Future Generali India Life Insurance today said it has entered into an agreement with Vastu Housing Finance Corporation to offer group credit life insurance, 'Loan Suraksha Plan'.
The private life insurer has entered into an agreement with Vastu Housing Finance Corporation to offer group credit life insurance through one of its products - 'Future Generali Loan Suraksha Plan', a release issued here said.
This is a single premium term insurance plan, which is designed for financial institutions to provide life coverage to their new and existing borrowers, it added.
'Loan Suraksha Plan' ensures the protection of the borrower to the extent of the home loan amount, the release said, adding the borrower also has the option of increased insurance coverage in case of a top-up or additional loans.
"Credit Life insurance is a growing business and has proved to be beneficial not only for the financial institutions but also an important product for the customer as it is hassle-free," Future Generali India Life Managing Director and Chief Executive Officer Munish Sharda said.
"We are pleased to associate with Vastu Housing Finance and offer our services through the Loan Suraksha Plan," Sharda added.
Future Generali India Life is a joint venture between Future Group, global insurance group Assicurazioni Generali and IITL - a NBFC.
Sandeep Menon, Managing Director, Vastu Housing Finance Corporation said, "Vastu is focused on being a lender of choice, the Vastu proposition is a paperless digital process leveraging analytics and data to achieve speed and simplicity of the lending experience".
Disclaimer: No Business Standard Journalist was involved in creation of this content
