Excelsior Correspondent
JAMMU, Jan 6: The J&K Bank with its partner MetLife India Insurance Co Ltd has launched a drive to financially protect the family members of their loan customers in case of the unfortunate death of borrower.
The composition bundled with ‘Met Loan and Life Suraksha’, 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.
Executive President of J&K Bank Parvez Ahmed 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 bank 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.”
Sameer Bansal, Director Bancassurance, MetLife India said, : We have seen enough evidence where a family of a borrower struggles to repay loans in case 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. The 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.”
Met Loan Life Suraksha is Group Life Insurance policy and under this policy 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, education, car loans besides other personal consumption loans.
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