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Features
Ref. No. KLI/22-23/E-BB/492
Term insurance for home loans ensures that if the policyholder passes away during the loan tenure, the insurance payout helps the family repay the outstanding loan. You must buy this plan if you want to protect your family from unforeseen financial burdens. They can use the payout to repay the loan on time and avoid the risk of losing their home. Term insurance home loan offers affordable premiums, flexible coverage, and tax benefits.
A plan for a home loan is a policy designed to cover your outstanding home loan in case of your untimely death. If something happens to you during the loan tenure, the insurance payout helps your family repay the remaining loan amount. This ensures that they do not face financial stress or risk losing their home due to loan default.
While not mandatory, such a plan acts as a safety net as it offers a high sum assured. You must choose a coverage amount that matches your loan and keep the premiums within your budget.
It is essential to be prepared for any uncertainties that life may throw at you and your family. Home loans are usually large and take years to repay. If something happens to you during this period, who will take care of the remaining loan? Home loan protection insurance offers respite in such situations and offers the following benefits.
Term insurance plans act as a financial safeguard against home loan risks by ensuring that if the policyholder passes away during the loan tenure, the insurance payout can be used to clear the outstanding loan amount. This payout is either paid in lumpsum or in periodic installments. Many term insurance plans also offer a decreasing coverage option, where the coverage amount is reduced over time in line with the loan repayment. This ensures that the insurance coverage matches the remaining loan balance, making the premiums more affordable.
For example, suppose Amit takes a ₹50 lakh home loan for 20 years and also buys a term insurance policy of the same amount. If he unexpectedly passes away after 10 years, when his outstanding loan is ₹30 lakh, his family can use the insurance payout to repay the remaining loan. Thus, his family does not have to worry about loan EMIs and can continue living in the house without financial stress.
We can pair a home loan insurance policy or get term insurance for home loans. This implies that if in the duration of the payment of the loan, anything happens to the borrower because of which they are unable to work - this is specific to an accident, disability, demise, illness, and not the loss of job due to other reasons - the insurance will help their family, pay off the loan and secure them from a potential debt.
The family can use the amount invested in the term insurance for home loan to complete the payment of the loan, therefore promising a secure future for your family when there is no steady flow of income.
Now that we have answered ‘What are term plans’ and ‘How do home loan help you?’, let us look at why we should choose them in combination:
Term insurance offers premiums that are more affordable with higher coverage. A term plan tied to a house loan typically features a mechanism where the cover lowers as the loan is paid off and is intended so that the cover is zero by the end of the term, leaving no balance. In a term life insurance policy, the sum assured remains the same. Therefore, we get the balance amount after the payment of the home loan as well, which can be used to meet other needs.
The best home loan insurance policy in India ensures the most significant financial security for us and our loved ones, so choosing a suitable one becomes essential to making our dreams of having the ideal home come true.
So, now you know what a term plan is and what its significance is for home loans. Whenever you are investing in home loan term insurance, you can secure the home loan by correctly calculating the amount of the sum assured that may be needed. To ensure this, it is recommended that they opt for the best home loan protection plan with coverage of at least 10-15 times their annual income and add to it the amount of the home loan.
1
While TRACES offers functionalities for taxpayers, registration is not required if you are wondering about how to view Form 26AS. You can access your existing login credentials through the Income Tax e-filing portal.
2
No, viewing Form 26AS directly on TRACES requires logging in to the Income Tax e-filing portal first.
3
Yes, NRIs with a PAN can access Form 26AS through the Income Tax e-filing portal using their login credentials.
4
No, there’s no dedicated mobile app to get Form 26AS. However, you can access the Income Tax e-filing portal to view and download the form through your mobile browser.
5
You can verify the details in your Form 26AS by cross-checking the tax deducted (TDS), advance tax payments, and refunds mentioned in your income records and bank statements. This ensures that all tax credits have been accurately reflected.
6
Yes, you can view your Form 26AS through your net banking account if your bank is authorized by the Income Tax Department. Many banks offer a direct link to access Form 26AS under their "Tax Services" section.
7
Yes, to correct discrepancies, you need to contact the deductor (employer, bank, or entity responsible for TDS) and request them to file a revised TDS return. Once the corrections are made and processed, the updated details will reflect in Form 26AS.
8
Form 26AS is updated when TDS or TCS returns are filed and processed by the Income Tax Department. Typically, updates occur quarterly, but any subsequent corrections can be reflected as and when filed by the deductor.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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