QI am a home loan customer of a leading bank. I wanted to know if it is necessary to get my home loan insured. Please explain the various options available.
Renu Sud Karnad:Since a home loan is a huge financial commitment for a long duration (15-20 years), it is advisable to get home loan insurance cover for the loan amount in order to safeguard the interest of your family in case of any eventuality.
HDFC’s group company HDFC Standard Life Insurance offers a “home loan protection plan” which has been specially developed to suit home loan customers. This plan is a single-premium decreasing-term assurance plan which ensures that the outstanding loan, up to the amount insured, is adjusted/repaid in the event of death of the borrower. This serves as huge security for the family during the term of the loan. It is possible to include the premium in the loan amount itself and repay as part of the regular instalments. Ask Mint | - livemint.com
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