POSTED BY May 25, 2012 2:07 pm COMMENTS (6)ON
Hi, This is my first post in the forum.
I am 43 years and looking to get a term insurance for 20 years. Looking for a cover of about 1 crore. When searching for the online insurance options, I am getting two choices – cover the homeloan and income cover. The provider is saying that when you opt to cover the homeloan, there will be lower premium or like that.
What is the difference, I could not understand. If I choose to cover the homeloan, in the case of a claim, does it mean that only the homeloan outstanding is paid, or is it just a technical term.
Hope to get an answer soon.
Thanks in advance