I am applying for a Home Loan from ICICI Home FInance and i came to know that if we have to get a Housing Loan it is Mandatory to also get an 1 Time Premium LIfe Insurance Plan for Risk COnver of our loan and they are providing this Plan called HomeSafe Plus from ICICI Lombard.
I dont know what is the meaning of this plan? We have to pay 1 time entire premium? Instead we can avail a LIC Policy equivalent to Housing Loan Amount and we can pledge the same with them so that banks Risk Cover is done. Which ICICI Bank Peoples are not ready.
The advantage in LIC is that is valid life time and we have to pay premium annually. Wherein in Homesafe Plus Plan of ICICI Lombard we have to pay entire premium (Period of Housing Loan Tenure) one time and then once is Housing Loan is Finished the Policy gets cancelled.
In short we are paying entire premium one time and also we do not get risk cover throughout the life.
Dont you think government should have some regulatory to have a grip on this banks so that they dont make theire own rules and regulations.???
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