Home Loan

[Luckyhero2011]

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Luckyhero2011
PARTICIPANT
March 10, 2025 at 10:58 am

My father had taken a home loan. He has died recently. So I checked for insurance in loan documents. He had opted for insurance. I contacted to bank regarding insurance but they are saying that it can’t be claimed as policy not issued yet. Loan for Insurance policy was sanctioned but not yet disbursed to the insurance company.

Icici hfc reply:

Dear Sir,

Please accept our heartfelt condolences with respect to demise of Mr. Shiv Nath Jaiswal.

In the context of your concern we wish to inform you that ICICI HFC has sanctioned the two loan facilities in the name of deceased applicant Mr Shiv Nath Jaiswal.

Main loan LHLUC00001579579 and Insurance loan LHLUC00001579583 sanction in December 2023 with sanction amount of INR 8,580,000/- and INR 371,700/- respectively.

Herein only LAN no has been generated towards insurance loan, neither disbursal has been done nor any EMI deduction has been done towards the said loan from ICICI HFC team.

The said insurance loan was only at sanction stage and the same got cancelled in record in January 2025.

Considering no funding has been done to insurance team from ICICI HFC end, we wish to confirmed that no policy has been issued towards the said loan.

Further if any policy availed pro-actively from your end or any payment made from your end for issuance of policy then kindly share the transaction details in order to investigate ahead in this matter.

[proof of insurance ](https://drive.google.com/drive/folders/1Hlik6BTh1lyrK4DgDRqxE_wdfWLlajCe)

Can I file case against icici hfc for not issuing insurance?

Please guide me

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[User_28f37e6f]

U

User_28f37e6f
PARTICIPANT
March 10, 2025 at 11:08 am

Reached out to Nodal officer
Then RBI.

It is a deficiency in service from the bank. It is not logical that it should be cancelled after one year.

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[User_27d7d9ed]

U

User_27d7d9ed
PARTICIPANT
March 10, 2025 at 11:30 am

Were your father paying insurance emi all these months? Then you can sue the bank in multiple forums.

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[Luckyhero2011]

L

Luckyhero2011
OP
March 10, 2025 at 11:33 am

He was not paying emi.

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[Supersajal3006]

S

Supersajal3006
PARTICIPANT
March 10, 2025 at 2:02 pm

Home loan insurance premium payment is usually one time payment in the beginning. Check if he has paid. Its not mandatory for the customer to take insurance for home loan though some banks insist on it. So even though its approved, he may have not availed. You need to check if the insurance amount is paid or was part of the loan emi to claim that.

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[Luckyhero2011]

L

Luckyhero2011
OP
March 10, 2025 at 5:24 pm

Insurance premium was to be paid by the bank but bank not paid yet. My father had given consent to bank to issue insurance plan offered by insurance company in association with icici hfc.

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[Silentrider1541]

S

Silentrider1541
PARTICIPANT
March 10, 2025 at 6:11 pm

Talk to the bank manager u took loan from.
He should assist u if & when the policy was issued.

Had similar exp. Last yr, checked up with the branch manager about the loan and docs.
One loan had full insc. & The other one had a reducing policy one, so had to pay the other whole amount one out of my pocket.

Plus house loan insc. premium r a one time payment. At the beginning of the loan.

If no insurance cover, the said amount will be payable on demand, i.e u will have to repay the amount.

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[Megahawk3951]

M

Megahawk3951
PARTICIPANT
March 11, 2025 at 4:30 am

If conversation with bank manager doesn’t go well, file a complaint with ombudsman. It will take time but worth it.

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