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.
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.