Dena Bank ties up with SBI Life for Group Life Insurance to its Housing Loan customers under “Dena Grihaswami Suraksha Yojana”.The insurance cover will be given to all housing loan borrowers at a very low premium.

Highlights of DGSY:

• The Insurance cover is limited to outstanding loan amount.
• Premium for Insurance cover will be very low.
• The borrower who avails this scheme at the time of entry, will get a benefit of Single Premium for the entire tenure of the loan.
• In case of death of the borrower during the term of cover, outstanding loan is set off against the policy proceeds settled by SBI Life Insurance Company Ltd
• If the amount of death claim exceeds the outstanding loan, the excess is paid to the nominee of the member.

Points to Remember:

• SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance headquartered at Mumbai, India.
• The MD & CEO of SBI Life Insurance Company is Mr. Ajit Basu.
• Dena Bank is Public sector bank owned by Government of India, headquartered at Mumbai.
• The Chairman and Managing Director of  Dena Bank is Shri. Ashwani Kumar.
• Earlier this year, Dena bank has tied up with online financial product seller bankbazaar.com for retail business.