January 16, 2014 10:10 am
just i want to know about this policy and in which situation it is benifits.
Dear Gobru, the Rinraksha policy is a mortgage term cover. It is offered for SBI bank’s home loan customer. The term of the home loan is the term of the policy. In this policy, the prem. is normally paid from home loan by adding the prem. amount into basic loan amount. At any given point of time, the outstanding loan amount is your sum assured. For example if you are taking a 20L Rs. loan, at the start of policy the sum assured is 20L Rs. and as the time passes, the remaining loan amount say 18L Rs. after 3Y ;ll be the sum assured at that time.
if death of the home loan borrower happens during the term of the loan, family of the borrower needs to file claim to SBI Life (the policy issuer) and the claim amount ‘ll be settled to SBI’s home loan directly.
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