Kolkata, Jul 02 (UNI) Tata AIG Life Insurance Company Limited (Tata AIG Life) and Allahabad Bank today announced launch of a plan for providing exclusive mortgaged term insurance facilities for housing loan customers of the Bank.
As per the agreement, Allahabad Bank will extend Tata AIG Life's housing loan cover to its customers through its network of 2154 branches across India.
Tata AIG Life will offer a reducing term life insurance designed to cover mortgage loan obligation for the insured members against death during the term of the coverage.
In case of an unfortunate event like death of the mortgage loan borrower, the insurance cover will provide for repayment of the housing loan, thereby freeing the property for the policyholder's family members.
Under this plan, the customer will not be required to undergo medical tests upto defined limits. Additionally, insurance coverage on the initial agreed loan tenure will continue in case of foreclosure or transfer of balance.
This plan will benefit all three constituents of this partnership--housing loan customers, Allahabad Bank and Tata AIG Life.
Allahabad Bank will avoid delinquency cases which occur because of the untimely death of the housing loan customer.Tata AIG Life mengages in serving a new customer base, and last but not the least, housing loan customers will have the security of insurance to provide for the repayment of their housing loan and availability of the house foir their family in the event of their untimely death or permanent disablement.
Speaking on the occasion, Mr J P Dua, Executive Director, Allahabad Bank said, '' We are recognising the need to offer our customers best in class products and services beyond core banking. The tie-up for mortgage insurance is another step in that direction. We expect to work closely with Tata AIG Life and expand the suite of insurance solutions for our customers. What we are seeing is the tip of the ice-berg. '' In order to have a pan-India presence, the Bank had opened 94 new branches in 2007-08 with the total number of branches moving up to 2125 by the end of the last financial year. The Bank had authorisation for opening 117 new branches in select centres across the country where it has relatively less presence.
Commenting on the alliance, Mr Joydeep Roy, Chief Distribution Officer, Tata AIG Life said: '' This is a win-win-win situation for all three stakeholders in this partnership. We have designed a very competitive offering exclusively for customers of Allahabad Bank. '' UNI XC SJC AB 2026