SBI Home loan with Insurance coverage

POSTED BY sateesh89 ON June 5, 2012 7:29 pm COMMENTS (11)

Hi Manish & Team,

I have taken a home loan from SBI of amount 11,68,000. I have taken with SBI surakshit insurance coverage. At the time of taking loan they said the policy is of single term 17,260.00 . But in OnlineSBi; it is showing as 35420.00 exactly double. why so? Can u tell me in general wat could be the policy amount(Details are : amount : 11,68,000. tenure 15 yrs, DOB : 18/7/1986 age: 25 yrs)

Thanks in Advance

11 replies on this article “SBI Home loan with Insurance coverage”



    I took homeloan of 2320000 from SBI in June 2013, there are two account basically showing in my saving account.

    1. BT Suraksha
    2. Surakshit HL

    Two months back I did the prepayment of Rs 1,20000. but some amount say 5000 went to BT Suraksha and 15000 went to actual home loan account that is Surakshit HL.

    Is there any specific reason for this? Please suggest.



  2. Laxmi Kiran says:

    I recently took a loan of 40L from SBI & I was told that SBI general Insurance of around 26k for 240 months is mandatory. I have few questions please-
    1. Is it mandatory?
    2. Who gets to keep the policy documents?
    3. In the event of a natural calamity, who gets the insurance money? What is the coverage value?
    4. Does this insurance only cover the property or also the home valuables against theft?
    5. If it does not cover theft, can I pay extra and get that covered as well?
    6. What if I prepay the loan before 240 mnths? Does the policy lapse? Do i get any premium back?
    Thanks in advance. Regards – Laxmi.

    1. vivek says:

      No insurance is not mandatory per IRDA.

  3. Dear Sateesh, the home loan is a single borrower or a joint loan?



    1. sateesh89 says:

      Hi Ashal, It is a single borrower. details are
      Description : BR- SBT SURAKSHA
      Limit: 34,520.00

      1. Dear Sateesh, please get it clarified from the SBI branch staff from where you have taken the loan. SBI Surakshit Home Loan is the scheme where the mortgage term cover single prem. is bundled with the basic loan value.

        For the Loan value & the loan term opted by you & keeping your age in mind, the prem. of mortgage term cover may be 34K Rs. if the term cover is using old Mortality table.

        That’s why I’m asking you to get it clarified from SBI staff itself.



        1. sateesh89 says:

          Dear Jauhari, I am not getting proper response from branch. that is the problem. yesterday an amount of 6142 credited to my account. i called and they r telling it is another insurance i.e; SBI general insurance. They r telling that is mandatory. Is it really mandatory? Please tell me so that i can check.

          1. Dear sateesh, yes the Gen insurance for the property is mandatory. life insurance is optional.



          2. sateesh89 says:

            Thanks Ashal.

            Is That SBI general insurance prermium is one time payment for life time?


        2. sateesh89 says:

          Hi Ashal, the BM told me its for 5 years but SBI general insurance customer care told me for only once for loan period.


          1. Dear Sateesh, the general insurance is for the period of your loan which is 15-20Y as the term opted by you. Please do not worry for what that Branch manager is telling.



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