Federal Bank join hands with SBI Life for home loans insurance
Federal Bank has tied up with SBI Life Insurance to provide home loan insurance for its customers. Federal Bank chairman and managing director M Venugopalan after the strategic tie up said the bank had a good home loan customer-base and with the new tie up it planned to expand the base and raise its business to around Rs 2,000 crore by the end of this fiscal from Rs 1,400 crore.
The policy would be available and the new customers by paying a one-time premium of around Rs 25 as part of the monthly EMI for a customer of 35 years of age. The plan would be available for those in the age group of 18 to 60 years and cover would be available up to 71 years. SBI Life has the product specifically designed and customised to safeguard the interests of the home loan borrowers.