Dena Bank, Universal Sompo General partner for loan secure insurance

Dena Bank and Universal Sompo General Insurance tie-up for loan secure insurance policy protection for Dena Bank’s Retail & SME Customers

July 07, 2014 4:41 IST | India Infoline News Service
Dena Bank has entered into a partnership agreement with Universal Sompo General Insurance Company to offer loan secure insurance policy to the bank’s borrowers in retail and SME segments. Loan secure insurance policy is a unique product from Universal Sompo that insures the loan amount of the Dena Bank’s retail and SME borrowers covering areas such as major medical illness, accidental death, permanent total disablement and loss of job. The insurance protection are available for loans in education, auto, home, personal and other loans availed by individual borrowers.
Shri Ashwani Kumar, CMD, Dena Bank, said, “It is a very good insurance scheme for both bank and its borrowers to address difficulties in repayment of loans in case of major illness”. “It is a huge potential for our bank to go out and provide insurance cover to maximum number of existing borrowers to contain NPAs in immediate future”. “We have an existing borrowers portfolio with an estimated assets Rs 21,000 crore”, Shri Ashwani Kumar said.
ON Singh, Executive Chairman, Universal Sompo General Insurance Company, said,
“Dena Bank is the 5th bank to become the partner in accepting our unique scheme to provide protection to the borrowers. It is a win - win situation for both the bank and Universal Sompo to secure their business by extending the benefits to the borrowers”, he said.
Universal Sompo General Insurance Company is a joint venture between Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corporation and Sompo Japan Insurance Company. The company is present across almost all product lines, classified into five major classes: Property, Marine, General Accident, Workmen Compensation and Motor. It largely markets its products through banccasurance arrangement with commercial banks in India and also through its distribution network consisting of brokers and agents.

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