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Although it is essential to buy an insurance cover while taking a loan you are under no obligation to do so, not from any bank nor non-banking finance company. "It is not mandatory to purchase home loan protection plans. Neither the law nor the regulatory bodies such as RBI or IRDAI have made the purchase of home loan protection plan with a loan mandatory. Purchasing an insurance plan is the sole discretion of the buyer and borrowers cannot be forced to purchase such plans," says Adhil.
However, if you do not have a term insurance plan, estimate the total amount that your family would need including the home loan liability, and then buy it the day you have the loan sanctioned. In the above example, one needs to get a cover of Rs 1.1 crore to meet the protection needs of the family and to cover the loan. Remember, the additional cover will only be for the tenure of the loan. Once the loan outstanding becomes nil or when it is paid off, drop the term plan earmarked towards it.
On an average the annual premium for Rs 30 lakh for 15 years is Rs 3,200, i.e., a total of Rs 48,000 will be paid over 15 years. Instead, the single premium comes at Rs 34,000 for a cover for 15 years. Ask the lender to share the premium figure and compare it with those from life insurance companies and then take a call accordingly.
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