Home Loan Insurance Premium Calculator
Calculate home loan insurance premium for HDFC, SBI, ICICI, Axis Bank, Kotak, LIC, and other banks in India. Compare term insurance and home protection plan premiums.
Insurance Details
Enter the home loan amount
Premium Summary
Annual Premium
₹9,900
Total Premium
₹1,98,000
Monthly Premium
₹825
Premium Rate
0.200%
Bank: HDFC Bank
Insurance Type: Term Insurance
Premium Schedule
| Year | Outstanding Loan | Annual Premium | Cumulative Premium |
|---|---|---|---|
| 1 | ₹50,00,000 | ₹9,900 | ₹9,900 |
| 2 | ₹50,00,000 | ₹9,900 | ₹19,800 |
| 3 | ₹50,00,000 | ₹9,900 | ₹29,700 |
| 4 | ₹50,00,000 | ₹9,900 | ₹39,600 |
| 5 | ₹50,00,000 | ₹9,900 | ₹49,500 |
| 6 | ₹50,00,000 | ₹9,900 | ₹59,400 |
| 7 | ₹50,00,000 | ₹9,900 | ₹69,300 |
| 8 | ₹50,00,000 | ₹9,900 | ₹79,200 |
| 9 | ₹50,00,000 | ₹9,900 | ₹89,100 |
| 10 | ₹50,00,000 | ₹9,900 | ₹99,000 |
| 11 | ₹50,00,000 | ₹9,900 | ₹1,08,900 |
| 12 | ₹50,00,000 | ₹9,900 | ₹1,18,800 |
| 13 | ₹50,00,000 | ₹9,900 | ₹1,28,700 |
| 14 | ₹50,00,000 | ₹9,900 | ₹1,38,600 |
| 15 | ₹50,00,000 | ₹9,900 | ₹1,48,500 |
| 16 | ₹50,00,000 | ₹9,900 | ₹1,58,400 |
| 17 | ₹50,00,000 | ₹9,900 | ₹1,68,300 |
| 18 | ₹50,00,000 | ₹9,900 | ₹1,78,200 |
| 19 | ₹50,00,000 | ₹9,900 | ₹1,88,100 |
| 20 | ₹50,00,000 | ₹9,900 | ₹1,98,000 |
About Home Loan Insurance Premium Calculator
Our Home Loan Insurance Premium Calculator helps you estimate the insurance premium for your home loan across major banks in India including HDFC, SBI, ICICI, Axis Bank, Kotak Mahindra Bank, and LIC Housing Finance. This tool is essential for understanding the total cost of your home loan, including insurance coverage.
Types of Home Loan Insurance:
- Term Insurance: Provides life coverage for the loan tenure. Premiums are typically lower and remain fixed throughout the policy term.
- Home Protection Plan: A reducing balance insurance where the sum assured decreases as you repay the loan. Premiums may reduce over time.
- Standard Insurance: Basic insurance coverage with standard premium rates.
Factors Affecting Premium:
- Loan Amount: Higher loan amounts result in higher premiums.
- Age: Younger borrowers typically get lower premium rates.
- Gender: Female borrowers may receive discounted rates.
- Smoking Status: Non-smokers generally pay lower premiums.
- Loan Tenure: Longer tenures mean higher total premiums.
- Bank: Different banks offer varying premium rates.
Bank-Specific Features:
- HDFC Bank: Competitive rates for term insurance and home protection plans.
- SBI: Offers both term insurance and home protection plans with flexible options.
- ICICI Bank: Provides comprehensive insurance coverage with competitive premiums.
- Axis Bank: Offers various insurance products tailored to home loan customers.
- Kotak Mahindra Bank: Provides insurance solutions with flexible premium payment options.
- LIC Housing Finance: Offers LIC-backed insurance products with reliable coverage.
Benefits of Home Loan Insurance:
- Protects your family from loan liability in case of unforeseen circumstances.
- Ensures your loved ones don't have to bear the burden of the home loan.
- Provides financial security and peace of mind.
- May offer tax benefits under Section 80C of the Income Tax Act.
Use this calculator to compare insurance premiums across different banks and insurance types. The calculator considers your age, gender, smoking status, and loan details to provide accurate premium estimates. Remember that actual premiums may vary based on medical examinations, lifestyle factors, and specific bank policies.
For the most accurate premium quotes, we recommend contacting your bank directly or consulting with a financial advisor. This calculator provides estimates to help you plan your home loan budget effectively.