Jai Kumar Garg, managing director and chief executive officer of Corporation Bank on Thursday launched a ‘Group Credit Life Insurance Scheme’ of Life Insurance Corporation of India at the corporate office of the bank here.
The scheme was launched by handing over insurance certificates to a few beneficiaries of Mangaluru-Poonja Arcade branch of the bank.
Availability
Mr. Garg said the scheme had been made available initially at all the branches of Mangaluru Zone which would later be extended to all branches.
He said that all the borrowers should be educated about the benefits of the scheme and all the eligible borrowers may be covered under the scheme.
Scheme
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.
Term loans
The scheme covers various term loans including retail loans namely, personal loan, home loans, vehicle loans, loans to MSME and agriculture.
Sunil Mehta, executive sirector, Corporation Bank; Ashok, divisional manager, LIC of India; C.K. Gopal, general manager; D.V. S Varma, general manager, and other executives of the bank and LIC of India were present.
