Syndicate Bank has tied-up with Tata AIG life Insurance Company Ltd to provide group life insurance solution to its existing and new housing loan customers.
Under this tie-up, Syndicate Bank would offer Tata AIG’s ’Total Suraksha’ plan to its housing loan borrowers across all its branches in the country on payment of one-time premium, it said in a statement.
“….Total Suraksha facilitates comprehensive insurance solution by covering death due to any cause. The product is designed to cover outstanding balance of the loan over the remaining term of the loan,” it said.
The plan comes with propositions to the principal borrower and co-borrower such as reducing or level sum assured options, group premium rates, simple enrollment process and faster and simple claim process.
Moreover, it has 24/7 worldwide coverage and also qualifies for tax exemption under Section 80 C of Income Tax Act 1961, the statement added.
K Devananda Upadhyaya, General Manager, Syndicate Bank said, “The legal heirs of the insurer need not carry the burden of repaying the loan in the event of an unfortunate happening for the borrower”.
Earlier this year, Syndicate had tied-up with Tata AIG to provide insurance solution in the form of micro insurance to its customers covered under financial inclusion programme across all its branches in the country, it added.
[Source-ET]
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