OREANDA-NEWS. September 7, 2011. Syndicate Bank has tied up with Tata AIG Life Insurance Company to provide group life insurance solution to its existing and new housing loan customers. Under this tie-up, Syndicate Bank will offer the Tata AIG Life Insurance Group Total Suraksha plan to its housing loan borrowers across all its branches in the country on payment of a one-time premium.
 
The Tata AIG Life Insurance Group Total Suraksha plan facilitates comprehensive insurance solution by covering death due to any cause. The product is designed to cover outstanding balance of the loan over the remaining term of the loan.
 
The insurance plan comes with a lot of unique propositions to the principle borrower and co-borrower as well, viz, reducing or level sum assured options, attractive group premium rates, simple enrollment process, faster and simple claim process, etc. Moreover, it has a 24/7 worldwide coverage and also qualifies for tax exemption under section 80 C of the Income Tax Act 1961.
 
Commenting on the occasion of the launch, K Devananda Upadhyaya, general manager, Syndicate Bank, said, “The bank’s continuous endeavour is to provide customer-centric solutions, and this tie-up with Tata AIG Life Insurance Company is one such initiative. The legal heirs of the insurer need not carry the burden of repaying the loan in the event of an unfortunate happening for the borrower.”
 
Neetasha Joshi, senior vice president and business head, South India, Tata AIG Life Insurance Company, said, "The partnership will further strengthen our existing relationship with the Syndicate Bank. Both Tata AIG Life Insurance Company and Syndicate Bank share the common commitment of protecting the interest of the borrowers and safeguarding their families from their liabilities. Under this initiative, we expect to cover substantial number of customers in the current financial year.”
 

Earlier this year, the Syndicate Bank had tied-up with Tata AIG Life Insurance Company to provide insurance solution in the form of micro insurance to its customers covered under the financial inclusion programme across all its branches in the country.