Mangalore, July 19: Corporation Bank, in association with the Life Insurance Corporation of India, has launched another bank assurance product, 'Corp Jeevan Griha Raksha', which will provide life insurance cover for housing loan borrowers. The new scheme was launched in Mumbai by S B Mathur, the LIC chairman, who handed over the first policy in the presence of K Cherian Varghese, chairman and managing director (CMD) of Corporation bank, a bank press release said on Friday.

Under 'Corp Jeevan Griha Raksha', housing loan borrowers get life cover by paying one time premium according to his/her age and the rate of interest for the loan, the release said.
Since it was a group insurance scheme, the premium payable was much less, as compared to the normal policies. This would be an add-on facility, available to the bank's housing loan borrowers, the release added. Bureau Report