Corporation Bank has signed a memorandum of understanding (MoU) with Life Insurance Corporation (LIC) of India for group credit-linked insurance plan to cover all retail term loans of Rs 4 lakh and above. The insurance term is 5 years to 35 years. Under the scheme, the loan amount will be paid by LIC of India in case of borrower’s death.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. Overall, the Bank has a wide network of over 9,000 centres across India, including 2,061 branches, 2,599 ATMs and 4,349 branchless banking units.
