Allahabad Bank inks MoU with Kotak Life Insurance
By Ankit Sharma
Oct 17, 2008
Print    Email    RSS   

Allahabad Bank has entered into a Memorandum of Understanding (MoU) with Kotak Mahindra Old Mutual Life Insurance.

The tie-up between the two parties is aimed to provide value-added services and financial security to the educational loan borrowers of Allahabad Bank.

Allahabad Bank's Chairman and Managing Director, K R Kamath said, "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."

Under this MoU, Kotak Life Insurance will offer a group credit life insurance plan to the education loan borrowers of Allahabad bank in order to provide them coverage against any eventuality during the loan tenure.

The insurance cover will provide the facility of repayment of outstanding loan in case of a sudden demise of the borrower. It will prove relieving to the borrower's family as it eliminates the chances of family members being subject to loan recovery.

The provision of this group insurance coverage is expected to attract more people demanding for education loan.

Earlier also private sector insurance companies had come up with an innovative scheme where one can have a security of repayment of a home loan in case of a sudden death of the borrower.

A key player in both the Group Term Life and Individual Term Life businesses, Kotak Life Insurance has also announced reduction upto 40% in its term plan rates.


(Comments Posted : 1) Post Your Comments
1. Very interesting article. Sometimes insurance can be a little confusing. It's good to have as much information as you can before making a decision.
Insurance (Posted: Oct 17, 2008)
Show All Comments
 Select a product:

 Select a product:

Are cash-back credit cards a real good deal?
Personal Loan Vs. Cash advance from credit...
Gift Cards - perfect gifts for all occasions!
Make more out of your credit card with...
Carnival of Indian Personal Finance Blogs #1

Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...

91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive