Home Loan Protection Plan Lic

A group non linked non participating credit life insurance product do you worry about your family having to deal with your loan repayments in case of an eventuality.

Home loan protection plan lic. Put your worries to rest with sbi life rinn raksha. It means that in this plan if the life insured dies within the policy tenure the lumpsum sum assured is paid to pay off all the outstanding loans and debts so that the family is not liable to pay any. A loan insurance plan covers the balance to be paid in case of the loanee s death as per the loan schedule decided at the time of taking the policy says rituraj bhattacharya of bajaj allianz life insurance. Term insurance plan or term life insurance plan is a a simple and pure risk cover form of life insurance.

This is a traditional decreasing term plan without bonus facility. Professionals get an extended advantage of repaying back this lic housing loan in 15 years. A home loan is a huge liability and it is important to cover it. Lic housing finance ltd is also committed to help non professional loan seekers to take advantage of griha shobha lic home loan project where they can get a minimum lic home loan of 5 00 000 rs for a maximum time of 10 years.

Under this plan insurance company settles any outstanding amount on the home loan with the bank lender in the event of death of the borrower. Lic mortgage redemption plan is a pure protection term plan as a cover for all the loans and debts. Home loan insurance also known as home loan protection plan hlpp is a scheme offered by almost every financial institution in which the insurer will settle the outstanding or balance home loan amount of the borrower with the lender or bank if there is a situation of unforeseen circumstances that may include demise of the borrower. The policy term is usually the same as the loan tenure.

Hdfc life home loan protection plan is a protection plan. A home loan protection plan is a single premium term insurance plan that covers the borrower s outstanding home loan liability if the borrower passes away before the closure of the loan. This plan has been designed to help family repay the outstanding home loan in case of an unfortunate death of the life insured. When buying online the customer can also take the assistance of customer service advisors who can guide the whole process of buying the life insurance policy without any hassle.

This plan is especially designed for high value long term mortgages such as home loans. It provides financial protection to your family at affordable and cost effective rates. Home loan protection plan hlpp is an insurance plan. Usually banks sell home loan insurance plans along with the home loan.