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Insurance on Loans

What is loan insurance/credit insurance?

Most lenders offer an insurance plan covering the outstanding amount on the loan. This is usually a depleting term plan which covers the risk of an unfortunate event in the borrower’s life that may lead to inability on the borrower or his/her family’s part to pay the loan installments. These are usually single premium policies taken at the time of availing the loan. Some lenders may offer the same at a later stage as well with coverage equal to the loan outstanding. The standard parameters such as age, pre-existing illnes, smoking profile etc still apply when calculating the premium for such policies. When availing large loans it is often advisable that borrowers avail of credit insurance.

In case of property-based loans, does the property have to be insured?

Some lenders require the property to be insured for fire and other appropriate hazards, as required during the loan tenure. The lender will be the beneficiary of the insurance policy. This is often an additional expense which adds to the final cost of the property.

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