An insurance policy is contact between policy holder and an insurance company. We can take a home loan insurance for a long period of time.
What is home loan insurance?
Home loan insurance can take long term commitment. It can extend 30 years more. Just a one thing suppose policy holder pays the EMI monthly or quarterly basis uncertainly he will expire under unforeseen circumstances. Hence the burden of paying falling on other family members. They can not repaid the loan installment then the house will be seized. That’s the situation to secure their future of their loved ones with the help of home loan insurance.
How does this insurance work?
Home loan insurance is like a term insurance. This type of insurance will be recovered till the period of your loan repayment. You have paid the loan payment the insurance term expires. However if the individual who is paying loan expires within the long term period of the loan insurance can be claimed by the family will repay the outstanding home loan amount. This assure that our home are not seized by the bank. Home loan comes with one time premium. Policy holder also have the option to club the premium amount with the total loan amount. For example if the premium amount on Rs 60 lakhs loan is Rs 3 lakhs then buyers has a option to taking a loan of Rs 52 lakhs.
Riders and Add-On benefits
Home loan insurance provider provides the add on facility to enhance their cover benefits. Riders like accidental death, disability can be covered with the home loan insurance plans. For only security purpose you can take home loan insurance. It is not a compulsory.
Benefits of home loan Insurance
- Lumsum amount is paid to the home loan or policy holder.
- Our Tax must be reduced under the section of 80C and 80D.
- Add-On facility is also covered in Home loan insurance plan.
- Policy provider have the option of converting insurance premium into amount that can be added to the home loan EMIS.
- Home loan insurance also provides the special coverage of heart attack, illness and cancer.
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