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India : UNIVERSAL SOMPO announces launch of loan secure insurance for DENA BANK

July 7, 2014



Universal Sompo General Insurance declared that it has introduced a loan secure insurance product for retail and SME (small and medium enterprises) customers of Dena Bank.

In addition, the insurer has collaborated with Indian Overseas Bank, Karnataka Bank and Allahabad Bank. They are also its promoters, apart from Corporation Bank to sell this product to bank customers.

O N Singh, executive chairman of Universal Sompo, stated that 10,000 policies had already been disposed in the past 5 months as well as have obtained good response for the product.

Ashwani Kumar, CMD of Dena Bank, commented that this product would safeguard financial assets of banks and prevent accounts from becoming non-performing assets (NPA).

According to Ashwani , the product proposes protection to the banks against an account becoming an NPA due to the borrower meeting with an accident, death or falling prey to a critical illness like cancer or heart ailment.

Moreover, Universal Sompo is in discussions with other banks for a similar tie-up to propose this product.


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Source: TendersInfo (India)


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