An Home Loan Protection Plan repays the outstanding loan if the borrower dies or suffers a covered disability.
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.
You can increase or reduce the sum assured of a term cover, depending on changes in your overall liability, advises Bindisha Sarang.
You will be much better off buying the required plans directly from life and general insurers, experts tell Chirag Madia
