SBI Life Insurance Company ties up with finance companies

Our Banking Bureau
26 March 2003

Says SBI Life managing director and CEO R Krishnamurthy: “Creditor protection policies are the best way of ensuring the financial protection of family members as they take away the burden of repayment of outstanding loan amounts in case of death or total permanent disability of the primary loan holder.“

SBI Life already has creditor protection schemes in place for outstanding payments against credit cards for SBI cardholders and housing loans for SBI housing loans and Sundaram Home Finance customers.

Under the scheme christened Credit Shield, SBI Life will provide life insurance protection to customers of GE Countrywide against their personal loans of up to Rs 1 lakh. In the event of death or total permanent disability of the customer, SBI Life will pay GE Countrywide the outstanding amount of loan that the customer has availed of, subject to a maximum of Rs 1 lakh.

In case of two-wheeler and auto loans, the company will provide life insurance cover to customers of GE Countrywide subject to a maximum of Rs 60,000 in case of two-wheelers and Rs 7.5 lakh in case of auto loans.

The tie-up with Maruti Countrywide provides for financial protection for customers of Maruti Countrywide on their auto loans subject to a maximum of Rs 7.5 lakh.