Sbi Home Loan Protection Plan Premium Calculator

The Loan Insurance Policy provided by SBI General includes various types of coverage.

• Severe Health Condition • Individual Mishap • Job Termination.

Section I – Critical Illness

The policy offers coverage for a range of critical illnesses, including cancer, kidney failure, pulmonary hypertension, multiple sclerosis, organ transplant, heart surgeries, stroke, coma, blindness and paralysis. In the event of diagnosis with any of these illnesses as per the policy terms and conditions, a benefit amount is paid out immediately.

Section II – Personal Accident

The insurance policy covers accidental death and permanent total disability. In case of permanent total disablement, the compensation is calculated based on certain criteria. For instance, if there is a loss of sight in both eyes or physical separation of both hands or feet, or one hand and one foot, the compensation will be 100%. Similarly, if there is a loss of use without physical separation for both hands or feet, or one hand and one foot, the compensation will also be 100%.

Sbi Home Loan Protection Plan Premium Calculator: Loss of Job

In case of temporary job loss or termination, a maximum of three equated monthly installments (EMIs) will need to be paid.

Age eligibility:

The minimum age of entry for the SBI General’s Loan Insurance Policy is 18 years and maximum age of entry is 60 years

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Tenure:

The Loan Insurance Policy offered by SBI General can be availed for a maximum duration of three years.

SBI Home Loan Insurance Premium Calculator: Determining the Compensation Coverage

In case any of the unforeseen events happen within the duration of the policy, appropriate reimbursement will be granted as stated below.

In the event of death, the remaining loan amount or the predetermined sum insured will be paid out based on whether the policy is on a reducing sum insured basis or a fixed sum insured basis.

Accidental Permanent & Total Disability: The remaining loan balance or the insured amount is used to calculate the premium for reducing sum insured basis and fixed sum insured.

Critical Illness: The outstanding loan amount or sum insured is used to calculate the premium for reducing sum insured basis and fixed sum insured.

Specific Exclusion

– Any existing medical conditions

– Any severe illnesses discovered within 90 days of purchasing the policy

– Self-treatment or treatment that is not prescribed by a qualified doctor or deemed medically necessary

– Birth defects or congenital illnesses and any related treatments

– Hormone replacement therapy and contraceptive procedures

– Gender reassignment surgery, cosmetic surgeries, or any associated treatments/procedures

– Unauthorized self-medication or treatment

Section II-Personal Accident

– Termination, firing, temporary suspension or job loss caused by fraudulent activities, lack of competence

– Individuals who are entrepreneurs or self-employed

– Workers employed on a casual, temporary or contractual basis

– Unemployment resulting from voluntary or involuntary resignation or retirement

– Joblessness occurring either at the beginning of the policy or within the initial 90 days

What is the top insurance option for SBI home loan?

SBI Life Saral Shield is a cost-effective term insurance plan designed to provide flexible payment options and the choice of decreasing cover. This plan is particularly suitable for individuals who have home loans that are being regularly paid off. As the outstanding loan amount decreases over time, the policyholder has the option to decrease their coverage accordingly. Consequently, this adjustment leads to a reduction in the regular premium amount.

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The SBI Life Saral Shield plan offers great convenience and affordability for homeowners who want to protect their families from financial burdens in case of any unfortunate events. With its variable payment options, policyholders can choose between monthly, quarterly, half-yearly or annual premium payments based on their preferences and financial capabilities.

Moreover, SBI Life Saral Shield provides peace of mind by offering comprehensive protection against unforeseen events like death or critical illness during the tenure of a home loan repayment period. The lump sum payout provided by this term insurance plan ensures that dependents are financially secure even if something were to happen to the borrower.

Home loan protection insurance: What does it cover?

The primary purpose of Home Loan Insurance is to provide financial security and peace of mind to borrowers and their families. By having this insurance coverage, borrowers can protect their loved ones from being burdened with repaying the outstanding home loan amount in case they are no longer able to do so themselves due to unfortunate events.

When opting for a Home Loan Protection Plan, borrowers typically need to pay regular premiums based on factors like age, loan amount, and tenure. These premiums can be calculated using an SBI Home Loan Protection Plan Premium Calculator or similar tools offered by other financial institutions. The calculator takes into account various parameters and provides an estimate of the premium amount that needs to be paid periodically.

It is important for potential borrowers to carefully consider whether obtaining a Home Loan Insurance policy is necessary for them. While it adds an additional cost to their monthly expenses, it offers valuable protection against unforeseen circumstances that could potentially leave their family members struggling financially.

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Is SBI Suraksha required for a home loan?

SBI Life Insurance is not compulsory for a home loan, but it is highly recommended due to its significance. It is essential for individuals to carefully evaluate their situation and consider purchasing life insurance when taking out a home loan.

Life insurance provides financial protection in the event of an unfortunate incident such as death or disability. By having a life insurance policy, borrowers can ensure that their loved ones are financially secure and able to continue repaying the home loan in case of any unforeseen circumstances. This helps alleviate the burden on family members during difficult times and ensures that the property remains protected.

Purchasing SBI Life Insurance also offers additional benefits such as tax deductions under Section 80C of the Income Tax Act. These deductions can help reduce taxable income significantly, providing further savings for homeowners.

What is the cost of insurance for a home loan of 30 lakh?

Consider a scenario where someone wants to secure a loan of Rs 30 lakh for a duration of 15 years and is considering purchasing a term insurance plan. On average, the annual premium for a coverage amount of Rs 30 lakh over 15 years would be around Rs 3,200. This means that the total premium paid over the course of these 15 years would amount to Rs 48,000. However, there is an alternative option available in the form of single premium payment which amounts to only Rs 34,000 for the same coverage period.

– You can opt between paying an annual or single premium when securing your SBI home loan.

– For instance: covering a loan worthRs30lakhovera spanof15years usually costs aboutRs3200annually,resultingina total expenditureofRs48000.

– Alternatively,youcanchooseasinglepremiumpaymentwhichrequiresyou topayonlyRs34000 upfront, providing coverage for the entire loan duration.