In case of an unfortunate event like death of the mortgage loan borrower, the insurance cover would provide for repayment of the housing loan.
"The family will get back the property," he said.
Allahabad Bank Executive Director J P Dua told reporters here that the tie up for mortgage insurance would be an added advantage for the customers of the bank.
As per the agreement, the bank would extend Tata AIG's housing loan cover through its network of 2,154 branches across the country.