Understanding Sbi Home Loan Insurance Claims Process
When you take out a home loan, you are usually offered a home loan insurance plan. Home loan insurance plans are important as they protect borrowers from financial losses and liabilities in case of any eventualities. The State Bank of India (SBI) offers a wide range of home loan insurance plans and understanding the SBI home loan insurance claim process is important for any borrower.
Types of SBI Home Loan Insurance Plans
SBI offers several home loan insurance plans, each providing different levels of protection. The most popular home loan insurance plans offered by SBI are SBI Life Home Loan Insurance, SBI Loan Shield and SBI Home Loan Protection Plan. SBI Life Home Loan Insurance is a term life insurance plan that provides cover for the outstanding home loan amount in case of the death of the borrower. SBI Loan Shield is a loan protection plan that provides cover for the outstanding home loan amount in case of death, disability or critical illness of the borrower. Finally, SBI Home Loan Protection Plan is an insurance cover that provides life cover for the outstanding home loan amount in case of death or total and permanent disability of the borrower.
Eligibility Criteria for SBI Home Loan Insurance
The eligibility criteria for SBI home loan insurance plans vary depending on the type of plan. Generally, SBI home loan insurance plans are available for borrowers who are between 18 years and 65 years of age and have taken out a home loan with SBI. In addition, the applicant must be an Indian resident and have a good credit history in order to be eligible for SBI home loan insurance plans.
How to Make an SBI Home Loan Insurance Claim?
In the event of any eventuality, the family of the insured can make a claim for the outstanding home loan amount. To make an SBI home loan insurance claim, the family must fill out a claim form and submit it to SBI. The claim form must include the policy number of the policy holder, contact details of the claimant, details of the policy holder and a copy of the death certificate. The form must be signed by the claimant and submitted to SBI along with supporting documents.
Documents Required to Make an SBI Home Loan Insurance Claim
The documents required to make an SBI home loan insurance claim include a completed claim form, the policy number of the policy holder, a copy of the death certificate, a copy of the policy document, a copy of the loan document, a copy of the title deed of the property, a copy of the NO Objection Certificate from the lending bank, a copy of the bank statement of the policy holder and a copy of the nomination form.
SBI Home Loan Insurance Claim Process
Once the documents are submitted to SBI, the claim process begins. The claim is assessed and the family is informed of the outcome. If the claim is approved, the family is informed of the amount that will be paid out and the timeline for the payment. The family is then required to submit the required documents such as the death certificate, policy document and loan document to SBI. Once all the documents are received, the claim is processed and the family is informed of the outcome.
Conclusion
SBI home loan insurance plans are important for any borrower who wants to protect their family from financial losses and liabilities in case of any eventuality. It is important to understand the SBI home loan insurance claim process in order to make a successful claim. The claim process is simple and straightforward and involves submitting the required documents to SBI. Once the documents are received, the claim is processed and the family is informed of the outcome.