Most plans offer a sum assured that reduces as your outstanding home loan comes down every year.
The choice for the home buyer is clear - either get adequate life cover or a mortgage insurance product.
You will be much better off buying the required plans directly from life and general insurers, experts tell Chirag Madia
'Do exhaustive research and then select the one that best fits your budget and requirements.'
Use these loans to meet emergency needs, and not to fund holidays or luxury purchases.
Here, we present a case in favour of individuals insuring themselves so as to ensure that home loan.
While investments are typically reviewed annually, risk cover is often left unchanged for years.
To minimise hardship for legal heirs, home loan borrowers must purchase additional insurance cover while taking a home loan.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Do you want to know if your investment in a house, mutual fund, insurance or real estate taxable? How is tax calculated on your ESOPs?
The reduction in goods & services tax (GST) on individual life and health insurance premiums has been called a "landmark step" for making insurance affordable and inclusive. In a panel discussion at the Business Standard BFSI Insight Summit 2025, Anup Bagchi, managing director (MD) & chief executive officer (CEO) of ICICI Prudential Life Insurance; Mahesh Balasubramanian, MD & CEO of Kotak Life Insurance; Tarun Chugh, MD & CEO of Bajaj Life Insurance; and Ratnakar Patnaik, MD of Life Insurance Corporation of India (LIC), listed what else the industry needs to reach more people.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
If you opt for a term-life cover, buy separate policies to cover the loan for all the co-borrowers in a home loan for a sum assured equal to the home loan amount.
The most common mistake is investing without assessing suitability and long-term implications.
Home loan cover from the lender may not be the best option
Here are some of the common mistakes that most home buyers make when it comes to home loans and how to avoid them.
You can increase or reduce the sum assured of a term cover, depending on changes in your overall liability, advises Bindisha Sarang.
Chartered accountant and Sebi registered investment advisor, Harsh Vardhan Roongta, answers your home loan queries
Younger customers should opt for increasing cover as their financial commitments are likely to rise in the future.
Leading non-banking financial company (NBFC) Shriram Finance on Friday said Japan-based MUFG Bank would invest Rs 39,618 crore, or $4.4 billion, to acquire a 20 per cent stake on a fully diluted basis through a preferential issue of equity shares.
Home loan protection insurance is the perfect tool to protect your family against home loan liability and subsequent default.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
Improved credit profile may make you eligible to transfer your existing home loan to another lender at a much lower rate.
Your EPF isn't just a retirement pot. It's a financial safety net you can dip into for life's biggest needs. Here's how these one-time advances work and when to use them wisely.
Loan protection insurance, or loan payment protection insurance, is a form of payment protection insurance. This type of insurance can help you protect your monthly loan payments if you become unemployed or suffer an accident or sickness.
Public sector banks on Monday announced that home loans up to Rs 5 lakh (Rs 500,000) would be given at a maximum interest rate of 8.5 per cent, while those between Rs 5 lakh and Rs 20 lakh (Rs 500,000 and Rs 2 million) would be offered at 9.25 per cent.
Those who have binged on credit must spend less, cut discretionary expenses, and focus on repayment.
Standard Chartered Bank on Tuesday announced a special variable rate offer of 7.49 per cent per annum for home loans across all tenures up to 20 years.
Home loan rates are increasing and more is in the offing. Can you prepay your home loan and save money on ineterst paid? Transcripts of the chat with home loan expert Harsh Roongta.
When does it make sense and when does it not?
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
For a loan of Rs 20 lakhs (Rs 2 million) from Axis Bank, Varadarajan was asked to pay Rs 31,630 at one go or under a single-premium insurance plan.
The long list of terms and conditions often contains clauses which can have a significant bearing on your loan repayment.
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