IDBI Federal unveils new life plan

The Group Cover for Loans christened ‘Loansurance Group Life Plan’ envisages a comprehensive solution which gets to cover borrowers, be it a loan taken by individuals or by business, against default in the unfortunate case of death of the person who is responsible for loan repayment.  

Managing Director & CEO G V Nageswara Rao said “Loansurance can help Lending institutions to build strong bonds and ….. ensuring that their(customer) debt does not become a burden on their families in their unfortunate absence.” In return, he adds, they too are protected from the risk of non-payment of the loan due to death of the borrower.

Rao said: “The most unique feature of this plan is that lending institutions can gain even as they give. With this cover, we now take a step further and help the customers ensure that their dreams don’t get disrupted by the vagaries of life.” 

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