epages News [Insurance Agents] Insurance for home loan borrowers from UBI Jul 10, 2004: “Home sweet home” is a age old saying and the Union Bank of India for once believes in the same. It has unveiled a new scheme called ‘Union Home Plus’ in association with SBI Life for the benefit of its home loan borrowers. The scheme offers insurance for the housing loan procured from the bank against the risk of death due to any cause. The same was disclosed by the bank’s Executive Director Mr K Ratnakar Hegde.
He further disclosed that the scheme allows for all existing and prospective loan borrowers to avail the insurance cover facility on payment prescribed premium.The minimum sum assured is Rs 25,000/- and the maximum is Rs 50 lakhs and would be for a minimum term of5 years and a maximum term of 20 years. The bank also facilitates additional loan for the single premium payable in advance.
The amount can be repaid in nominal EMI along with the housing loan instalment. Where the loan is up to Rs 7.5 lakh, the borrower has to submit a simple application of good health.
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