Dealing with your absence is by itself very painful for your loved ones. The last thing they should be worrying about is how to make an insurance claim. The death of a loved one is a very stressful situation and no one deserves to be caught up in time-consuming insurance claim process during that time. To make the lives of your loved ones a little easy when you are no more, you will have to take some precautions now. If you have a home loan insurance plan and want to make the claim process smooth for your loved ones, read on.
A home loan insurance plan is also called as “Home Loan Protection Plan”. This insurance plan pays for the total outstanding home loan amount in case of any eventuality. In case of the death of the insured, permanent disability, or critical illness, the policy will become effective.
A home loan insurance claim is made in case of death of the insured. If the insured has enhanced the insurance plan with add-ons, a claim can be made if the insured is permanently disabled or is diagnosed with any one of the critical illnesses. In most of the cases, the claim is made by the beneficiary as the insured will not be in a state to submit the claim.
If you do not want your loved ones to be buried in a pile of paperwork, follow the following steps to make the home loan insurance claim process easier for them:
The bottom line
It is not mandatory to have a home loan insurance plan in our country. It is optional and you can choose to ignore it. But if you do have one, make sure you follow these simple steps to make the home loan protection plan claim process easier for your beneficiaries.
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