UBI and TATA AIG launch new scheme

Kolkata, Sep 21 (UNI) City-based United Bank of India and Tata AIG Life Insurance Co Ltd today announced the launch of "United Shiksha Suraksha Scheme", a group insurance plan for the Education Loan borrowers of the Bank.

The tie-up between the two financial institution was announced by Mr P K Gupta, Chairman and Managing Director, United Bank of India and Mr Trevor Bull, Managing Director, Tata AIG Life at Bank's Head Office here this evening.

The Scheme will be available from all UBI branches numbering more than 2000 across the country. This unique scheme offers insurance cover at a low cost to the students of above 18 years who avail of education loan from UBI. The premium can be a part of the education loan.

The scheme is available to the existing nearly 12000 education loan accounts totaling Rs 176 crore and also new education loans. The student will get the coverage in case of disability or demise during or after the study period for the entire tenure of the loan.

In case of the death of the co-borrower during the study period, the entire sum insured will be paid to the student which will facilitate completion of his studies and liquidation of the loan liability, Mr Gupta said adding in casee the student forecloses the loan, his life continues to get insurance cover for the entire original tenor the loan.

UNI ABA KK DB2026