Jai Kumar Garg, Managing Director and Chief Executive Officer of Corporation Bank, launched ‘group credit life insurance scheme’ of LIC of India in Mangaluru on Thursday.
A press release said here that the scheme is available to customers in the age group of 18-60 years who have taken term loan from the bank. It is a single premium group term insurance plan offering insurance cover to the loan taken by the customer, in the event of death of the borrower. The scheme covers various term loans, including retail loans and loans to MSME and agriculture.
Speaking on the occasion, Garg said that the scheme has been made available initially at all the branches of Mangaluru zone. It will later be extended to all the branches of the bank, he added.