Insurance For Home Loan
Insure your home loan amount and protect your family s financial future with icici pru iprotect smart.
Insurance for home loan. 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. Home loan insurance supports your family in paying for the outstanding home loan amount. Some of the comprehensive home loan insurance plans offers cover for the applicant the house and all its contents. A home loan insurance plan is a scheme under which the insurer will settle the outstanding home loan amount with the lender or the bank in case of an unforeseen situation.
Most home loan insurance plans are reducing in nature and hence the life cover keeps going down as the loan gets repaid. It can be taken out on both residential and commercial properties and is also available for owner occupied and investment property loans. Several home loan insurance providers also offer home loans insurance schemes with optional rider plans to enhance their cover benefits. As in the case of all term insurance policies.
In the above example in case of death after 15 years the insurance company will pay rs 13 6 lacs under hlpp and rs 30 lacs under a term plan. These policies offer a cover that reduces every year as the loan amount comes down. In the case of death of the borrower the onus lies on the family members to file and obtain the claim amount. If the claim is passed the amount is directly paid to the lender or to the family member beneficiary.
Mortgage insurance also known as home loan insurance or consumer credit insurance is a product that protects the borrower from the risk of default. In the event of the death of the borrower during the tenure the insurance company will settle the. However if you do not have a term insurance plan estimate the total amount that your family would need including the home loan liability and then buy it the day you have the loan sanctioned. So even after settling loan dues the beneficiary will have rs 16 4 lacs for own.
In the above example one needs to get a cover of rs 1 1 crore to meet the protection needs of the family and to cover the loan. Home loan insurance policies are taken in the name of the borrower of the home loan. Riders like terminal or critical illness accidental death unemployment and disability can be clubbed with home loan protection plans. What is home loan insurance.
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