On Friday, Dena Bank said that it has tied up with SBI Life Insurance Company for providing Group Life Insurance coverage to its housing loan borrowers under the ‘Dena Grihaswami Suraksha Yojana’.

Dena Bank said in a release that Under the Memorandum of Understanding (MoU), insurance cover will be given to all housing loan borrowers at a very low premium.

It further said that among other features, the insurance cover is limited to outstanding loan amount.

It said that in the case of death of borrower during the term of cover, outstanding loan is set off against the policy proceeds settled by SBI Life Insurance.

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