Anyone
has adequate life cover (Nearly 150 times of his monthly income.(example).
If
any monthly salary is Rs.20,000 , life cover should be for Rs. 30 lakhs) then
he/she can take a separate housing loan insurance.
In
case, he/she already has adequate life cover then he/she can take a housing
loan insurance with the Sum Assured depreciating in line with the outstanding
loan amount.
This
means, in this case the initial Sum Assured will be Rs. 25 lakhs, but as the
loan outstanding decreases the Sum Assured in the policy also gets reduced
accordingly.
In
the event of uncertainty, an amount equal to the outstanding home loan amount
will be paid by the policy to settle the loan.
In
such a policy the premium payable is calculated based on the Sum Assured which
keeps reducing and this premium will be lower than the premium of a term plan
in which Rs.25 lacs will be the Sum Assured all along the tenure of the policy.
In
case he does not have adequate life insurance cover, he / she can take a term
plan for
Rs. 25 lacs or if possible even more, as at the event of uncertainty ,
the nominee would get the entire Sum Assured, which the applicant opted for
initially.
So,
in this case the nominee would have an amount which the difference of the Sum
Assured & outstanding loan amount left with him/her after settling the loan
which the nominee can keep for the future financial needs.
In
short, one should not think about Life Insurance (life cover) only when he /
she takes a housing loan / car loan, instead one should have adequate life
cover to protect his/her family in the event of uncertainty, regardless of
he/she having or / not having a loan.
The
above example Monthly salary Rs. 20,000. Life insurance coverage should be for
Rs. 30 lakhs. The personal taken a home loan about Rs. 25 lakhs. Then the
person will take a total life cover Rs. 55 lakh. The policy would be term plan
is better.
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