Allahabad Bank signs MoU with Kotak Life Insurance
Allahabad Bank today signed an MoU with Kotak Mahindra Old Mutual Life Insurance for providing value-added service and financial security to the educational loan borrowers of the Bank.
By PTI |
MUMBAI: Allahabad Bank today signed an MoU with Kotak Mahindra Old Mutual Life Insurance for providing value-added service and financial security to the educational loan borrowers of the Bank.
"The association with Kotak Life Insurance will provide education loan borrowers of Allahabad Bank best-in-class products and services beyond the normal education loan," Allahabad Bank's Chairman and Managing Director, K R Kamath, said in a press release issued here.
The product with its wider scope of coverage in terms of age of entry and amount of coverage would bring more and more educational loan borrowers into its fold.
Through this strategic tie-up, Kotak Life Insurance would offer a group credit life insurance plan designed to cover the educational loan borrowers of Allahabad Bank against any eventuality during the period of loan.
In case of an unfortunate event like death of the borrower due to natural or accidental circumstances, the insurance cover would provide for repayment of the outstanding loan amount, thus giving the borrower's family solace and eliminating the chances of family members being subject to loan recovery or asset repossession.
"The association with Kotak Life Insurance will provide education loan borrowers of Allahabad Bank best-in-class products and services beyond the normal education loan," Allahabad Bank's Chairman and Managing Director, K R Kamath, said in a press release issued here.
The product with its wider scope of coverage in terms of age of entry and amount of coverage would bring more and more educational loan borrowers into its fold.
Through this strategic tie-up, Kotak Life Insurance would offer a group credit life insurance plan designed to cover the educational loan borrowers of Allahabad Bank against any eventuality during the period of loan.
In case of an unfortunate event like death of the borrower due to natural or accidental circumstances, the insurance cover would provide for repayment of the outstanding loan amount, thus giving the borrower's family solace and eliminating the chances of family members being subject to loan recovery or asset repossession.
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