Insurances with Additional Products and Services, Beware!
Sakina Babwani of the ET Bureau highlights a few products and services insurers add to our policy, sometimes even without our knowledge –
1. Home Loans
Home loan is often bundled with term plan to cover the loan. This again is also not disclosed often to people seeking home loans. Term insurance provides cover only for a specified period of time. Term insurance gives advantage only if one passes away during the specified term. So, if one is going for a home loan, one would not want an additional burden of term plans. This is so because we keep our life insurance and home loans as 2 separate entities. Why should you pay for another redundant life cover when you only want a home loan?
