SBI Life Insurance announced on Thursday its tie-up with Syndicate Bank to offer housing loan insurance cover to bank’s home loan borrowers.
As per the agreement, SBI Life will 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 Government of India. Under the special scheme, effective up to 30th June 2009, home loan customers, between age group 18 to 55 years, availing a loan up to Rs 20 lakh will be eligible for home loan cover at no extra cost. The housing loan cover, premium of which will be borne by the bank, does not involve any documentation, the company said.
SBI Life Insurance MD & CEO U S Roy said, “We are delighted to associate ourselves with Syndicate Bank and are confident that the tie-up would further enhance accessibility of our home loan protection product.”
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