Central Bank of India Launches Cent Swabhiman Plus for Senior Citizens

Central Bank of India and Star Union Dai-ichi Life Insurance Co Ltd have launched a novel Reverse Mortgage enabled Loan Annuity Product branded as Cent Swabhiman Plus.

The product was launched at a function held at New Delhi in the presence of Union Minister of State for Finance, Namo Narain Meena.

Cent Swabhiman Plus is a unique and tailor-made product to facilitate senior citizens to avail regular payments throughout their life-time.  Such an Annuity Product assuming life-time payments is being made available for the first time in this country.

This Annuity Product is an alternative to the Reverse Mortgage Loan product viz. Cent Swabhiman, which is already available from Central Bank and from some other banks and Housing Finance Companies.

The new product is an improvement over the existing product in two important aspects.  First, lifetime payment is assured as against maximum of 20 years in the existing similar products.  Second, the quantum of monthly payment is significantly higher.

Senior citizens above the age of 60 years and also with eligible spouse of 55 years of minimum age cap can get this life time annuity against the mortgage of their self-owned and self occupied house and they can also continue to stay in the house as long as the last surviving spouse is alive.