Financial Daily from THE HINDU group of publications
Thursday, Jun 17, 2004
Financial Daily from THE HINDU group of publications Thursday, Jun 17, 2004 |
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Money & Banking
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Housing Finance Marketing - Strategy Insurance cover for UBI home loans launched in Kerala Our Bureau
Thiruvananthapuram , June 16 UNION Bank of India (UBI) has tied up with SBI Life to launch a new scheme for housing loan borrowers. Styled `Union Home Plus', it offers life insurance cover equivalent to the amount of the outstanding home loan, interest included. Mr P. K. Bansal, Assistant General Manager (New Initiatives Department) with Central Office of UBI in Mumbai, launched the product for the Kerala market on Tuesday. Also present were Mr K.R. Pillai, Assistant General Manager, Regional Office, Thiruvananthapuram, and Mr Deepak Barsay, Manager (Credit Life), SBI Life, Mumbai. The new product provides complete security to the family in the event of death of the home loan borrower. SBI Life assumes the responsibility to repay the balance amount. According to Mr Pillai, 106 Union Home Plus policies were sold on the opening day itself, generating a total premium amount of Rs 15 lakh.
More Stories on : Housing Finance | Strategy | Life Insurance | Kerala
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