I have recently taken a home loan from ICICI bank. They insisted that I should get property insurance too, so accordingly I gave them an additional DD for property insurance in favor of the insurance company.
Now I am made to understand that the property insurance will be in ICICI name and not in my name. At the time of loan closure I will have to get it endorsed in my name from the insurance company.
I am also not given a copy of the property insurance for my reference. How do I even know that the DD which I issued for property insurance was actually used to get an insurance against my property? What do you suggest I do in this case? Is the bank entitled to do this and should I receive a copy of the insurance?