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Nowadays, home loans come tagged with property insurance and most people prefer it that way.
Banks are also comfortable with this trend have come forward to lend finance to pay the insurance premium. Home insurance or property insurance offers a safety net which has become important in the context of people going for bigger loans because of the unprecedented increase in property rates. Borrowers as well as banks do not want to take chances.

When a borrower takes home insurance, he can be sure that banks would not pounce on his family if he dies before repaying the loan. Also, in case of fire, theft and damage to property in natural calamities, the borrower gets compensation from insurance companies. Banks which sometimes face difficulty in recovering the loan amount from dependents, are now advising applicants to go for property insurance. The banks usually pay the premium themselves and adjust it in the monthly installments being paid by the
borrower.

If the loan amount is Rs 20 lakh, the one time premium would come to around Rs 1 lakh. Banks are keen on applicants going for one -time premium. "Property insurance provides financial security to the family since in the end they get back the home loan paid to the bank," said Mr K. Murali Krishna, a senior executive of Andhra Bank. In fact, banks are vying with one another in coming out with customer-friendly packages to attract prospective home-buyers.

Some banks are offering free home insurance with loans. "Our bank will pay the insurance premium," said Mr A. Devender, relationship manager in the home loans wing of Axis Bank. "So, it is not a burden for prospective home-buyers." Other banks provide home loans along with medical insurance. The premium of the medical insurance is around Rs 5,000 but comes down to Rs 3,000 if taken along with home insurance.

Mahendra Varma has 3 years experience in writing articles; he is currently working as web analyst in http://www.maaproperties.com

Considering health plans at a young age isn't easy especially when you're healthy but that does not mean you will not require protection at some point; although critical illness insurance can worry some people, this type of cover can provide peace of mind should your health fail at some point. This is a case of providing the essentials of living in today's world for your loved ones in the event of your untimely death.

Unfortunately, despite longer lives, we are not generally healthier and insurance providers now routinely offer cover in their policies as there is a reasonably high probability of contracting a serious condition.

The figures speak for themselves with around twenty percent of men diagnosed with a critical condition before they reach retirement. This figure reduces, but only slightly, for women with around 15 percent having a severe health condition before retirement.

It is not certain why the take up figure for critical illness insurance is so low but it may be that people either do not see the need or do not believe the chances of this happening are that high. Those that take out critical illness cover normally do so to help pay their mortgage repayments if they are no longer able, but this type of plan can now be added directly to mortgage repayments.

Whilst over the last few years the amount of insurance policies arranged online has increased dramatically, not every type of policy was available but coverage for critical illness has now been added. Unfortunately, being a relatively new facility, there are new problems that occur as more companies start offering services over the Internet for the first time. The main reason for this is the requirement by insurance providers to have the applicant take a medical examination before they issue cover. Insurers have become more understanding when a person who has one of their critical illness insurance policies contacts them when making a claim.

Some groups of individuals fall into high risk categories like those who smoke for example and can be expected to pay more for their cover. Insurance companies place smoking at the top of their list but other areas of your life can affect how much you pay for your premium like your age, physical health, activities you may participate in and the type of work you do.

The benefits of critical illness insurance should not be underestimated as you may require surgery for a serious, life threatening condition; cannot work owing to it or are diagnosed with a terminal illness. Family responsibilities are never easy but ensuring your family is looked after if you are diagnosed with a terminal condition does not have to cost the earth.

Find out more on Critical Illness Insurance by visiting http://purelyinsurance.info, a popular insurance website that specializes in offering free insurance tips and information.