purchased a property worth 1.6Cr. Taken a EMI through a bank. They have deducted a life insurance premium worth of Rs. 1,30,000/- . My question is if I change the banker, my premium may get shifted to the borrower bank or I have to pay again for the life insurance?
Ans: If it is a one time insurance premium then Insurance company refunds the pro-rate premium charged for future period of loan being shifted to other Bank. If premium is regular premium then there is no problem and you can have a new policy with the Bank where you have shifted the loan. This is the normal practice. Rest you enquire from your Banker.
Warm Regards,
Purshotam, CFP®, MBA, CAIIB, FIII
Certified Financial Planner
Insurance advisor
www.finphoenixinvest.com