HDFC Bank ties up with Union Assurance

HDFC in partnership with Union Assurance PLC, has introduced a children's savings plan that has an inbuilt insurance cover for the guardian or parent.

Marina Tharmaratnam - CEO Union Assurance PlC handing over the agreement Suresh Amarasekara - CEO, HDFC.

According to Suresh Amarasekara - GM HDFC the objective of the children's savings plan is to offer a secure future for children in Sri Lanka.

He further said that this innovative approach has opened opportunities for the parents to plan for their children's future requirements such as education.

This partnership has strengthened the cause by ensuring the original amount intended to be saved by the parents is made available to the child, even if the parents are not around due to an eventuality.

HDFC Bank whose Core Business is to provide speedier and affordable Housing Finance to the masses also entered into an agreement with the Union Assurance PLC to offer Loan Protection policies to their Housing Loan Customers. Both HDFC and UA have stamped their class in their respective industries through a highly Customer Centric Approach. Today they are two of the country's most trusted names when it comes to Confidence in the mind of customer.

The fact further confirmed by the accolades won by them both locally and internationally. Loan Protection covers are taken by borrowers to absolve their loved ones from being left with burden of paying their loans or face the forfeiture of their homes in case of death of the principal borrower (insured). The Loan Protection policy covers the insured for the term of the loan and pays out the loan's outstanding balance to the lending institution at a time of Death or Permanent Disability of the borrower (policyholder). Farmers Insurance Brokers a new entrant to Insurance Brokering were also involved in facilitating this HDFC-UA partnership.