SBI Life Insurance has tied up with Syndicate Bank to offer housing loan insurance coverage to the bank's home loan borrowers.
The scheme would be effective till June 30, 2009, the company said in the statement issued in Mumbai on Thursday.
As per the agreement, SBI Life will provide insurance coverage to Syndicate Bank's home loan customers who have availed loan under the special scheme announced by Indian Bankers Association (IBA) and the Government of India.
"We are confident that the tie-up would further enhance accessibility of our home loan protection product which covers the borrower's family from the outstanding loan, and ensures retention of the property in the case of any unforeseen incident," SBI Life Insurance Managing Director and Chief Executive Officer, U S Roy, said.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance.
Under the scheme, home loan customers between the age of 18 to 55 years, availing a loan up to Rs 20 lakh will be eligible for home loan cover at no extra cost.
The housing loan cover, premium of which will be borne by the bank, does not involve any documentation.
Syndicate Bank has a vast branch network of over 2225 branches spread across the country, including the islands of Andaman and Nicobar, and Lakshadweep.