Corporation Bank launches group insurance scheme for borrowers

Posted on:05 Aug 2016 18:12:36
Corporation Bank launches group insurance scheme for borrowers
05 August 2016 Current Affairs: The Corporation Bank has launched a ‘Group Credit Life Insurance Scheme’ of Life Insurance Corporation of India at the corporate office of the bank.

The scheme was launched by handing over insurance certificates to a few beneficiaries of Mangaluru-Poonja Arcade branch of the bank.

The Group Credit Life Insurance Scheme is available to customers of the bank in the age group of 18 to 60 who have taken term loans. It is a single premium group term insurance plan offering insurance cover to the loan availed by the customer, in the event of unfortunate death of the borrower.

The scheme covers various term loans including retail loans namely, personal loan, home loans, vehicle loans, loans to MSME and agriculture.

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