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Our Bureau

Kochi , Jan. 16

SBI Life Insurance, a joint venture between SBI and Cardif SA of France, has announced a tie-up with the Aluva-based Federal Bank to provide its home loan insurance scheme.

An agreement in this regard was signed here on Monday between Mr S. Krishnamurthy, Managing Director and CEO of SBI Life Insurance, and Mr M. Venugopalan, Chairman, Federal Bank. As part of the agreement, the housing loan customers of Federal Bank can now avail themselves of SBI Life's unique home loan insurance cover.

The policy is available to both existing as well as new customers of Federal Bank and the premium can be paid as part of the housing loan EMI.Under this policy, in case of unfortunate demise of the borrower, SBI Life Insurance will repay the outstanding loan amount including the interest calculated as per the original EMI to the Federal Bank.

Mr Krishnamurthy said the company has insured more than 3 million lives, the largest number amongst the private insurers. The company has also opened its first independent branch in Kochi today in view of the encouraging business from here, he said.

Mr M. Venugopalan, Chairman, Federal Bank, said the home loan portfolio of the bank would touch Rs 2,000 crore by March 31. At present, it is to the tune of Rs 1,400 crore.

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