Insurance cover for Home Loan - Suggestion inevitability?
Dear Frendz,
I'm looking Insurance cover for my Home Loan with HDFC bank. I took this loan two year ago and dont own Insurance cover yet. I aware that HDFC does provides Insurance cover for home loan products but I want to buy suitable and relatively cheeper Insurance cover. Please suggest me, Institutions offering home loan insurance cover in India near their contact details. I have Rs. 1700000 still left over as outstanding and I want to cover this full amount for insurance cover.
Answers:
What considerate of coverage are you looking for? Disability insurance? Life Insurance? Credit life and disability?
Call around some local insurance agents and ask for term life span insurance with level premiums for 30 years.
as far as i know, to cover your home loan, you may take a "Term Policy", this policy doesn't own any returns or refunds but it gives assurance, that's why it's premium is also massively less. In the market, companies resembling Bharti AXA and Kotak life Insurance is offering low premium in this policy
Contact different loan providers near the same details, and do a comparison of the same.
Check out permanent status insurance plan or mortgage redemption plan of LIC of India. If in Mumbai, I can be of help.
In reality there is nothing resembling insurance cover for home loan. The basic objective to cover home loan is to formulate a financial provision so that the liability arrising out of default due to death is compensated out of the sum assured on the go of the person on whose name loan have been taken.In your case desired sum assured will be 17 lacs.
If you are immature say 30-35 years of age, you can get pure permanent status insurance matching the term of the loan,premium for which will be arround 5500-6000 per annum.All insurers present this type of plans.You should be young and a healthy being in order to get hold of this large sum assured. Pl do consult a reputed advidor of any life insurance company. Source(s): Practice surrounded by life insurance business.
Related Questions:
I'm looking Insurance cover for my Home Loan with HDFC bank. I took this loan two year ago and dont own Insurance cover yet. I aware that HDFC does provides Insurance cover for home loan products but I want to buy suitable and relatively cheeper Insurance cover. Please suggest me, Institutions offering home loan insurance cover in India near their contact details. I have Rs. 1700000 still left over as outstanding and I want to cover this full amount for insurance cover.
Answers:
What considerate of coverage are you looking for? Disability insurance? Life Insurance? Credit life and disability?
Call around some local insurance agents and ask for term life span insurance with level premiums for 30 years.
as far as i know, to cover your home loan, you may take a "Term Policy", this policy doesn't own any returns or refunds but it gives assurance, that's why it's premium is also massively less. In the market, companies resembling Bharti AXA and Kotak life Insurance is offering low premium in this policy
Contact different loan providers near the same details, and do a comparison of the same.
Check out permanent status insurance plan or mortgage redemption plan of LIC of India. If in Mumbai, I can be of help.
In reality there is nothing resembling insurance cover for home loan. The basic objective to cover home loan is to formulate a financial provision so that the liability arrising out of default due to death is compensated out of the sum assured on the go of the person on whose name loan have been taken.In your case desired sum assured will be 17 lacs.
If you are immature say 30-35 years of age, you can get pure permanent status insurance matching the term of the loan,premium for which will be arround 5500-6000 per annum.All insurers present this type of plans.You should be young and a healthy being in order to get hold of this large sum assured. Pl do consult a reputed advidor of any life insurance company. Source(s): Practice surrounded by life insurance business.
Related Questions:
- How lots race discern they are mortal over charged for home insurance?
- Where can I find cheap home owner insurance?
- Home Owners Insurance Question?
- I call for home remedies for an aggrevated bulging disc. I don't enjoy insurance or money for a cortisone shot.
- How would a pit bull affect my home-owner's insurance?