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?
I suggest you to buy separate critical and accidental insurance policies from general insurance companies or standalone health insurance products. They exactly meet your requirement of what you fear.
Will the home loan mortgage insurance (Not home insurance) help in cases where the home is damaged and the person is unable to pay the loan?
My age is 32 and I have take a home loan of 57 lacs. I already have taken a term plan of 1 crore and brought a home insurance as well. However, I would like to know what happens when due to a calamity if the home is damaged. My home insurance will compensate me for rebuilding the home but what about the EMI I have to pay towards the home loan. Also what do you suggest in this case is the best solution?
For your first question-NO. For protecting HOME LOAN, you have to buy the mortgage based term insurance.
Sir, will having a term plan be sufficient? What am I missing considering I have a term plan and home insurance Thanks, Ashok