Now, a housing loan that comes with a job loss cover

In the age of pink slips, Dewan Housing Finance (DHFL) has introduced a unique product "" DHFL Sampoorna Rakshak "" which will provide cover for three equated monthly instalments (EMI) due to DHFL in the unfortunate circumstance of the loss of job of a loan applicant. The cover will also come into play in case of a medical situation.

Kapil Wadhawan, managing director of the company, said this will help take care of the loan burden for a period of three months, giving a customer time to recover at ease without having to worry about meeting his liabilities.

DHFL Sampoorna Rakshak essentially is a property insurance cover designed by ICICI Lombard General Insurance Company. The product is being offered free of cost to all DHFL home loan customers.

"We do not believe in differentiating against old and new customers," said Wadhawan. Hence, all DHFL's existing 65,000-strong customer base will be able to avail of the risk product.

In addition, DHFL Sampoorna Rakshak also covers the house to the extent of its construction value. The sum insured does not include the value of the land.

The insurance covers against unforeseen disaster in the form of an earthquake, a gas cylinder explosion or a fire.

It also protects the loan outstanding in the most unfortunate situation of an accident leading to death of a loan applicant.

The sum insured is the product of the built-up area of the house as specified in the loan agreement and the cost of construction.

The sum insured will not exceed Rs 2.5 crore, unless specifically agreed to by the insurance company.