Corporation Bank Launches Group Insurance Scheme for Borrowers (Download PDF)

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Chief executive officer and managing director Jai Kumar Garg of Corporation Bank launched a ‘Group Credit Life Insurance Scheme’ of Life Insurance Corporation of India. The scheme made available initially at all the branches of Mangaluru Zone.

Logo of Corporation of Bank

Features:

  • It will later be extended to all the branches of the bank.
  • Scheme is available to customers in the age group of 18 - 60 years and they take a term loan from the bank.
  • This scheme is a single premium group term insurance plan offering insurance cover to the loan taken by the customer, in the incident of death of the borrower.

Term Loan:

  • Scheme includes various term loans including retail loans like:
    • Personal loan
    • Home loans
    • Vehicle loans
    • Loans to MSME and agriculture

About Corporation Bank:

  • Corporation bank is established in 1906 and it՚s a Mangalore-based mid-sized public sector bank.
  • In this bank Indian Government is the majority shareholder holding 59.82 % stake.
  • Corporation Bank has a wide-ranging network of over 9,000 centres across India including:
    • 2,061 branches
    • 2,599 ATMs
    • 4,349 branchless banking units

- Published/Last Modified on: August 8, 2016

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