What is loan insurance?
Lenders mostly offer an insurance plan covering the outstanding amount on the loan. This is usually a plan which covers the risk of an unfortunate event in the borrower’s life that may lead to inability on the borrower or his family’s part to repay the loan. These are usually single premium policies taken at the beginning or a later stage as well with coverage equal to the loan outstanding. It is often advisable that borrowers avail of credit insurance when availing large loans.
Does the property have to be insured when it comes to property-based loans?
Lenders require the property to be insured for some appropriate hazards, as required during the loan tenure. This is often an additional…show more content… TPL Policy and a Package (Comprehensive) Policy, what is the difference?
A TPL policy is compulsory under the Motor Vehicles Act while a Package Policy (Comprehensive) is optional.
About Health Insurance
Health Insurance and Life Insurance, are they the same?
Life Insurance products are designed to protect your family from a financial loss that may arise in the event of your sudden death. The payment is made mostly after the death of the person insured or at the maturity of the policy. On the other hand, Health Insurance protects you against ill health or diseases by covering the expenses you might incur for treatment.
On purchasing Health Insurance, is there any tax benefit?
Under Section 80D of the Income Tax Act 1961, tax benefit is available on buying a health insurance policy. Every taxpayer can avail an annual deduction of Rs. 15,000 from his/her taxable income for health insurance premium for self and dependants. For senior citizens, this amount is Rs. 20,000.
Before buying a Health Insurance policy, is a medical checkup necessary?
A medical checkup may be necessary when you sign up for a new health insurance policy.
Are diagnostic charges covered by Health
