IDBI Fortis Life Insurance, a joint venture between IDBI, Federal Bank and Fortis has announced the launch of its unique Homesurance Protection Plan.

The Homesurance Protection Plan is a reducing term plan, which provides insurance cover equal to the outstanding balance of your home loan. In the unfortunate event of death of the home loan borrower, the insurance cover enables repayment of the home loan liability.

Financial experts believe that a home loan is usually a large liability and if the breadwinner who would repay the loan, passes away unexpectedly, it could become a serious burden to the family.

Another, notable feature of newly launched insurance plan is the joint life cover wherein lives of co-borrowers can be covered jointly, saving on premiums.

The premiums paid under the plan are eligible for deduction under Sec 80C of the Income Tax Act. In addition, any benefit amount accrued to the beneficiary on the death of the policy holder is also tax-free under Sec 10(10D) of the Income Tax Act.