Private insurer Star Union Dai-ichi Life insurance (SUD Life) has entered into a tie-up with Union Bank of India (UBI) for pan-India distribution of its Reverse Mortgage Loan-enabled Annuity Plan (RMLeA).
Reverse Mortgage Loan-enabled Annuity Plan targets senior citizens, who can reverse mortgage loan from UBI which will be utilised for purchasing a life annuity from SUD Life. The home owner's obligation to pay loan is deferred until his death, after which the home is either sold by the bank or the legal heirs reclaim the property by repaying the interest portion only because the principal will be returned by SUD.
UBI is one of the joint venture promoters of SUD Life and the other JV promoters are Bank of India and Dai-ichi Life, Japan.
For more on this, read EconomicTimes
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