HDFC Home Loan Insurance

HDFC Home loan insurance is a service offered by HDFC in order to let the home loan borrower insure his home loan and in case anything unexpected takes place in his life the burden of repayment of home loan does not fall upon his loved ones or his legal heir to repay the loan amount. Home loan insurance is very significant considering the financial

commitment that one gets into when one avails a home loan scheme with a commercial bank or a financial institution providing housing finance. In any circumstances if the loan applicant fails to repay the loan the bank or the home loan lender is liable to take the possession of the home. So, it is advised to the home loan applicants to avail the home loan insurance so that his dependents do not have to bear the burden of repaying the home loan in case of any unavoidable and sudden occurrence. The company takes into account three factors - age of the home loan borrower, loan tenure and the medical record to ascertain the health condition of the applicant.

HDFC Home Loan Insurance Policy

HDFC Home Loan Insurance Policy provides the home loan borrower with an insurance product specifically for the housing loan, so that if the home loan borrower expires before the home loan tenure gets over his dependents do not have to face any problem to repay the home finance as according to the insurance plan they will receive a sum of money to be paid towards repaying the home loan and thus will remain safe and secure from any sort of financial ordeal. HDFC Home Loan Protection plan offers certain below mentioned benefits to its home loan insurers: According to the conditions of the contract of the insurance plan if the client dies during the contract term a decreasing assured sum of money would be provided to pay the remaining amount of home loan.

The reason a reducing sum is assured over a period of time is the applicant will not have to pay premium for safety you do not need.

Commitment of the Insurer

The home loan insurer is required to make a single payment towards home loan insurance policy in advance. This premium amount can also be allocated in the loan amount and can be repaid along with the regular EMIs.

Following are certain eligibility norms to get your home loan insured from HDFC:

• The minimum age prescribed by the company any home loan borrower to insure his home loan is 18 years.
• The maximum age at which an individual can get his home loan insured is 50 years.
• The maximum age of the insurer should not exceed 60 years at the expiry of the insurance period.

h2>Amount of home loan insured:

Any home loan applicant get his home loan insured to a maximum amount Rs 30 lakhs and the minimum amount for home loan insurance is Rs 2000. For more on HDFC home loan insurance plan and schemes you can either write down to the registered office or call the customer care service or can even log onto the HDFC website:

Write to HDFC at:

Registered Office: HDFC Standard Life Insurance Company Ltd,
H.T. Parekh Marg, Ramon House,
169Backbay Reclamation, Churchgate,
Mumbai - 400 020.
or call on: Tel: +91 (22) 66636000

You can also visit:
http://www.hdfcinsurance.com/Products/ProtectionPlans/LCTermPlanPlus.aspx