Insurance to cover risk during home loan

POSTED BY Vivek ON September 30, 2010 10:34 pm COMMENTS (3)

Guys, I am about to take a big home loan along with my wife. Given below are details of our insurance till now

Me : 10 lakh term insurance

       2 lakh mediclaim provided by employer for me and my wife

Wife : No life insurance

         2 lakh mediclaim insurance provided by employer for her and me


Please guide regarding extra life insurance/health insurance/other risk cover that should be taken 

Thanks a lot

3 replies on this article “Insurance to cover risk during home loan”

  1. Pardeep goel CFP AIII says:

    In my opinion , you may ask your home loan provider only. Because they would have tie up with the insurance companies and the Premium of the insurance would be added in you EMI only. so you need not to worry for 2 seperate premiums.

    For mediclaim policy you have cover for only 2 lacs for two person and that from you employer only. Wat if you change your job , you will be with out any medical protection. In my opinion you should buy one more mediclaim as family floater for both. This will increase your security in case of medical emergencies.

    Happy investing.

  2. Please have a look on IDBI Federal HomeAssurance plan. That plan is especially to cover home loan liability.

    Hope it will help you.

  3. Manish Bansal says:

    First what is the Home Loan Amount and Other Liabilities u have?
    Whats ur Earing?
    Is your Wife House wife or Earning?
    Whats the Duration of Loan u r taking and Sources to Repay it for So long Run?
    Whats is the Period of your Term Insurance? how many years Remaining

    After answering above Questions only I can calculate whats more Amount Insurance U Need.

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