Banks don't want you to know this! #LLAShorts 374

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Insurance is Important, Get one Now! 👇

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Explained in 1 Minute
Is buying Insurance with Home Loan Compulsory?
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Shot & Edited by: Rohan Agarwal
Research: Money-Minded Mandeep
Presented by: Money-Minded Mandeep
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#Shorts #LLA #Homeloan #lifeinsurance

[LabourLawAdvisor]

Get Term Insurance today!👇


Note: Premium of this homa loan insurance can be paid in two ways:
1. Either with EMIs
2. Or upfront.

Both ways are expensive than term plan premium. Sorry I didn't clarify this.

The objective of this video to understand that there is NO SUCH RULE that says you have to buy insurance along with your home loan and banks can't blackmail you to buy it

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[RoshanSingh-ryml]

My father applied for home loan recently. Bank was forcing to take insurance with loan they were saying it's compulsory. Then I read all the terms and condition while filling the form it was clearly written in the sanction letter that only property insurance is compulsory and in the insurance company documents it was clearly written that "you're not forced to buy these insurance along with your loan" I told bank to see all this and he told me to write a mail that you are not opting for insurance that's it 😂. They can't force you... You have to be aware of everything.

Ps. Don't buy insurance which is offered by bank but buy from outside to be safe incase anything happened. Or if you already have any insurance than it's good.

[yogi-theaudiobook]

M homeloan sales m hu ... Hume force kiya jata h ki bina insurance ke customer ka home loan nhi karenge or agar insurance nhi kiya to insentive nhi ayega... Salary is very low due to high incentive... That is why homeloan insurance is compulsory. True story

[VijayPatel-mcbs]

Sir,
Just wanted to add one thing
1) Reducing & Level cover dono options available hai....

2) In Case claim is Received, only to the extent of outstanding amount is Transferred from insurance company to bank if any Extra sum Assured is left that extra amount is Transferred to nominee account.

3) It's not compulsory to take mortgage insurance in Banks,
Customer has options to take.
Whereas if loan is availed from NBFC then as per as Risk profiling & credit underwriting there its mandate to take insurance.

3) Agree its funded by bank because majorily It's Single time premium funded by bank,
However customer can now repay the entire premium of mortgage insurance post disbursement which saves his interest component.

4) It is also advisible to take home insurance with bank Do not take term plan just because it's cheaper,

Claims investigation are quite rigorous in term policy whereas claim in group policy are quite better.

Bank Recovery team start chasing the entire family for EMI the moment it gets default,
When you say bhai term plan lia hai claim settle hoga tab denge,
The moment you say this they are least bothered about your term policy.


Premium of home insurance is not more than 1- 1.5% of total loan amount, which Is quite favourable if we are taking a big liability.


Personal suggestions middle class walo to secure krke chalo bhaiya
Kya pta Sapno ke ghr ke bahar lagi
Khud ki name plate Recovery wale na leke chale

Bache & family secure to

[jujaraykeerthisree]

Not just Home loan, my mom took her Pension Loan from SBI and they asked to take insurance along with it. I'm a CA. My mom immediately called me and I went to the bank, as I started to tell them that it's not compulsory, that officer changed his words that he is just helping us for our safety

[vinitkadam]

Rightly said, i was forced to take insurance from the SBI that too on the day of disbursement when i was in bank. I couldn't argue much because i needed that at the earliest and bank had already wasted my 3months for disbursement. If possible avoid SBI for home loans.

Thanks to you guys for spreading such awareness 👍. Probably next time we all be alert.

[Goku-kuqe]

HDFC wale muje bhi bech re the pr mne mna kr diya tha. Thanks to my organisation even though we work for US health insurance but they also teach us about India's basic insurance too.

[mayurthakur]

I am an insurance sales corporate employee. It is true life insurance is not compulsory on loan. Whenever i am pitching my plans i always told the customer its no compulsory. But you sould opt for Term insurance and surprise to see the mentality of majority of the people always saying "main kon sa mrr jaunga, maine bhut rkha hai kamane ko, mere EPF ya GPF fund se kaat lenge" like they knew they are invincible. This honesty is becoming the reason for boss getting angry on me every now and then.and HR issuing me PiP. Soon gonna be unemployed due to this honesty. 😢

[akki]

This is called Home Loan Insurance and many people opt for it considering that it is a one time premium option and cover the home loan liability. They also opt for term insurance considering the potential lifestyle to be maintained by their family members.

[ninadsuryaksha]

Ohh thanks for this information!! Very informative channel☺️

[arpanb]

Nice points Sir. Helpful as always. However I'd like to mention a few points:
1. Rather than Life Insurance, housing loans mostly comes with a loan insurance which covers the loan only in the unfortunate incident of borrowers death, to respite the family of that burden
2. Suppose the insurance is not taken from bank, and in the event of borrowers death the family will get a lump sum amount due to any other outside insurance availed by the borrower, the family won't be liable to repay the loan back unless they are a co-borrower in the loan, resulting in a bad loan

These are the practical scenarios faced in a Housing Loan....

[sujaykirti]

Most points valid but the point that it's costlier than a term plan is not exactly true. In best case, some companies might offer you 1-5% lesser premium but the amount of convenience a credit life policy offers vs a Term plan is really worth it.

[Faiyaz]

Make a video on bank giving compulsory insurance for opening an account. Isse kaise bache aur kha complaint kare...

[nelsonthaile]

Facts:
1. Insurance amount is not deducted from loan amount. It is given in addition to the eligible/proposed loan.
2. Customer will receive insured amount not loan outstanding amount. Left over after adjusting loan outstanding amount is given to the nominee.

[upsclebourlaw]

बिल्कुल सही है हमारा बैंक लोन होम लोन के साथ ऐसा ही हुआ है

[kashishtamboli]

Sir we applied for locker in sbi in 2021 and they practically forced us to take an ULIP with 75k annual premium and said they had other customers ready (waiting) for the said locker but due to family situation we had to bend against them i regret that fucking day still today.

[rbbumb]

Nahi samjha bhaiya but sunne mai acha laga

[pinakydey]

I am a victim of this scam. Also if you switch bank the insurance become null n void.

[mayankkhattar]

Point number 2 is incorrect. Secondly, chances of claim clearance is higher as beneficiary is bank.
Third, premium financing is an option
Fourth and most important - property insurance is mandatory in all mortgage loan.

[coolzets]

Let's be very very practical. There are chances the separate life insurance you have taken might deny/reject your death claim (happens way lot than we know of), in such a case your dependent not just lost the money they were supposed to get but the entire home loan's liability will fall on their shoulders to pay. Hence, the insurance from the bank itself, even if it is 3x the price is safer than having a separate one for loan closure.