POSTED BY March 3, 2013 9:24 pm COMMENTS (21)ON
I have got home loan sanctioned from SBI of Rs 45,00,000/- for 25 yrs tenure(Single borrower). I want to know that :-
1) Is it mandatroy or optional to take the risk insurance policy for loan securtiy as per IRDA or RBI rules as SBI is pressing me to take this SBI Life- RiNn Raksha policy whose premium is ~1.51 lacs.
2) If mandatory, what will be one time premium amount for SBI Life-RiNn Raksha Policy ? How it is calculated ?
3) If there any option to pay one time(Single) or I have to pay 5 yearly instalments or 300 monthly installments.
4) Is there any other insurance policy of any company that is more suitable and cheeper for me. Please advice as early as possible.