Reverse Mortgage offer from Star Union Dai – ichi

Government undertaking banks like Bank of India, Union Bank had tie up with Dai – ichi Mutual life insurance  and started a new annuity plan called Star Union dai – ichi life insurance reverse mortgage loans. Senior citizens who don’t have any loans with an own house are eligible to apply for this policy.  This policy offers two types annuity options.

The first one is getting the lifelong pension based on the value of the house.  And the next option is getting low amount of pension by leaving the rest for the hierarchy.  It is not only this but also offering to take 25% of the loan value which should not exceed 15 lakhs at a time. The total share values in the star union Dai – ichi mutual life insurance is 51% for Bank of India, 26% for Dai – ichi life and 23% for Union bank.