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No, it is not mandatory in India.
Responded by:Responded on25th May 2015
There are basically three types of insurances that a bank might insist upon - term insurance on life of the borrower, insurance of property against damage, etc. and insurance of loan amount against credit risk. But, none of them is compulsory and it is completely the borrower’s choice.
In practice, there are a few lenders who might make their loan sanction conditional upon availing any one or more of the above insurances. In that case, the borrower is absolutely free to either accept the loan sanction, or reject it or negotiate with the lender.
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