Hi All,

I got my first disbursement from HDFC today and was offered the Loan Insurance.

I would like to know your views on this. Did you go for it ?

for 30L loan, premium is 70k approx for 5 years.

covers :



    Accidents
    Job loss (3 months EMI)
    Partial or permanent disabilities
    Major disease
    and few more (fire, burglary etc.)

    Would you go for it if you already have life terms equivalent to same amount as of loan ?
    Would you go for it if you already have life terms equivalent to same amount as of loan ?
    Would you go for it if you already have life terms equivalent to same amount as of loan ?
    Would you go for it if you already have life terms equivalent to same amount as of loan ?
    Would you go for it if you already have life terms equivalent to same amount as of loan ?
    Would you go for it if you already have life terms equivalent to same amount as of loan ?
    Would you go for it if you already have life terms equivalent to same amount as of loan ?
    Would you go for it if you already have life terms equivalent to same amount as of loan ?
Read more
Reply
5 Replies
Sort by :Filter by :
  • That seems very high. Instead term insurance is better option.
    Ask HDFC or any other bank for term insurance.
    CommentQuote
  • I have taken insurance for my loan amount of 34Lakh from SBI Life. The premium for 25 years is of Rs 1.10Lakh, to be paid in advance at the time of first disbursement. Dont know how cheap/expensive it is, but it does does cover the scenarios wherein I am not able to serve the EMIs.
    CommentQuote
  • Originally Posted by LChand
    That seems very high. Instead term insurance is better option.
    Ask HDFC or any other bank for term insurance.

    I second this.... I have finished one home loan and would use the same term insurance to cover my second home loan...... term insurance is a better option as it is not linked with your home loan only you can use this cover for a lot of other things.....
    CommentQuote
  • I am in favor of term insurance always. Still, you got to be clear. It would not cover few scenarios, which would have been covered by specific home insurance.

    Job loss (3 months EMI)
    Partial or permanent disabilities
    Major disease
    and few more (fire, burglary etc.)
    CommentQuote
  • Good bet

    70 K for 5 years would mean 14 K per year and around 1166 per month which might be high but then its securing you from a lot of unwanted circumstances. I think its a good bet.
    CommentQuote