Aviva Life Insurance today announced the launch of LoanShield Scheme, a group insurance plan for Can Fin customers.
Aviva Life Insurance today announced the launch of LoanShield Scheme, a group insurance plan for Can Fin customers.
It is a specially designed group insurance scheme which offers financial security to the Can Fin housing loan customer in case of any eventuality. Can Fin LoanShield scheme takes over the outstanding principal amount on the housing loan and offers financial security to the family by repaying the housing loan in the eventuality of the death of the life insured. Can Fin Homes is the master policy holder of the scheme.
The term of the scheme is dependent on the term of the loan as per the agreed loan schedule. The minimum age for entry is 18 years and maximum is 60 years. It is a single premium scheme where the premium rate depends on the term of the loan and the age of the customer. Premium payable is dependant on the Sum Assured and age band.
Speaking on the occasion Mr Stuart Purdy, managing director, Aviva Life Insurance, India said: “The easy availability of home loans has enabled an individual to realise his dream of purchasing his own house. However it can become a liability in case the individual does not survive the full term of the loan.
"Through LoanShield we are providing financial security to the family in the eventuality of any unforeseen event. We greatly value our association with Can Fin Homes, a member of the Canara Bank family with whom we share a strong relationship. Our business association with Can Fin Homes will further consolidate our relation with Canara Bank.”
Mr S Doraswamy, chairman, Can Fin Homes, said: “Introduction of Can Fin Loan Shield is a major value addition to the home loan products of Can Fin Homes. The scheme is a virtual shield for the loan availed by Can Fin Homes borrower. Launching of the scheme in association with Aviva which is a vibrant Insurance Company in the private sector marks the beginning of a new chapter in the history of Can Fin Homes.”
Mr Peter D F Cardozo, managing director of Can Fin Homes, said: “Introduction of life insurance cover through Can Fin Loan Shield addresses a long felt need of our customers. With premium financing facility extended to our new customers, the scheme has made our products more customer friendly.”
For further information, please contact:
Preeti Bakaya
Aviva Life Insurance Company India Pvt. Ltd.
tel: +91-124-2804141
mobile: +91-98-108-94972
e-mail: preeti.bakaya@avivaindia.com
Notes to editors
About Can Fin Homes Ltd
Can Fin Homes Ltd. (CFHL) is the first and the biggest bank sponsored housing finance company (HFC) and one among the leading players in the market. Set up in 1987 under the sponsorship of Canara Bank and co-sponsorship of a few other reputed financial institutions, CFHL has emerged as a highly preferred HFC with a strong brand image. The company has an all-India presence with a network of 43 offices across the country. The company which has cumulative sanctions amounting to Rs.3125 crores and cumulative disbursements of Rs.2670 crores is targeting a 35% growth during 2004-2005.
About Aviva
Aviva Life Insurance is a joint venture between Dabur and Aviva. Aviva plc is the UK’s largest insurance group and the world’s oldest insurance group, with a history dating back to 1696. Today, it is the seventh largest insurer worldwide, with 30 million customers and Ł240 billion assets under management.
Founded in 1884, Dabur is one of India’s oldest and largest groups of companies with the Groups consolidated annual sales in excess of Rs 1,350 crores. A professionally managed company it is the country’s leading producer of traditional healthcare products.