Home insurance premium - bank

You write letter to Bank to provide Insurance document and find out from Insurance company terms land conditions o Policy.

Such policy is usually assigned to bank so that I n case of unfortunate event of death of the borrower bank can set of the balance of loan and tender remaining to legal heir/nominee.

You must have retained the copy of proposal form, assignment deed, and statement of bank a/c from which premium was being paid along with installment of the loan………….

If this bank a/c is regular, you can obtain all entries in pass book, a/c statement.

If loan has been fully paid, you may ask the bank to cancel the assignment, record it on policy bond  and return the original policy bond to you………..

You can obtain policy a/c statement showing all premium payments made till date in the policy.

Most probably such policy would be term insurance and no amount is paid on maturity or cancellation.

Once you have gone thru the T&C as in policy schedule you can decide the action you would like to take.

The BM of the bank can also guide you properly.

sir,
are you saying, if it is a term insurance, then no refund on the premium on pro rate basis is expected, even if the loan gets paid off before the tenure for which the insurance is taken.
will it be the same case on home building insurance as well

Pure Term insurance is like that.

Policy document should have been rightfully supplied to policyholder.

Policy document should contain copy of the proposal form signed by Life to be insured.

You may go thru the policy document and descripttion in the policy shall clear everything.