Home Loan Protector Insurance

POSTED BY milan doshi ON August 16, 2012 9:57 am COMMENTS (5)

Dear sir,

I am 36 yrs old, working with corporate group in India. I have to purchased resale flat and I need a home loan of Rs. 2700000/- for the term 22 years from the State Bank Of India.

my question about Home loan protection plan, SBI suggest me for SBI RINN RAKSHA and my friends suggest me SBI SARAL SHIELD or SBI SMART SHIELD, even in that ” Level Term Assurance” or ” Decreasing Term Assurance ( Loan Protection). so which one is better for me ?  single premium or yearly premium ? I dont want to invest too much for Insurance, so please advice me as soon as possible. 

Thanks for your co-operation.





5 replies on this article “Home Loan Protector Insurance”

  1. BRSINGH says:

    Honestly I do not know anything about SBI term insurance. I have done it from Bharati Axa life eProtect through online. I pay 10,000 as premimum for 1CR cover without out any riders. Instead of one policy from SBI you can take two policies. One from SBI and one online term insurance from Bharati Axa, Bjaja Allianz, etc. as it will be very cheap.

    Please check the settlement ration for the policies to determine which one is better.

  2. milan doshi says:

    Mr. Singh,

    At presently I have not taken any term insurance but now I want to take term insurance between from Saral Shield or Smart Shield both from SBI. so please advice about that.

    In which two option from SARAL SHIELD / SMART SHIRLD so, Please give advice for that
    which one better option for me.

    (Option – 1) Level Term Insurance – Term 22 years – 25,00,000/- with Auto Riders – with Yearly Premium/Single Premium.

    (Option – 2) Decreasing Term Insurance (Loan Protection) – Term 22 years – 25,00,000/- without Auto Riders – with Single Premium.

    Thanks for your co-operation.

  3. milan doshi says:

    Dear samir,

    At presently I can pay the loan but if it will be happen anything with me then who will pay the Outstanding amount ?

    1. BRSINGH says:

      Hi Milar,

      What Sameer suggests is if you have a term insurance then you dont have to by the loan protection insurance. This is will be taken care by the term insurance. Please talk to SBI people to waive this loan protection insurance against the term insurance you have.

  4. Samir says:

    Hi Milan,
    My question – Why you want to take loan insurance… When same need can be fulfilled by a Term Insurance?

    I am pretty sure it would much cheaper.

    I did purchased the home loan insurance but relaized the mistake I did…

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.