Money Matters

Business Today|June 14, 2020

Money Matters
MANAGING YOUR MONEY CAN BE TRICKY. SEND YOUR QUERIES, AND PERSONAL FINANCE EXPERTS WILL HELP YOU RESOLVE ANY ISSUE

HOME LOAN INSURANCE

Ankur Arora

I had taken a home loan of 35 lakh in February. The EMI is around 26,000. I have a term policy with a coverage of 25 lakh and the premium is around 6,300. Should I increase my life insurance coverage or buy an EMI protection plan?

Naval Goel, CEO & Founder, PolicyX.com

You should go for an increase in life insurance coverage rather than EMI protection as term plan is cheaper. Raise the sum assured of the term plan to at least twice the current level. This will give you the required financial cover and help you with EMI protection if needed.

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June 14, 2020