Dena bank has tied up with SBI Life Insurance Company in order to provide Group Life Insurance coverage to its housing loan borrowers under the ‘Dena Grihaswami Suraksha Yojana’. According to the MoU, the insurance cover will be given to allhousing loan borrowers at a very low premium.
- Single premium for the entire period of the loan at the time of entry into the scheme.
- In case of death of the borrower during the term of cover, outstanding loan is set off against the policy proceeds settled by SBI Life Insurance.
- If the amount of death claim exceeds the outstanding loan, the excess amount is paid to the nominee of the borrower.
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