The Hindu Business Line : Iffco-Tokio covers for PNB home loans

IFFCO-TOKIO General Insurance Co Ltd (ITGI) today entered into a tie-up with Punjab National Bank (PNB) to provide the bank's customers with ITGI's fire and personal accident insurance policy along with housing loans.

PNB customers will now have the option of insuring their homes and themselves against all risks covered under the Standard Fire & Special Perils policy (with earth quake) and Personal Accident cover (death & permanent disability only) respectively. The tie-up was negotiated by PNB Principal Insurance Advisory Company on behalf of PNB.

"This scheme provides seamless personal accident - cum-property insurance cover coinciding with the loan period with attractive premium discounts for our customers. It has been our endeavour to consistently provide value additions to our customers and this is a further step in that direction," the Chairman and Managing Director, PNB, Mr S.C. Gupta, said.

According to Mr Ajit Narain, CEO, ITIG, "The tie-up aims at leveraging on the widespread network of PNB and strengthening our marketing and distribution channel. ."

Mr Ravi Shankar, Principal Officer & Chief Executive, PNB Principal Insurance Advisory Company Private Ltd, said, "The long term insurance cover on a flat sum insured for personal accident as well as property insurance is not only cost effective but immensely convenient for borrowers of the bank as they do not have to bother for the renewal of the policy every year."

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