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Mortgage insurance is a type of insurance policy that protects a mortgage lender or titleholder if the render defaults on bill payments, passes away, or else is unable to meet the contractual responsibilities of the mortgage.
This insurance offered is popularly known as Mortgage insurance or Mortgage title insurance or Home loan protection plan insurance. At the time of giving loan banks and other financial institutions ask for insurance to cover the loan in case of death of the insured or in case of the customer not being able to pay the installments.
Mortgage insurance also known as Loan insurance is the insurance taken by the insured customer to safeguard the mortgage in case of sudden demise of the insured. The mortgage insurance is normally offered as declining term insurance cover in which the insured customer would pay the premium till the end of the mortgage period. The sum assured under Mortgage insurance would be the loan amount at any given time. In Indian scenario the mortgage customers would pay for the private mortgage insurance policy.
No. Insurance is not mandatory for home loan. As per the RBI and IRDA guidelines insurance is a product of solicitation and there should not be force from the entity to the customer to purchase the insurance at the time of loan disbursement. But it is in the interest of customers to have adequate insurance cover to cover the loan in case of sudden demise of the customer.
PolicyBachat is an online insurance web aggregator which helps in selecting the best insurance policy for its customers based on the customer’s requirements. We at PolicyBachat provide the customer with a wide range of options to select from. The best life insurance policy can be selected online from our portal. We even provide assistance to our customers in selecting the best life insurance policy based on the requirements of the customer.
Most insurance companies make money in two ways: Charging premiums to the policyholders and investing the insurance premium payments.
There are many different types of insurance and it can be difficult to decide which one is the best for you. However, by purchasing insurance online, you are able to compare different plans and find the one that suits your needs.
Here are some of the benefits of buying insurance online :
Yes, it is possible to husband and wife both claim maternity insurance.
Yes. The policyholder can nominate anyone for his insurance policy.
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