Allied Insurance introduces coverage to borrowers from HDFC

Allied Insurance Company has introduced an insurance scheme that provides insurance coverage to borrowers of housing loans from Housing Development and Finance Corporation (HDFC).

The scheme was launched at a ceremony at Allied Insurance today. The agreement was signed by Managing Director of Allied Insurance, Ahmed Ameel, and Managing Director of HDFC, Dr Priyanka Baddevitha.

The scheme provides Mortgage Protection and Insurance, and Total Permanent Disability Insurance.

Speaking at a press conference today, Ameel said, “In the event of an incident that results in the disability or death of the borrower, the remaining part of the loan will be paid under the insurance scheme.”

He said that Allied Insurance had worked closely with HDFC to introduce this policy.

Senior Manager of Business Development and Operations of HDFC Mohamed Shafeeq said that programs will be held to provide information on this scheme to customers.

He added that documentation will be arranged by HDFC for customers who request to take up the policy.

HDFC has said that the policy is optional, and is available to existing as well as new borrowers.