Muslim to take loan from a bank in normal condition. It puts a man in trial and invites misfortune and problems in the house and business.
Allah knows Best!
Darul Uloom Deoband