Tata AIG Life Insurance Company Limited and Allahabad Bank announced on Friday the launch of a plan for providing exclusive mortgage term insurance facilities for housing loan customers of the Bank. As per the agreement, Allahabad Bank will extend Tata AIG Life's housing loan cover to its customers through its network of 2,154 branches across India.Tata AIG Life will offer a 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 will provide for repayment of the housing loan, thereby freeing the property for the policyholder's family members.
Source: Deccan Chronicle
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