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POSTED BY ON June 29, 2014 4:14 pm ONE COMMENT
Hi All,
I have taken a home loan from SBI and they insisting to take Rinn Raksha insurance policy with it. I have try to refuse the policy but they told that your loan only can process if you avail the policy. At that time I have no option rather to take the policy. Its premium is to be pay in 5 year and covering the loan amount also Its premium will be paid by SBI and the Premium amount will be added with my loan amount.
However as per construction schedule of my home 35% of the loan amount is disbursed by the bank and no/1st premium amount regarding Rinn Raksha is submitted by bank till now.
Can anybody help me to get rid out of this Rinn Raksha at this time as i have enough life cover from other company.
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there are following options you have
Option 1- Legally, SBI cannot force you to take insurance policy to process loan. You can lodge complain with customer court for this
Option 2 – since you’ve taken insurance policy, they would call you for medical checkup. Just do not go for it. If your medical is not done, your policy will not be issued
Option 3 – If they do not call you for medical and issue the policy without it, do not pay the next set of premium. Your policy will get cancelled. In this option, you’ll have to do away with the premium that you’ve paid till now.
Note that since your loan is already approved, it does not matter whether you continue with your policy or not. It will not have any negative effect on your loan.