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Friday, Sep 22, 2006

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UBI, Tata AIG launch scheme for education loan borrowers

Our Bureau

Kolkata , Sept. 21

United Bank of India and Tata AIG Life Insurance Co Ltd have announced the launch of `United Shiksha Suraksha Scheme", a group insurance plan for the education-loan borrowers of the bank.

The scheme, to be available at all branches of UBI, will offer insurance cover at a low cost to students above 18. The premium can be a part of the education loan. It will be available to the existing education loan accounts (nearly 12,000) totalling Rs176 crore as also to new education loans.

In case of death of the co-borrower during the study period, the entire sum insured will be paid to the student, which will facilitate completion of his studies and liquidation of the loan liability, a press release issued by UBI has mentioned.

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