Business Today|June 14, 2020
HOME LOAN INSURANCE
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