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Yes, Bajaj Finserv Home Loans provide excellent loan insurance products to help you protect yourself from any unexpected risk. A Home Loan Insurance policy protects your family against the repayment of a home loan in the case of an unforeseen incident.
The Loan Protector is a loan insurance product from Bajaj Finance. This payment protection product will pay the outstanding loan amount in case of death or permanent total disability of the homeowner. This product also covers EMI payments for a specific period in case of permanent partial disability.
When you opt for this policy, the insurance company will pay the lender directly for the outstanding loan amount. The premium is calculated based on the straight-line method. In order to avail of this benefit, the insured must include the loan sanction letter and additional loan documentation with the proposal form. The assignment will be made to the lender in accordance with the Insurance Amendment Clause 2014.
Additional Read: Home Insurance - A Complete Guide
Note: There are 2 options under this plan. This loan insurance covers your outstanding loan amount as well as up to Rs. 1 lakh in EMI instalments. Accidental Death and Permanent Total Disability are covered. You can select between two coverage options with this loan insurance.