POSTED BY February 10, 2014 11:26 am ONE COMMENTON
I have a housing loan and I have an insurance on this loan (It is not an insurance on the house, but insurance on the loan, if somethings happens to me before the loan is fully repaid, the insurance company will repay the outstanding amount of my loan. The insured amount is always equal to the outstanding amount at any given point of time which keeps on reducing as I keep repaying my loan.
I am planning to take a new term insurance. In the column where I need to specify my existing life coverage, how do I mention the cover for the housing loan, or should this amount be mentioned. In all insurance forms, it has been specially mentioned to exclude group insurance schemes. But no where could I find details on how to mention insurance that one would have on a loan(car loan, home loan etc).