Have you thought of taking a housing loan ? Than you should really have a equal amount of term insurance along with the housing loan. You may think that this may cost little more, and decide otherwise, than we might have put our family under great risk, as nobody will know when our time will come. Consider this little stories.
1. Pankaj was a 43 year interior decorator and an architech. Just recently he had build his own house. Maybe a month or so. He wanted to go for a pilgrimage to Manasa Sarovar in Himalayas, where he and his wife did wanted to go and pray. He has two children, One child is in puc and other child is in 2nd standard. Pankaj booked the ticket through a travel agent and went with his wife and some of his friends to visit Manasa Sarovara. Unfortunate that the temperature in himalays reach something like -9 degree centrigrate and pankaj could not bear the cold and he died. He had just Rs.14 lakhs insurance from LIC. He has a huge loan and his wife is unable to look after his business. This loan is not matching the housing loan, forget even where he even has other loans too. This is a real story and name is changed for a purpose.
2. Madan is a north Indian, his father is a retired from a big post from a PSU. Madan was working for IBM. Madan had a wife and a son who was studying in 5th standard. Madan was working in Bangalore. He was a good worker and was given promotion recently and he just brought a flat in bannerghatta road on loan. He had gone to Goa on official work recently and died of heart attack. He was just 43 years. I dont think he had taken a term insurance equal to the loan of the flat. If Madan had taken a term insurance equal to his flat loan, than his family could have saved his flat which he had brought, so that it could help his family in difficult times. This is also a real story and name is changed for a purpose.
If you choose to take a housing loan, than email immediately i could help you out to protect your house. I could also advise you on term insurance from LIC.
email: cpbprasad@yahoo.com
