SBI Life Insurance, India’s largest private life insurance company, and Public Sector Syndicate Bank have tied-up to offer housing loan insurance cover to the borrowers from the bank.
As per the agreement, SBI Life would provide insurance cover to Syndicate Bank’s home loan customers, who have availed loan under the special scheme announced by Indian Bankers Association (IBA) and the Centre.
Under the special scheme, effective up to June 30, home loan customers, between age group of 18 to 55 years, availing a loan upto Rs 20 lakh, would be eligible for home loan cover at no extra cost.
The housing loan cover, premium of which would be borne by the bank, would not involve any documentation, according to a release here today.
Speaking on the occasion, SBI Life Insurance MD and CEO U S Roy said, ''we are confident that the tie-up would further enhance accessibility of our home loan protection product which covers the borrower’s family from the outstanding loan and ensures retention of the property, in case of any unforeseen incident.'' Syndicate Bank Executive Director R Ramachandran said, ''the tie-up would go a long way in creating a synergy of benefit to the customers of the bank and also to the Life Insurance company. The simplicity of the product and SBI Life’s expertise in providing such products will prove beneficial for our customers.'' '' The bank expects that the tie-up will further spur the demand for housing loans and also help in increasing the number of housing loan disbursements under this special package scheme,'' he added.