You can consider a mortgage redemption plan. These plans cover the outstanding loan liability on the death of the borrower. The extent of cover or the sum insured is equivalent to the outstanding loan amount and gets reduced as the loan is repaid. You can pay the premium either as lumpsum, or in instalments. Mortgage redemption plans are specially designed to meet the loan obligation of the life assured. These plans are like term insurance policies, but the sum insured gets reduced with the repayment of the loan.