DHFL Home Assure: A Home Loan Linked Insurance
DHFL or Dewan housing finance ltd. is a well-established lending authority that is engaged in offering best suited financial solutions. We are well aware of DHFL Home loans offered by DHFL at competitive rate of interest and attractive loan schemes. Now, DHFL come up with a home assure, which is home loan linked insurance product. This is a group insurance scheme offered to the eligible home loan borrowers who:
- Are in the age group of 18 to 60 years
- Are in good Health and not suffering from any serious illness or suffering from any physical disability or impairment
Under this specific product, the sum assured is equal to the outstanding loan amount including interest as well as principal. As per the original repayment schedule, minimum sum assured can be around Rs. 1 Lakh and maximum sum assured is around Rs. 1 crore. This specific product work as a back-up plan for the repayment of your outstanding loan amount and also offers risk cover and benefits if the borrower dies due to any cause.
In the event of death due to any cause, the amount outstanding, which includes insurance premium as well, would become payable to DHFL. Tenure period of this risk cover will be the same as the home loan tenure. With this special home loan insurance, minimum loan tenure can be of 2 years and the maximum tenure period for the loan is around 30 years.
The insurance cover of DHFL home assure will start from the date of loan disbursal. Pre-payment of finance is also possible with this product. Traditionally, whenever you prepay the loan, then your insurance cover also goes zero with the outstanding amount. But, in case the home loan is fully pre-paid, then home assure insurance cover will be ceased for the customers. However, on the pro-rata basis refund of premium will be made to the customer.
