Buying a house by borrowing money and paying diligently EMIS (monthly payments of Being Earnest), but what if he / she meets an untimely death. The family must endure the emotional and financial. Therefore, if anyone is to go for a mortgage loan, equivalent to loan insurance coverage for housing is essential to protect the future of your family.
What is the assurance of redemption of mortgages?
It is an insurance plan to cover the liabilities of the life insured to pay the balance of a mortgage if he or she dies before it is returned. The insurance is reduced each year in line with the acquisition of loans and eventually becomes zero at the end of the loan. No value at maturity is available under the policy. Operates as a pure term insurance.
Earned premiums
Insured may choose either a single premium for the full amount of the loan or pay an annual premium constant. These plans have lower premiums than the insurance cover reduces each year
Mortgage Redemption Insurance - Policy of India
One of the leading products in the insurance field is the redemption of Mortgage Redemption Assurance policy (without profits) plan of LIC.
Repayment mortgages Assurance Policy (MRA) - Terms and Conditions
Insured will pay for the medical examination.
MRA policy is usually granted only for a man of 50 years or less.
MRA policy has no cash value.
The Mortgage Insurance coverage under the policy of buying insurance would not go beyond 65 years would not extend beyond 65 years.
