Protect your Vijaya bank running loan with Bajaj Allianz Insurance cover

Vijaya Bank has signed an MOU with Bajaj Allianz Life Insurance to cover its borrowers under a group life insurance plan.

As part of its ongoing strategy to provide to the diverse needs of its increasing clientele, the bank has been launching products and services tailor-made for different segments.

Through the present understanding with Bajaj Allianz Life Insurance, the bank is offering a product which enables the borrower, in an economical way, to protect his/her family from the load of repayment of the loan in the event of death.

Through this partnership, Bajaj Allianz aims to cover up to 4 lakh borrowers of Vijaya Bank across the country. The product will cover housing loans, education loans, vehicle loans, personal loans as well as other loans.

"This is a key that will provide financial protection from the load of loan repayment in the ill-timed event of borrower's death. Over 4 lakh borrowers in 1,185 networked branches of the bank spread across 28 states and 4 Union territories can avail the facility," Vijaya Bank chairman and managing director Albert Tauro said.

"This insurance plan will cover all customers of Vijaya Bank who have taken a loan for various purposes, irrespective of the amount of loan sanctioned. This coverage under a single product makes it easier for the bank and their customers to administer. Our partnership is another step in our association with such a big public sector bank, like Vijaya Bank," Bajaj Allianz Life Insurance chief distribution officer AS Narayanan said.