Dena Bank has tied up with SBI Life Insurance Company to provide group life insurance coverage to its housing loan borrowers. The plan, ‘Dena Grihaswami Suraksha Yojana’, will be provided to all the housing loan borrowers and the insurance cover is limited to the outstanding loan amount. In case of death of the borrower during the tenure of the policy, the outstanding loan will be set against the policy proceeds settled by the insurance company. If the amount of death claim exceeds the outstanding loan, the excess will be paid to the nominee of the member. The policy will be offered at a very low premium, the bank said. There would be single premium for the entire period of the loan at the time of entry into the scheme.
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