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LIC Home Loan Insurance

LIC Home Loan Insurance makes sure that the loan availed by the borrower doesn't fall as a burden on his immediate family members in case something happens to his/her life.

In maximum number of cases people availing the home loan repay their loan amount within the time without much hassles. Though, in a few cases the loan borrower, the bread winner of the household dies and in wake of his death the people legally succeeding him/her are unable to make the loan repayment generally due to not having a regular and steady flow of income. Here comes the home loan insurance facility in the picture.

Its recommended to every home loan seeker to avail the home loan insurance service being provided by various banks, insurance companies and other financial institutions for repaying the home loan in case something unexpected happens to the loan borrower's life. The home loan insurance covers the home loan and its not the insurance of the home. The home loan insurance takes care of the amount of money you have borrowed as a part of the housing finance and it takes into consideration the remaining amount that has to be paid and not the amount that has already been paid.

LIC Insurance Policy

The home loan insurance provides a shield in form of an insurance policy which covers the home loan. The insurance cover on the home loan keeps diminishing as the loan borrower keeps discharging his/her monthly installments. In the event of the death of the loan applicant this policy discharges a lump sum amount to the deceased person's family but the insurance policy doesn't provide any benefits/profits if the applicant remains alive after the maturity of the policy. Like any other insurance policy the insured person has to cough up the premium amount in a structured manner.

LIC Insurance Premium Payment

The insurance premium on home loan insurance policies differ from case to case. The amount of premium one has to pay off to avail home loan insurance depends largely on details like - the age of the loan borrower(if he is very old, the premium would be high and vice versa), the more the amount of loan availed the more premium amount one will have to pay off, the period for which one has availed the loan also is a major factor in determining the insurance premium and lastly, if the borrower has a sound health the premium amount would be lower. LIC uses net banking services with banks such as Bank of India, Punjab National Bank, State Bank of India, Union Bank of India, ICICI bank, HDFC bank,. Citibank. IDBI bank, ABN AMRO bank, Kotak bank, etc.

LIC Insurance Schemes

A variety of insurance schemes on home loans are provided by the Life Insurance Corporation of India. For example they have the Griha Prakash, Griha Lakshmi, Griha Shobha, Griha Sudhar and so on. You can opt for any of the schemes mentioned by contacting the bank directly. The LIC officials would let you know complete details on all the schemes.

LIC Insurance Online Payment

The Life India Corporation of India has provided online payment of premium with the help of the online banking facility. In order to be eligible to this online banking system you need to have a login id and a password in order to sign in to your account. The bank officials provide each customer with a unique login id and password.

For more on LIC HOME LOAN INSURANCE you can refer to the website: www.lichousing.com

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