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Friday, 8 August 2014 00:57 - - {{hitsCtrl.values.hits}}
In a bid to provide their customers with a better and broader service, Pan Asia bank recently joined hands with Janashakthi Insurance PLC, to provide loan protection insurance policies for some of the bank’s flagship loan products.
Pan Asia Bank offers ‘Sammana’ loan scheme to government pensioners and retired members of armed forces, while offering special loans to families of KIA/MIA/DIA category members of armed forces and police. In both cases the loan can be repaid until the applicant reaches 70 years of age.
Under the new insurance value addition, customers of these loan schemes will be offered loan protection policies at comparatively low premiums and the insurance will work as a life policy in that, in an event of a customer’s demise prior to full settlement of the loan, not only his/her closest family members will be relieved of the loan liability but they also will receive the balance amount left from the original sum assured. Further, the policy will be issued without any medical inspections irrespective of their ages which is a rare privilege for the elderly people of the country.
