Providing Insurance Cover to Housing Loan Beneficiary

Petition Closed

Providing Insurance Cover to Housing Loan Beneficiary

This petition had 6 supporters
MARIAPPAN MADASAMY started this petition to Canara Bank

Many salaried persons avail housing loans from various banks. Majority of the banks take adequate care to provide proper insurance cover to the customers so that the loan is repaid successfully under all circumstances..

I approached Canara Bank in 2008 for a housing loan of Rs 30 Lakhs repayable in 15 years and requested the Branch ( Balamatta, Mangalore ) Manager to go for a suitable insurance cover since I was not having sufficient life insurance coverage.. I presumed that they took the appropriate policy from their insurance  partner, United India Insurance Company.

Unfortunately I met with two road accidents consecutively in 2012 and 2013. When I lost my employment because of my physical disability, I approached the bank to help me by claiming the compensation from Insurance, the real fact came out that they have been buying a useless policy at the cost of customers which will fetch the compensation to the bank loan only for the  accidental death of the concerned. If the customer dies naturally, then no cover for the loan is provided and poor head less family has to stand in the street because the bank will seize the home for the full settlement of loan.

How a nationalised bank under the supervision of RBI is functioning with all the financial experts under their fold . Even the so called regulatory body, IRDA is also silent on my petition and they had approved this useless insurance product without giving sufficient thought.

How India will change for better with these kind of brain less people occupying the responsible positions. I am fighting against both Canara Bank & United India Insurance Company legally for the past one year after the governmental bodies refused to come to my rescue.

Now my only hope is Court since I am unable to get any employment due to physical disability to meet the EMI commitments.

Petition Closed

This petition had 6 supporters

Share this petition