Insurance For Home Loan Protection
This plan has been designed to help family repay the outstanding home loan in case of an unfortunate death of the life insured.
Insurance for home loan protection. Home loan insurance is very costly the home loan insurance plan is sold along with the home loan with the reasoning that in case of an unfortunate event of accident or death of the borrower the remaining loan will be paid off with the sum assured and the dependents can be covered from financial worries. For example if the borrower s home is repossessed by the bank lmi pays the bank the gap between the property s sale price and the outstanding amount on the home loan. God forbids if something happen to me after 4 years and my outstanding loan is 38 lacs at the time of death then hlpp. Mortgage protection insurance on the other hand is a lump sum payment or ongoing payments made to cover the loan repayment amount for an agreed period that the insurer.
Home loan protection plan is nothing but a single premium term insurance plan which covers the outstanding home loan taken by a borrower at any given point of time e g. In the event of death disability dread disease or loss of income your bond protector insurance will assist you with your outstanding bond so that your loved ones still have a place to call home. Home loan insurance also known as home loan protection plan hlpp is a scheme offered by almost every financial institution in which the insurer will settle the outstanding or balance home loan amount of the borrower with the lender or bank if there is a situation of unforeseen circumstances that may include demise of the borrower. This is a traditional decreasing term plan without bonus facility.
Some of the comprehensive home loan insurance plans offers cover for the applicant the house and all its contents. If i took a home loan of 50 lacs and also buy home loan protection plan to cover my home loan amount. Hdfc life home loan protection plan is a protection plan. Why do you need insurance for your home loan.
Term insurance plan or term life insurance plan is a a simple and pure risk cover form of life insurance. It provides financial protection to your family at affordable and cost effective rates. A home loan protection product disclosure statement pds is available online or from any commonwealth bank branch or by calling 13 3982 and should be considered in making any decision about loan protection insurance. First name last name email address.
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