Hi, 1.Can I link my existing LIC policy /policies to home loan that has sum assured value less than loan value? If not Is there any good life insurance policy that also gives returns and can be linked to SBI home loan for security. 2.Does critical illness, job loss and sudden death criterias gets covered in any policy( like Hdfc ergo)? 3. Do we have any policy that covers life and home insurance both in single policy?
Usually, when you go for a home loan then the collateral will be your home but not the life insurance. So, I don’t think any bank will accept this. But for other types of loans, you can pledge your life insurance policies as collateral. In life insurance, you can add the riders to get such benefits. But job loss is not covered. No, there is no such policy as of now.
Thank you Basu, regarding Job less means if any critical illness or permanent disability occurs, then, that person will be indirectly job less, in such cases any good policy in Market?