Sacombank will partner with the British life insurance company Prudential Vietnam to provide life insurance policies to the bank’s consumer loan customers.

The bonus, the first of its kind in the Vietnam market, would be available beginning today (July 20), the bank’s general director Tran Xuan Huy said.

Huy said the bank would pay premiums to Prudential for customers between 18- and 60 years-old.

If the policyholder is unable to repay due to death or permanent disability, Prudential will repay the outstanding loan balance to the bank.

The duration of the insurance policy will match the one of the loan.

Huy said the bank would expand its services to markets in Laos and Cambodia where Sacombank operates branches.

Jack Howell, CEO for Prudential Vietnam, said the cooperation would help both companies develop their businesses. For the first quarter, Prudential Vietnam accounted for nearly a 40 percent market share of life insurance in terms of premium turnover, the largest in the country’s life insurance market.

Sacombank, listed on the HCM Stock Exchange, offered 47.6 trillion in loans for the first half of the year, with consumer loans representing 25.6 percent./.