what is insurance

If you are finding the best  Home Loan Protection Plan &  Term Insurance Plan in India, then this article is for you. Here, we will discuss two options, term insurance policy, and  home  loan  insurance. A  loan  insurance protection plan covers the balance amount to be paid in case of death of the borrower. The plan is specifically made for high-value mortgages. The premium rates are higher and depend on several factors including the  loan  amount, the age of the borrower, the medical history of the borrower and the  loan  tenure.   The  loan  insurance cover acts as a surety to the lenders. The  loan  cover is bundled with the  loan  amount. The borrower can either pay the initial premium himself or he can get it funded by the lender. The options come with different tax implications. If the borrower pays the premium, he will be eligible for tax deduction under Section 10(10D) and Section...

If you are Searching for Refinancing Your Home Loan  then here is the  Risks And Benefits of  Refinancing Your Home Loan. Risks Of Refinancing 1. Fees: There may also be exit fees that you�ll have to pay out of pocket, too. These are fees that you may be charged for exiting out of your loan early and if you have a fixed rate home loan, these can be quite high. There may also be upfront fees for your new loan as well. In addition to exit fees there are also upfront fees charged by your new lender, such as application fees and valuation fees. 2. If you have a bad credit rating you might not get a good rate:   Refinancing your home loan can also hurt you if you have bad credit history. If your credit history is less than stellar you may end up with a higher rate when you refinance. This isn�t in your best interest and can hurt your bottom line. A poor credit history can give you a higher interest rate instead of the lower rate that you were hoping for. 3. More features ...

 Tips to Get Yourself An Effective Home Insurance Policy:   Purchasing or constructing a house, though initially quite stressful, can be one of the best investment decisions one can make. House insurance is an automatic addition which is a necessity to protect your new house from any potential risks or dangers. With a house comes house insurance. However, purchasing a home insurance policy also means that you are adding an expense to your future monthly budget by way of insurance premiums. Compare �  Comparison shopping is something that you should do before buying anything, not just insurance policies. When it comes to Home Insurance, different policies will offer different benefits. Compare different policies and their features, and choose the one that best fits your needs. Understand your policy thoroughly �  Read your policy documents without fail. You need to know every detail about your policy to avoid surprises later. Be in touch with your insurer �  Got...

We Should Buy Home Insurance Or Not? Over the past few years, there has been an increase in the number of homes being bought across the country. The property market has been pretty ripe for investments, and folks across the nation jumped at the opportunity. As an icing on the cake, most of the financial institutions offered attractive  Home Loans  to ease the burden of finances on home buyers too. Although there was an increase in the number of home buyers, there was hardly a handful among them who purchased Home Insurance. We Should Buy Home Insurance Or Not? While half of the population has no clue about Home Insurance, the ones that do know are under the impression that they�ll have to pay high premiums and will be subject to a complex documentation and claims process. Stella D�Souza, a mid-level employee in a private firm, said, �I never knew there was a something called a Home Insurance. But, luckily, my husband knew about it. And today, we�re glad we insured our home. Af...

Protect Home From Natural Calamities With Home Insurance:   A house is one of the most expensive assets one owns in a lifetime. Yet it�s often left exposed to the risks of damage without any financial security. Most of us put in our hard-earned money to buy a house and are often reluctant to stretch further to get an  insurance . You may not be able to protect your home from such damage, but you can get financial support to recover from it. A home Insurance plan can help you get through. Home Insurance and water damage coverage If you take a Home Insurance plan that covers water damage, it would provide protection against water damage due to any sudden or accidental cause. However, insurers deny claims for gradual damage. Inclusions and exclusions Home Insurance typically offers coverage for the property and the content inside for losses incurred due to natural calamities such as earthquakes, lightning, cyclone, floods, etc. Valuable content is also covered if lost d...

Things To Keep In Mind Before Buy Home Insurance:   Home Insurance  is a very important risk mitigation tool for the homebuyers. With global warming on the rise, several cities are prone to damages caused due to flood, storm, landslides, etc. Home Insurance can protect the insured with financial support if the covered property suffers loss due to any of the perils listed in the insurance document.  Home Insurance is of two types � Fire insurance policy (FIP) and comprehensive insurance policy (CIP). While FIP allows financial cover from damages such as fire, storm, flood etc., CIP provides two types of cover that include building the structure in first type and content of the home under the second type. In this article, we take a look at 5 important things to keep in mind while choosing a Home Insurance policy. How Much Home Insurance Cover Value Do You Need? Home can have risk on its structure and on the content inside. While estimating the insurance requirement for you...

Best Insurance Cover For Your Home Loan:   A home is a place where dreams are built, memories are treasured and relationships are reinforced. Buying and owning a dream home is an aspiration all of us have and it is one of the most important financial decisions you will need to make. Most Indians who decide to buy a home opt for a  Home Loan . A Home Loan is one of the longest debts in your life, which requires a long-term commitment. You owe money to the lender and this increases your risk profile. A Home Loan insurance plan mitigates this risk. Why You Need Home Loan Insurance Your Home Loan needs to be paid off to the lender in the form of Equated Monthly Instalments (EMI) over the tenure of the loan. This liability needs to be repaid to the lender, irrespective of whether you are alive or not. In case of your untimely death during the term of the loan, your family members will need to repay the loan. Home Loan insurance ensures that the insurance company pays off...