Mumbai, Sept 26: SBI Life Insurance Company has introduced its home loan insurance scheme for customers of Repco Home Finance, a subsidiary of repatriates cooperative bank, a state-owned entity set up to provide resettlement assistance to repatriates from Myanmar and Sri Lanka. Under this scheme, customers of Repco Finance would now have a choice of availing life insurance cover along with the loan, SBI Life said in release here today.

Repco Finance has so far sanctioned 2,024 loans and has 13 branches covering most parts of South India.
The policy for housing loan borrowers is a unique facility under which the borrower pays a one-time premium to get the insurance cover equivalent to the outstanding dues during the entire period of the loan, the release added.

SBI Life CEO and Managing Director R Krishnamurthy said this product helps to reduce the burden of repayment of outstanding loan by the borrower's family in the event of his death.

A borrower can now secure financial protection for his family as well as ensure retention of the property by paying a one time premium amount to cover the outstanding amount of the loan in the event of his death, he added. Bureau Report