The Hindu Business Line : PNB Housing ties up with IFFCO-Tokio

PNB Housing Finance Ltd (PNBHF), a wholly owned subsidiary of Punjab National Bank, has entered into a tie-up with IFFCO-Tokio General Insurance (ITGI) to provide the latter's fire and personal accident insurance policy to its home loan customers.

Speaking on the occasion, Mr S.C. Gupta, Chairman and Managing Director of PNB, said that he expects the association to provide value addition to PNBHF's existing and prospective customers. Partnering IFFCO-Tokio would also help PNBHF to leverage ITGI's operation and training expertise, he added.

Mr Ajit Narain, Managing Director & CEO, IFFCO-Tokio General Insurance, said that the tie-up was an extension of the general insurer's association with the PNB Group. "It will help us leverage their vast network and widespread customer base and strengthen our marketing and distribution channels," he said.

Mr Narain also said that this product offers additional benefits in terms of covering co-borrowers in addition to the first borrower. "It would also cover death and disability and is a non-lapsable cover that continues even where the housing loan is pre-paid," he said.

The policy would provide complete protection against all accidents that might lead to death or permanent total disability of the insured. The insured will have to pay a one-time premium for the complete period of loan based on cost of construction or value of property.

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