Offering life cover to borrowers, MetLife along with its insurance partner J&K Bank Wednesday presented a group term insurance plan at a brief but impressive function, a JK&K Bank statement said.
Chairman & CEO J&K Bank Mushtaq Ahmad and MD PNB MetLife Tarun Chugh launched the product titled ‘Met Loan and Life Suraksha’ amidst an eminent gathering in Jammu. “The product has been tailored to provide financial protection to the family members of the borrower in case of his or her demise,” the statement said.
“The insurance cover shall be available to borrowers availing Housing Loans, Education Loans, Car Loans and Personal Consumption Loans. It covers sanctioned loan amount or outstanding balance so that the family of the borrower does not have to bear the burden of a loan, in case of unexpected events. There are features such as joint life option, multiple premium payment options and hassle free issuance on group platform,” the statement informed.
Speaking on the occasion, Mushtaq Ahmad said, “Transferring risks through protection plan is the only cover one can have for an unforeseen eventuality. The launch of Met Loan and Life Suraksha is one such risk cover to protect the interests of family in case of borrower’s sudden demise.”
“At the bank, we believe that customer has to be the beneficiary of every productisation process. Therefore, we shall always be pushing our partners for products that cater to the needs, concerns and convenience of our valuable customers,” he added.
“Met Loan and Life Suraksha is a group term insurance plan, which will ensure that in case of the death of the borrower the family members are not burdened to repay the loan amount to the Bank,” said Tarun Chugh.
“In such an eventuality, the outstanding liability will be settled under the terms and conditions of the policy by MetLife. Besides prospective customers, the Bank also aims to cover some existing borrowers who have not secured their loans against eventuality of death of borrower.”