J&K Bank, PNB Metlife launch Credit Protection Plans

SRINAGAR: J&K Bank and PNB Metlife Thursday launched the Credit Protection Plans here.
A press statement issued here said the Directors at MetLife India Sameer Bansal and Sanjay Vij and the J&K Bank’s Executive Presidents Parvez Ahmad and Abdul Hamid Banday jointly launched the “innovative” credit linked Bancassurance package at a “simple but impressive function.”
“MetLoan & Life Suraksha is a financial protection plan to the family members of the borrower in case of his or her demise. It covers borrowers availing housing loans, education loans, car loans and personal consumption loans,” it said.
“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,” it added.
Speaking on the occasion, Sameer Bansal described the product launch as yet another milestone in the 14-year-old partnership of MetLife with J&K Bank.
He thanked J&K Bank management for providing MetLife an opportunity to serve the people of J&K in a big way.
“I feel proud in stating that our claim settlement ratio in the J&K state is 98%, highest in the industry,” he added.
Parvez Ahmad in his address said, “J&K Bank is an institution that identifies itself with its customers and operates on the agenda of customer convenience and social relevance. Dealing with people in fairness and transparency has made us a universal bank in J&K as around 90% of the state’s adult population are our customers.”
“We have launched this proposition in line with our agenda of Customer Centricity and promoting need-based products only,” he added.
The bank, he said, was always eager to explore possibilities of devising new products and services in line with changing needs of people and their economic aspirations.
“Apart from banking products we are closely working with our insurance partners to devise specialized and highly need based insurance products to secure the interests of our esteemed customers besides addressing the risks involved,” he said, adding “The people of J&K have reposed their faith in the bank. We shall always work towards returning it with respect and customized financial solutions.”
A H Banday said the beauty of the product lies in providing age cover up to 70 years.
“It is a wonderful product that even covers suicide, a rare feature for an insurance product to come up with,” he said.
The dignitaries also presented ‘Star Performers of the Night’ awards to the bank’s officers who have put up an outstanding performance during the 2014 calendar year.