Home loan insurance is a decreasing term life insurance. Means you are insured for the full loan amount initially & as you pay the EMIs, your insurance amount decreases.

It is always better to go for term insurance plan as it is available in less premium (compare to home loan insurance if you see actual assured sum) . Don't take any other plan like ULIP or endowment if you are only thinking of insurance.

Home loan insurance is just a customise marketing product.