What is Homesurance^® Plan?

Complete protection for your home loan

IDBI Federal Homesurance^® Plan (Homesurance^®) is a mortgage reducing term plan which offers protection to you and your family from your home loan liability. The plan provides a cover equal to the outstanding balance of your home loan in the unfortunate event of expiry of the insured.

A. Protection against Loan Liability

Homesurance^® covers your life for an amount equal to your home loan liability as per your home loan schedule. In case of an unfortunate event of expiry of the insured, the outstanding balance amount is paid to the nominees in one lump sum, who may then settle the loan liability.

B. Cover for Terminal Illness

A unique feature of the Homesurance^® plan is that it pays an accelerated payment of death benefit upon the diagnosis of a terminal illness, where the insured has a medical prognosis of a life expectancy of six months or less. This helps you to settle the home loan liability should an unforeseen terminal illness occur.

C. Optional Insurance Benefits

During the tenure of your loan, unforeseen events like accidents, hospitalisation & major diseases could affect your finances.

To protect you and your family from such tribulations, you may opt for optional insurance benefits as an addition to your Homesurance^® base plan.

The Optional Insurance Benefit is available only with the regular premium plan. You need to pay additional premiums for the term of the optional insurance benefit depending upon the sum insured chosen.

With the Homesurance^® regular premium plan, you can choose Optional insurance benefits such as:

• Accidental Death & Disablement benefit :This benefit will pay the sum insured in case of death or disablement of the insured person due to an accident.
• Accidental Death Benefit :The Accident Death Benefit is paid if the Insured Person dies from a bodily injury due to an accident.
• Hospital Cash Benefit : At times you may require hospitalisation due to an illness or accidents. Hospitalisation can be a huge drain on your finances, which can affect your ability to pay the committed home loan EMI. The Hospital Cash Benefit can help you ease your hospitalisation expenses burden. The Hospital Cash Benefit rider gives you a daily allowance for each day of hospitalisation and a higher allowance is given if the treatment requires you to be admitted to an Intensive Care Unit (I.C.U.). To further assist in your recovery, an additional recovery allowance is offered, provided that you had been admitted to a hospital for more than five days.
• Major Diseases Benefit :The major diseases benefit covers 17 major diseases and surgical procedures. In case you are diagnosed with any of the specified major diseases you will receive a lump sum benefit which can be used for treatment or may assist in paying off your loan. The basic policy plan will continue even after paying off the Major diseases benefit.
• Waiver of Premium Benefit on Total and Permanent Disablement :In the event of total and permanent disablement of the Policy Owner due to illness or injury, the future regular premiums are waived and treated as paid.