Wonder Home Finance – Ratlam
- Ratlam
- 1st Floor, Plot No. 93, Above Central Bank, Shahar Sarai, New Road, , Ratlam, Madhya Pradesh - 457001
- Write Review
- 0141 3110 262
- 05:30 AM to 05:30 AM
- Store Direction
-
Closed
Blog Details
Secure Your Dream Home: Benefits of Life Insurance with Home Loan in India
09 May 2025
Buying a home is a lifetime commitment, and securing it with life insurance ensures your loved ones are protected. At the Wonder Home Finance – Ratlam branch, we guide you through how pairing life insurance with your home loan offers peace of mind and financial stability.
There may be situations where the borrower is unable to pay EMIs due to a financial crisis, or in some cases, the borrower may pass away, leaving the family to bear the repayment burden. To prevent such scenarios, Home Loan Life Insurance plays a vital role in safeguarding your and your family's financial interests.
Let's discuss what it is, how it works, and when someone should consider it.
What is Home Loan Life Insurance?
Home Loan Life Insurance is a policy designed to pay off the home loan in the event of death or severe illness. The insurer pays the claim amount according to the claim schedule or the remaining balance of the loan. At Wonder Home Finance, we help our customers purchase Home Loan Life Insurance with attractive and easy terms.
Eligibility
Generally, people between 18 and 60 years can be covered under this policy. However, these criteria may differ from company to company.
Coverage Offered
Under this policy, the coverage typically includes paying off the outstanding loan amount in case of the policyholder's death or critical illnesses.
Premium
The premium amount depends on the total loan amount, age of insured person and the tenure of insurance taken. The premium amount is charged as a single premium:
Benefits of taking home loan Life insurance
Protection:
Life is full of uncertainties. A home loan is a long-term commitment; a home for everyone is their most significant investment and holds an emotional value. In unforeseen circumstances, you wouldn’t want your family to be burdened by outstanding loans or at risk of losing the property.
Tax Benefits:
The premium paid for your home loan insurance qualifies for a deduction under section 80C of the IT Act.
Key things to consider while taking home loan Life insurance
Financial Impact Analysis
Evaluating the financial implications of a home loan Life insurance policy requires a holistic approach. Calculate not just the premium costs, but also potential tax benefits and long-term financial protection. Consider how the policy fits into your broader financial planning.
Terms & Conditions:
You should evaluate the terms and conditions thoroughly for inclusions and exclusions. You should also assess value adds and extra riders being offered.
Claim Process Understanding:
A robust claim process is critical in home loan Life insurance. Research the insurer's claim settlement ratio, which indicates their reliability in honoring claims. Understand the exact documentation required, typical processing timelines, and key steps for filing a claim.
Conclusion
As mentioned earlier in the article, life is unpredictable, and one might be in a difficult position at any point in time. Having insurance to cover your essential needs always buys you peace of mind. You should know how much you will require and compare the different insurers and their plans to make an informed decision that best suits your needs.
Another effective approach is to consult industry experts in home loans, such as those at Wonder Home Finance. Our knowledgeable staff can guide you through the home loan process and help you choose the right insurance plan options to protect your family from the burden of outstanding loans in your absence. To sum it up, home loan life insurance is a key part of borrowing home loans in India. It protects the borrower's family if something happens to him and ensures that the loan gets repaid. Borrowers need to think about different policies and select one that suits their needs.
Disclaimer
The information provided in this article is for general reference purposes only and should not be construed as professional financial advice. We explicitly disclaim any liability for any decisions made or actions taken based on the information provided in this article. Users are solely responsible for verifying the accuracy and applicability of the information before relying.
-
recent post
- Secure Your Dream Home: Benefits of Life Insurance with Home Loan in India
- Art of Managing Home Loan EMIs Like a Pro
- How to select the ideal home finance company for your Dream Home
- 12 Financial Tips in the House Buying Process with a Home Loan
- Fixed vs Floating Interest Rates: Best Home Loans for 2024
- Balance Transfer: When and Why You Should Consider It
Zindagi ki perfect shuruaat
Wonderful Stories
Satisfied with the loan process
I am highly impressed with the quick disbursal and easy documentation process. The sales' staff were very cooperative and helpful.
Vikaram Singh Choudhary
Bikaner, Rajasthan
Great customer service
I've got a loan of 10 Lacs without any delay. All the paperwork was done right at my doorstep. I recommend Wonder Home Finance to everyone.
Giridhari Lal Saini
Kotputli, Rajasthan
Extremely thankful to Wonder Home Finance
Sushil Kumar hailing from a small town in Jaipur, Rajasthan with dreams of constructing his own home approached us for a loan. He was contented with our easy house construction loan.
Sushil Kumar
Jaipur, Rajasthan
Simple documentation process
I am very satisfied with the loan process provided by Wonder Home Finance. In the future, if anyone is looking to obtain a home loan in Ahmedabad, I will recommend Wonder Home Finance to them.
Jay Valand
Ahmedabad, Gujarat
Easy home construction loan
I got an affordable home construction loan through Wonder Home Finance. The entire process was simple and nicely explained.
Hari Singh
Jaipur, Rajasthan
×
Closed