Insurance policies sold with housing
Loans
Often,
when a person is sanctioned a home loan, banks or housing finance companies
also try to sell him home loan insurance (also known as mortgage redemption
insurance) or home loan protection plans (HLPPs).
These
plans are for 3 to 5 years for individuals and up to 5 years for group plans.
Typically,
the premium is 0.8% to 1% of the sum insured.
This
policy pays the sum assured when the policyholder has been diagnosed with any
of the 13 critical illnesses covered, accidental death and permanent disability
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