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Is Insurance Mandatory for Home Loan?

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.

What is Insurance Coverage?

Insurance coverage is the protection of assets or life of the insured against any specified perils mentioned in the insurance policy document. The insurance coverage is the sum insured provided by the insurance company under the insurance policy.

Which of the following is not a Function of Insurance?

The functions of insurance are assisting in capital formation, economic progress, risk-sharing, etc. The lending of funds is not a function of insurance.

Which is the Best Insurance Company in India?

The Best Insurance Company in India provides good insurance premiums charged by the best insurance companies differs as per the coverage offered by the insurance companies. There are few factors that are to be considered before selecting the best insurance provides claim settlement ratio & Cashless garages, IDV, Riders or Add-ons, Premiums, After Sales service, etc.

When was Life Insurance Sector Nationalised?

The first insurance company in India is National Insurance Company. It was established in 1906. Life Insurance Sector Nationalised in the year of 1956.

How to get Duplicate Insurance Copy Online?

If the original insurance policy is lost, a duplicate insurance copy can be obtained from the insurance company online. Now-a-days the insurance company is sending the policy copy on the registered email of the customer which can be downloaded and used anywhere. In case the customer is unable to source the policy using the email, then he/she can approach the insurance company online on their website and get the duplicate policy copy by entering the basic details such as Chassis number, Engine number, registration number, registered mobile number etc.

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Documents Required for Insurance Policies

What are the Documents required for Insurance Policy in India? Know about documents that have to be submitted at the time of Buy, Renewal, and Claim Process.

Does your home insurance cover flood damage?

Floods are caused due to the rise in the water level and damage the property by entering the house. The water level when exceeds the limit, water flows into
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