Allahabad Bank on Wednesday tied up with private life insurance company Tata AIG for providing mortgage term insurance facilities to housing loan customers of the bank. Tata AIG Chief distribution officer Joydeep Roy said that customers would be offered reducing term life insurance designed to cover mortgage loan obligation of the insured member against death during the term of the coverage.
In case of an unfortunate event like death of the mortgage loan borrower, the insurance cover would provide for repayment of the housing loan.
“The family will get back the property,” he said.
Allahabad Bank Executive Director J P Dua told reporters here that the tie up for mortgage insurance would be an added advantage for the customers of the bank.
As per the agreement, the bank would extend Tata AIG’s housing loan cover through its network of 2,154 branches across the country.
Source: DNA, Business Standard, Financial Express, TelegraphIndia
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