Need A Financial Product Forums Insurance Is my loan cover from SBI Suraksha for 5 years

This topic contains 1 reply, has 2 voices, and was last updated by  Vicky Mehta 3 years, 3 months ago.

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  • #46973

    Vicky Mehta
    Member

    Recently I have borrowed a loan from SBI amounting Rs. 24, 00,000. SBI has provided me a cover on loan amount with SBI Suraksha for a premium of Rs. 14,770 per year. My loan tenure is 15 years. I want to know whether my loan cover is for 5 years or for 15 years.

    #46974

    Hitesh Jain
    Member

    You will be paying premium for the cover for next 5 years but it will provide you a cover for the entire duration of your loan, i.e. 15 years in your case.

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