I was sold SBI Life Rinn Raksha along with SBI Home Loan !

POSTED BY purvi ON September 27, 2013 5:57 pm ONE COMMENT

My loan sanctioned by SBI(max gain) of 20L,My agent has taken SBI Life rinn raksha policy ,today I went to the bank for the document process,the person of insurance told us that its not mandatory ,but ur loan sactioned on this basis( I dnt knw it is true or not).he had shown us pending files of loan which are not sanctioned as they pepl ddi not take insurance .We gave him cheque for 8000Rs .But he did not handle any policy document.Our agent has told us that if you have enough amt of insurance thn no need to take but we have insurance of only 6-7 L of LIC.

So we told him to take a insurance .WE have to pay for 5 yrs means it is near by 40K.WE have selected an option in which they debit the amt from bank account directly every year.is thr any option now to stop or any othr pls tell us ,As we are from Gujarat nd this is first time so we dont knw abt this.Currently In pune.Wht will be look up period ?whn will we get policy document ?IF we cancell thn will it create any problem whn they disperse the loan,pls reply soon

One reply on this article “I was sold SBI Life Rinn Raksha along with SBI Home Loan !”

  1. ashalanshu says:

    Dear Purvi, as you people are short of insurance, why are you thinking to cancel this policy? what ‘ll hapen to the home loan, if one of you is no more after 2-3 year? How ‘ll you pay the remaining loan then?

    Thanks

    Ashal

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