Term plan-backed home loan protects your family from repayment burden

The group life cover offered by banks could be your second option if you are unable to get a term plan due to health-related reasons

During the Covid pandemic, many families have lost their breadwinners. If they had taken a large home loan, and have not purchased an insurance policy to cover this liability, they stand the risk of their house being repossessed by the bank. More tragically, there have even been cases where the borrower purchased an insurance policy but his family is still being denied compensation. The reason: The borrower either bought, or was mis-sold, a policy that does not cover death. Such families, too, could lose their homes.

What to steer clear of

Many types of policies are sold under the moniker