Topic: Home loan insurance protection plan – what benefit I will get from this insurance policy

regarding my home loan?

This message was edited 1 time. Last update was at 27/07/2009 12:27:27

Home loan insurance protection insurance is designed to pay off your mortgage if you die. Your policy runs for the same length of time as your mortgage, and the premium you pay each month depends on the size of your mortgage as well as your age, gender and the state of your health. The premium is fixed for the term of the mortgage.

In case of death of the policyholder all outstanding loans declared at the beginning of the financial year would be payable as per the prepared schedule. Your Dependants would not be bothered to pay future EMIs on the home loan and would have ownership of the home.

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