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insurance cover for the home/other loans

20 February 2019

what is the tax liability for insurance covers on home loans or may be other types of loans from banks? Generally banks sanction the loans when borrower opts for insurance cover for such loans...
can such insurance cover be cliamed u/s 80c?

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171344 Points)
Replied 21 February 2019

Such insurance policies are not eligible for deductions u/s. 80C

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Prashanth Vattimalla (13 Points)
Replied 22 February 2019

why? it is type of a death insurance to protect the loan taken

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171344 Points)
Replied 23 February 2019

Check the policy terms for tax benefit, and take call. Most of these are to protect the assets/loan.

PARUL YADAV (finance expet) (93 Points)
Replied 08 July 2024

When considering insurance cover for home or other loans, Kotak Mahindra Bank offers a range of insurance products tailored to secure your financial obligations. Their home loan insurance ensures that in the event of unforeseen circumstances, your home loan liabilities are covered, preventing financial strain on your family. Kotak Mahindra also provides insurance for personal loans, offering peace of mind and financial protection. By bundling insurance with your loan, you ensure that your assets and loved ones remain safeguarded, ensuring continuity and security. Always consult with Kotak Mahindra’s financial advisors to choose the best insurance plan for your needs.