POSTED BY May 2, 2012 10:21 am COMMENTS (7)ON
recently on 30/4/12 i have taken home loan with hdfc amount 20.35 lac , they have also issued me hdfc ergo insurance policy , should i continue this policy and , buy a pure term plan with riders ?
what is the procedure of discontinuing this policy ?
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7 replies on this article “hdfc ergo insurance , issued along with hdfc home loan”
its giving protection from fire, building destruction , and also health suraksha
yes its hdfc ergo not hdfc life , by the way i had submitted my request for the cancellation of above policy , and had purchased aegon-religare term plan with 24 lacs cover @ 4070 approx.
Dear cp, my question is still unanswered, what was this policy, building protection or your life protection from accidental death.
its a single premium plan , which is added with my home loan emi . i will stop it now and go for pure term plan .
thanx for the reply
Dear CP, you as well as others missed the point that the company in question is HDFC ERGO & not HDFC Life.
First of all please check with HDFC people that the policy issued to you is to cover building or for your accidental death. in my opinion, it should be building cover from HDFC ERGO to protect HDFC’s loan in case, building gets damaged due to natural calamities & other things like fire.
Please check & confirm.
i think hdfc has an option for both either to pay single premium or regular premium plan, in case of regular premium the same is clubbed with HOME LOAN EMI, but it is advantageous to take a term plan as it extend upto 60 years, whereas this plan will not be exceed the home loan tenure, which may decrease in case if you decide to foreclose the loan.
Was it a single premium plan Or a regular premium plan (where you pay each year).
I think it must be a term plan with single premium , in which case you can surrender it and take some surrender value , call their customer care !