| In the age of pink slips, Dewan Housing Finance (DHFL) has introduced a unique product — DHFL Sampoorna Rakshak — which will provide cover for three equated monthly instalments (EMI) due to DHFL in the unfortunate circumstance of the loss of job of a loan applicant. The cover will also come into play in case of a medical situation.
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| Kapil Wadhawan, managing director of the company, said this will help take care of the loan burden for a period of three months, giving a customer time to recover at ease without having to worry about meeting his liabilities.
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| DHFL Sampoorna Rakshak essentially is a property insurance cover designed by ICICI Lombard General Insurance Company. The product is being offered free of cost to all DHFL home loan customers.
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| “We do not believe in differentiating against old and new customers,” said Wadhawan. Hence, all DHFL’s existing 65,000-strong customer base will be able to avail of the risk product.
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| In addition, DHFL Sampoorna Rakshak also covers the house to the extent of its construction value. The sum insured does not include the value of the land.
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| The insurance covers against unforeseen disaster in the form of an earthquake, a gas cylinder explosion or a fire.
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| It also protects the loan outstanding in the most unfortunate situation of an accident leading to death of a loan applicant.
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| The sum insured is the product of the built-up area of the house as specified in the loan agreement and the cost of construction.
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| The sum insured will not exceed Rs 2.5 crore, unless specifically agreed to by the insurance company. |
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