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iProtect Smart Plus
Home Cover
Claim Settled
Premium
Buy Online & Save ₹4.0K
Smart Secure Plus
Home Cover
Claim Settled
Premium
Buy Online & Save ₹3.5K
Smart Secure Plus
Home Cover
Claim Settled
Premium
Buy Online & Save ₹3.5K
Smart Secure Plus
Home Cover
Claim Settled
Premium
Buy Online & Save ₹3.5K
Home loan insurance, also known as a Home Loan Protection Plan (HLPP) or mortgage loan insurance, is a specialised insurance policy covers your outstanding home loan amount in case of the untimely demise or other critical events like disability or terminal illness (as per policy terms). This insurance ensures that the remaining balance of the home loan is paid off if something happens to the borrower, such as death or severe disability.
Here are the purpose and coverage duration explained below, which act as a key pointer in understanding home loan insurance:
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Here is the list of best home insurance companies sorted in order of highest to lowest Sum Assured(SA). Choose the
ideal home insurance company from HDFC, MAX, SBI etc and secure your family’s future:
| Private Insurer | Term Insurance Plan | Sum Assured | |
|---|---|---|---|
| HDFC Home Insurance | HDFC Home Click 2 Supreme | 10,000 - No Limit | |
| HDFC Home Insurance | HDFC Home Click 2 Supreme | 10,000 - No Limit | |
| ICICI Prudential Home Insurance | iProtect Smart Plus | 50 Lacs – 20 Crores | |
| Tata AIA Home Insurance | Sampoorna Raksha Promise | 25 Lacs – No limit | |
| Public Insurer | |||
| Home Insurance Corporation of India | LIC Jeevan Amar | 25 Lacs - No Limit | |
| Homw Insurance Corporation of India | LIC Jeevan Amar | 25 Lacs - No Limit |
Early Beginnings (1818–1938): home insurance in India started with the establishment of the Oriental home Insurance Company in 1818. The expanding industry eventually necessitated clear regulations as more Indian and foreign insurers entered the market. As a result, two laws were enacted. The Indian Home Assurance Companies Act of 1912 was the first, and the Insurance Act of 1938 was the second. LIC Formation (1956): To bring order and public confidence to the sector, the government merged 245 private insurers into a single entity, the Life Insurance Corporation of India, on September 1, 1956, and established LIC as a public organisation. This step was taken to make life insurance simpler and more accessible for everyone
During the LIC Monopoly Era (1956–1999), LIC was India's sole provider of LIC home insurance plans. During this time, it built deep customer trust, especially in rural and semi-urban areas, and significantly increased insurance penetration.
Privatization and IRDAI (1999 onwards): The government established the IRDAI- Insurance Regulatory and Development Authority of India in 1999. This signified the home insurance industry's opening up to private and foreign businesses, fostering innovation, competition, and enhanced consumer protection.
Lower Premiums Than International Plans
Buying a Home Insurance policy for NRI from Indian insurers costs less when compared to global options. In many cases, premiums can be 50–60% lower while offering similar or even better coverage benefits.
Easy Medical Tests from Anywhere
NRIs no longer need to travel for medical checkups. Most Indian insurers now allow telephonic or video-based medical tests, often managed by IRDAI-approved third-party medical providers globally. This ensures policy issuance is simple, fast, and compliant from anywhere in the world.
Global Coverage with 24/7 Claim Help
Indian Insurers offer worldwide protection. Insurers also provide 24/7 customer assistance, ensuring your family can access claim help anytime, from anywhere in the world.
Zero GST on individual home insurance premiums
From 22 September 2025, the GST Council has made all individual home insurance policies completely tax-free under GST. The previous 18% GST on premiums has been reduced to 0%, making both term insurance and savings-linked plans immediately more affordable for all citizens and NRIs.
| Plan Type | Best For |
|---|---|
| Term Insurance | Income protection |
| Endowment Plan | Stable returns |
| ULIP | Market growth |
| Money Back | Regular payouts |
| Whole Home | Lifetime protection |
There are several ways to evaluate the amount of home insurance one needs. Here is an easy-to-remember method called D.I.M.E. that everyone can use to check the home insurance amount.
Debt: Start by evaluating any outstanding debts you owe, such as auto loans, personal loans, credit card balances, or other liabilities. Your home insurance coverage should be enough to clear these debts, ensuring they don’t become a financial burden for your family in your absence.
Income: If you are the breadwinner of your family, then your family's livelihood depends on your income. In case of his/her death, the family can experience huge financial stress. As a general thumb rule, you should get home insurance that is 10 to 15 times your annual income so that it can help cover your family's living expenses.
Mortgage: Mortgage or home loan payments often comprise much of the monthly expenses. Managing these payments can place a heavy financial strain on dependents if the primary earner is no longer around. That's why it's important to choose a home insurance death benefit that is sufficient to cover the outstanding loan amount.
