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POSTED BY ON September 27, 2010 11:56 am COMMENTS (3)
Hi All ,
Am looking for a Insurance Plan to cover my home loan . I am not sure if to take a Home Loan Insurance plan or a an additional Term Insurance plan .
If any one has any idea about any good Home Loan Insurance Plans available in the market please share .
-thanks
debashish
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Hi Ravi
My requirement is Home Loan Insurance . The loan is with HDFC , they have suggested one plan called HOME SURAKSHA PLUS which covers following
§ First diagnosis of a critical illness
§ Accidental Death (Dependent child education benefit )..This is over & above the sum-insured.
§ Permanent Total Disability
§ Loss of Job
§ Loss or damage to the property on account of Fire and Allied Perils (Home Insurance)
§ Loss or damage to household contents on account of Fire and Allied Perils and Burglary/Theft (Home Insurance)
How ever , i feel the premium is on a higher side . For sum assured of 40 lakh , single premium of 1.25 lakhs for five yr coverage (they do not have annual premium option ). Not sure thats a standard rates or they have suggested an expensive plan .
Thats why i am looking for other similar products to compare the premium and coverages
-debashish
This Home loan insurance is a unique product which Term might not replace it fully. For e.g. even if Term covers life, permanent disability etc, it doesn’t cover fire or theft. So, I think it is purely individual choice and one has to decide whether to go or not. I remember ICICI Lombard also suggested me similar product for 60K 2 years back and it is for 5 years. I didn’t go for it as its duration is only 5 years.
Hi Deashish,
Your reuirement of insurance is for Home or Homeloan?
if it is for homeloan, then I feel term insurance is also a better option. You can check with your bank (your homeloan bank) as mostly they would be having plans which covers homeloan.