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Date : Apr 23, 2008

Question

I want to take a policy to cover my home loan. Please suggest me a appropriate policy.

Answer

You have two options here:

loan cover term insurance: This insurance plan ensures that your family is never burdened with repaying your home loan. It is an affordable plan that has been designed to help your family repay the outstanding loan in case of your unfortunate death. The lump sum received here would be a decreasing percentage of the sum assured. In other words, as the outstanding amount of the loan decreases as per the loan schedule, the cover under the policy also decreases as per the policy schedule.

Term insurance: This is a pure risk cover plan, giving your family protection against your death. Here, the lump sum death benefit will be the same as the initial sum assured i.e. death cover under the policy remains the same throughout the period of the term of the policy.

We at Apnainsurance recommend going for a pure term insurance rather than loan cover term insurance. Term insurance is a level term cover whereas loan cover term insurance is a decreasing term cover.

 

 

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