Why home loan should be covered with an Insurance

Every home loan providing bank or financial institution is making home loan linked life Insurance mandatory to each and every customer even though they are enoughly covered by other insurance companies. It is a good step towards securing the customers life while securing their funding. But most of the customer’s who go for home loans are not interested in going for a home loan linked insurance. It is a good product where in the customer will pay the single premium and gets covered for the entire home loan tenure and the greatest point is banks or financial institutions are funding the premium amount also. The Product covers all sorts of risks which a normal insurance covers and the outstanding loan amount will be cleared directly by the insurance company and the original documents will be returned to the co-applicant in the home loan post closure of loan account. A single premium will cover the entire liability of the home loan and secures the dependable lives from the huge liability by giving them the house if memories.

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GiottoPress by Enrique Chavez