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Union Bank of India is one of the joint venture (JV) promoters of Star Union Dai-ichi Life Insurance, the other one being Bank of India and Dai-ichi Life, Japan. As per the MoU, Union Bank of India will offer RMLeA to its potential customers. The house owning senior citizens, who are the target group for this product, will avail a (reverse) mortgage loan from UBI which will be utilized for purchasing a life annuity from SUD Life. The home owner’s obligation to pay the loan is deferred until the owner/annuitant dies; the home is either sold by the bank or the legal heirs reclaim the property by repaying the interest portion only, because the principal (equal o the purchase price) will be returned by SUD. Reverse Mortgage Loan enabled Annuity Plan can be bought for anyone between the ages of 55 years to 85 years.