Hi,
As with everybody, I see an amount of approx 23k got debited from my loan account, thus increasing the total principal loan amount. Detail:
Loan Sanctioned: 51 lakhs
Started paying the Premium from: April 2013
Total Duration: 15 years
SBI GENERAL INSURANCE PREMIUM DEBITED: August 27th, 2013
Primium amount Debited: 23k (10k + 10K + 3.2k) all on the same day
SBI Life Premium already paid at the time of sanction = 17.5k (need to pay the same for another 4 years)
Questions:
1. I was told abt the SBI Life at the time of loan sanction and I agreed to pay it seperately for 5 equal installments for 1st 5 years of loan tenure. But I was never told abt this SBI General Insurance. Is this the property insurance?
2. If yes, looking at the premium amount (of 23.2 k), for a property of 65 lakhs, any idea this Insurance will cover my property for how many years?
3. More importantly, this premium of 23.2 K is one time for the whole duration of the insurance or am I looking at this premium for every year (getting added to my loan principal)?
4. Will I get any kind of documents stating the details of the policy or to whom I need to contact to get those documents?
5. Can I find the mention of this amount being deducted, in my loan sanction letter? (I might have overlooked it)
Appreciate a quick response on all the above 5 points.
Please help me with the reply as I am staying outside India and getting thorugh the RACPC over the phone is like getting to talk to the Almighty in person 🙂
Regards,
Sumanto