POSTED BY October 26, 2013 12:23 am ONE COMMENTON
Hi Friends / Admin
Recently amount of around 24000 INR was deducted from account for SBI general insurance against my house loan of rs 31 lac INR. Loan was sanctioned to me in April 2013. Policy tenure is 20 yrs which is same as loan tenure.
Amount for SBI general insurance is deducted on 30th Sep 2013.
I have following questions
1) Is SBI general insurance is compulsory ? My friends and relatives have taken loan from other banks like HDFC bank but HDFC did not ask for any property insurance. Is it only compulsory in SBI and subsidiary banks.
2) Can I cancel the policy from SBI general insurance and take policy from some other company ? What will be the procedure for cancellation of policy. Many times I have talked to Bank manager but did not get satisfactory answer.
3) Does anyone have any idea of general insurance from other companies. How much will be the premium from other companies for same amount and tenure.
4) If I make prepayment of loan (for example say 2 yrs) then will this policy will be valid of remaining period or not. If not then will I get any premium back or not?
Your prompt response for these questions will be really great help to me. I am really tired of talking to bank people