insurance cover for home loan - a customer education initiative by dhfl
Post on 09-Feb-2017
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Insurance Cover for Home Loan – A Customer Education Initiative by DHFL
DHFL Home Loans – www.dhfl.com
Hello Sharmaji, I am so happy that you finally visited my home.
DHFL Home Loans – www.dhfl.com
Hello Vinodji. I had to; you invited me so many times.
DHFL Home Loans – www.dhfl.com
I have now bought a home of my own with the help of a Home Loan. But I am worried, whether my family will be able to repay the Home Loan in case something happens to
me.
DHFL Home Loans – www.dhfl.com
Why don’t you take an Insurance Policy linked to your Home Loan to safeguard and protect your family?
DHFL Home Loans – www.dhfl.com
Life Insurance Policy linked to Home Loan are arranged by the Housing Finance Companies/ Home Loan Lenders in partnership with insurance companies which covers
you with the risk of death and ensures that the insurance company pays off the entire outstanding Home Loan amount to the loan provider/ financer, in case something
happens to you.
DHFL Home Loans – www.dhfl.com
Such insurance covers are commonly known as MRTA (Mortgage Reducing Term Assurance). Thus, your family is protected from the burden of repaying the Home Loan
outstanding amount and your family will retain the home.
DHFL Home Loans – www.dhfl.com
I see. How is the Life Insurance Policy linked to Home Loan calculated?
DHFL Home Loans – www.dhfl.com
The sum insured is linked to your Home Loan amount and the amount of insurance premium payable to the insurance company depends on:
DHFL Home Loans – www.dhfl.com
Applicant’s Age, Home Loan Amount, Tenure of the Home Loan, Applicant’s Medical History
DHFL Home Loans – www.dhfl.com
How to buy an Insurance Policy linked to Home Loan?
DHFL Home Loans – www.dhfl.com
Generally, the Housing Finance Companies/ Home Loan lender will recommend an Insurance Policy as per your requirement which is bundled along with the Home Loan
that you seek.
DHFL Home Loans – www.dhfl.com
In case you opt for a bundled product and require financial assistance for the payment of the premium amount to the insurance provider the same is funded by the Housing
Finance Companies/ Home Loan Lenders. Alternatively, you can search the market for a suitable Insurance Policy.
DHFL Home Loans – www.dhfl.com
You must check if the policy will cover the death benefit, death by accident, permanent disability benefit, etc.
DHFL Home Loans – www.dhfl.com
This will safeguard your family from loan burden of any repayment challenges in the future.
DHFL Home Loans – www.dhfl.com
Thank you Vinodji for your guidance on Life Insurance Policy linked to Home Loan.
DHFL Home Loans – www.dhfl.com
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