Secure Home Loans With Life Insurance..!

 Secure Home Loans With Life Insurance..!

by Mr. Rituraj Bhattacharya, Bajaj Allianz Life Insurance

Did you know, that if you were unable to pay off the full amount towards the housing loan repayment, not only would your family have to bear the burden of the outstanding home loan, but they would also end up losing the prized possession to the bank, despite having partially paid off the loan.

How you can secure your Home loan?

Rituraj Bhattacharya, Bajaj Allianz Life Insurance

There is some rigidity that a conventional mortgage plan poses on various aspects. But a decreasing term cover plan can help you overcome this.

Let's take a look how:

Loan Schedules:

If you choose to secure your housing loan through a decreasing cover term plan, one can cover his / her home loan that do not require a loan schedule for the cover to kick in. Such plans allow you to select your rate of interest from a range on the basis of which the sum assured is decided.

The home loan under a single plan, by taking a cumulative rate of interest & sum assured. Also, in the situation when interest rates change, you can always top up the new outstanding loan amount with an additional sum assured.

Cover for All  Loans:

Mortgage insurance is usually available as a bundled product along with the loan and covers only the loan taken from the bank. Such products are limited in their features because they are available only if you have taken a housing loan and do not fulfill any other financial objective.

A decreasing cover term plan can be used to cover various kinds of loans, such as personal or consumer loans, in addition to high-value loans.

Flexibility..!:

A decreasing cover term plan would give you the option to select your policy term, premium payment frequency and rate of interest. Some products also give you the option to pay premiums in advance, which entitles the policyholder to favourable discounts.

Some life insurers offer decreasing term cover plans on a limited premium payment mode, wherein, the premium needs to be paid only up to two-thirds of the entire policy term.

Mr. Rituraj Bhattacharya is Head-product development and market management at  Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance Company Ltd.
GE Plaza, Airport Road, Yerawada,
Pune  - 411 006.

Tel. : +91 020- 66026777, +91 020- 66026666            

Fax: +91 020- 66026789, +91 020- 66026667                             

E-mail: websaleslife@bajajallianz.co.in, websales@bajajallianz.co.in

Phone Number:-1800-233-3355 (Toll Free).

Contact Details for Customer Care:            

 BSNL-   1800- 233- 7272   

TATA-    1800- 209- 7272   

BHARTI-               1800- 103- 7272

                 

Contact Details for Customer Care:            

 Any Landline / Mobile - 1800 - 209- 5858                 

MTNL/ BSNL- 1800 - 22- 5858        

BHARTI-               1800 - 102- 5858                  

OTHERS-              020 - 30305858   

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