India Insurance Housing Tender

The Insurance Regulatory and Development Authority of India IRDAI has informed that the public sector Insurer namely LIC of India and a few of the private sector Insurers have launched housing loans insurance. Insurers can charge single or regular premiums and issue policies to Banks desirous of covering the risk of death on the lives of borrowers who may have availed housing loans.Regulation 35 n of IRDA Non-linked insurance products Regulations 2013 protects the interests of housing loan customers who are members of group credit Life Schemes by providing for -a To continue the cover till the end of the coverage period orb Opt for surrender Value orc Cancel the policy with a return of certain percentage of premium on pro-rata basis.