The necessity of insurance in Loan Against Property (LAP) cannot be overstated. Property insurance shields against natural disasters, safeguarding collateral. In India, where calamities are common, this protection is vital. Additionally, life insurance ensures that the loan doesn't burden loved ones if the borrower passes away. It acts as a financial buffer, settling outstanding amounts and ensuring family security. Together, property and life insurance create a safety net, securing both assets and loved ones. Thus, prioritising insurance in LAP applications is crucial for a smooth, protected borrowing experience.
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