Don’t Only Insure Your Life, Ensure Your Home Loan Too!
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When UR Sinha, a Pune-based techie bought his house, he took a loan from a leading bank; he also bought an insurance policy that was offered at the time of signing the loan documents. What he did not realize was that the insurance tenure was for five years and where as his loan was for 20 years.
“I did not even think of securing my life until they offered this insurance. It came at the last minute, so I did not think twice. I bought it anyways. Later, I got to know the details and features of competing insurance products were much better. I wish I had done some study before I paid the premium,” he said.
So, what are the terms and conditions you should look for in such policies? Here is a list of features that are available:
· Cover: Ensure that the term covers the entire loan value. Some of them cover applicant and the co-applicant. Choose what suits you the best.
· Tenure: It always makes sense to buy a term insurance that covers entire life span of the loan
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About the author: Rajiv Raj is the director and co-founder of www.creditvidya.com.
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