KATHMANDU, Aug 26: Prabhu Bank Ltd has introduced a new scheme named 'Credit Life Insurance'. Issuing a press release, the bank said its clients of home loans and auto loans can participate in this scheme.
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Under the scheme, the bank will pay insurance premium of borrowers. "Those borrowing loans under this scheme will get life insurance policy equivalent to the amount borrowed from the bank and the loan amount will be settled by the insurance company if the borrower dies before the loan repayment period. The money emaining after clearing the loans will be handed over to the dependent family," it added.
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