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POSTED BY ON August 23, 2012 9:56 pm COMMENTS (2)
I have opted for a Home loan in ICICI and it was approved.One of the reps called me and informed that they have a Home safe Plus for Home loan Insurance.
I am yet to get/read the policy document.From the initial conversation it looks more like a Criticall Illness Rider + Home Insurance.
CI covers
Major Medical illness Diagnosis
Claim is payable on Diagnosis of any of the dreaded 9 medical illnesses (No survival period required)
Cancer
Myocardial Infarction (Heart Attack)
Paralysis
Stroke
Renal Failure
Major Organ Transplant
Multiple Sclerosis
Coronary Artery Bypass Surgery
Heart valve Replacement
During the tenure if diagnosed with any of the above ICICI will pay the remaining principal,clear the home loan and refund the paid principal till that date to the applicant.
Having said that i already have a cover for term insurnace for 75lakhs and the premium for home safe plus comes around 53852/-(one time payment for 5 years) for my loan amount of 16 lakhs.
is it something i should ponder about or should i be safe assuming my term insurance will cover these?
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But, i guess you can pay the premium in installments. I mean annually than single premium. if so, would it be a great one? appreciate more thoughts.
Dear Sethu, Instead of linking the Critical Illness & Personal accident Plan with your home loan, you should purchase stand alone policies from the insurer of your choice. The addition of this 53K figure ‘ll increase your loan amount & You w’d have to pay interest on this increase loan & ultimately you w’d pay a lot more than the original prem.
Thanks
Ashal