KATHMANDU, Sept 1: Prime Life Insurance Company Ltd and Siddhartha Development Bank Ltd (SDBL) have signed an agreement to provide insurance to the bank's home loan borrowers.
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Issuing a press release on Tuesday, the life insurance company said that the agreement was for providing 'Prime Life Secure Residential Life Insurance' service to SDBL's home loan borrowers.
Manoj Kumar Bhattarai, CEO of Prime and SDBL CEO Ajay Kumar Mishra signed the agreement at a ceremony held on Tuesday. According to the release, the insurance company will repay all home loans of the borrowers even if the borrowers die during the loan repayment period.
