I have recently taken home loan from SBI. Bank manager has asked me to take a loan. I have one query. If I take home loan insurance and survive the insurance period, but during the tenure of loan, house got damaged, then will the insurance company give claim to the bank for my loan?
Home loan insurance covers in a way that in an unfortunate incident of death of the home loan borrower, the loan will be settled to the bank by the insurance company. To cover loss due to damage to the property, you need to have property insurance.