pnb_insurance

September 27, 2005 PNB's INSURANCE OFFER FOR ITS CUSTOMERS Punjab National Bank is offering a customer friendly value addition in the shape of Personal Accident Insurance Cover to its customers. The specially designed policy covering Death and Permanent Total Disability will be available bundled with long term policy taken by housing loan customers for insuring their homes. For this bank has entered into a tie up arrangement with IFFCO Tokio General Insurance Co. Ltd. Speaking on the occasion Sh. S. C. Gupta Chairman and Managing Director PNB said that with this value addition in Bank's Housing Loan Scheme, Bank's customers shall be feeling more secured while availing loan for Housing from the Bank. Giving the details, Sh. U.S. Bhargava, General Manager PNB told that the offer of accident insurance cover is optional for the customer and will be available to them at a very nominal attractive premium of Rs.2.50 per lac/annum, an amount less than the cost of a cup of tea. The insurance policy will be for a maximum sum equivalent to cost of construction of house. The customer has the choice to take the policy for a period of three years or any period more than that with maximum period equivalent to full term of the loan, right at the very beginning. This being a non-lapsable cover, when taken for the full term of the loan, continues even where the Housing loan is prepaid. The sum insured remains constant throughout the duration of the loan period and is not reduced with the repayment. It also covers co-borrowers in addition to the first borrower without charging any extra premium. This insurance option will be available to its new as well as existing Housing Loan borrowers.