Hi All,
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.
Thanks !!
Prashant Shukla