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JK Bank in collaboration with MetLife Insurance launches drive 1/6/2015 11:10:02 PM Early Times Report jammu, Jan 6: Jammu and Kashmir Bank in collaboration with MetLife Insurance today launched a drive to financially protect the family members of their loan customers in case of the unfortunate death of borrower. The proposition bundled with Met Loan and LifeSuraksha', a group term insurance plan, will ensure that in case of the untimely death of the borrower the family members are not burdened to repay the loan amount to the Bank. In such a scenario, 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. Parvez Ahmad, Executive President Jammu and Kashmir Bank said "We have launched this proposition in line with our agenda of Customer Centricity and promoting need-based products only. While it is not compulsory for our customers to buy the life insurance products offered by MetLife to secure their loans, we would recommend the same to protect their family from any unforeseen financial liability arising out of an unexpected death of the borrower." Speaking on the occasion, Sameer Bansal, Director Bancassurance, MetLife India said, "We have seen enough evidence where a family of a borrower struggles to repay loans incase of an untimely death. It is an additional burden on the family which can be easily taken care of by prudent investment in a loan protection product",. Met Loan and Life Suraksha ensures that the customer's loan amount is protected and there is no financial burden on the family in case of an unfortunate death. This is an integral part of MetLife's need based selling strategy to ensure that the customers buy products which are important for protecting their financial future." There are features such as joint life option, multiple premium payment options and hassle free issuance on group platform and the cover shall be available to borrowers availing Housing Loans, Education Loans, Car Loans and Personal Consumption Loans.   Share This News with Your Friends on Social Network     Comment on this Story

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