STATE TIMES NEWS
SRINAGAR: Jammu and Kashmir Bank and PNB Metlife launched Credit Protection Plans Metloan and Life Suraksha here on Thursday.
Directors at MetLife India Sameer Bansal and Sanjay Vij, and J and K Bank’s Executive Presidents, Parvez Ahmad and Abdul Hamid Banday jointly launched this innovative credit linked Bancassurance package at a function here.
Metloan and 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, educational 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.
Speaking on the occasion, Sameer Bansal, Director Bancassurance MetLife India described the product launch as another milestone in the 14 year old partnership of MetLife with J and K Bank. He thanked partner Bank’s management for providing MetLife an opportunity to serve the people of J and K in a big way. “Post floods, we have collaborated with J and K Bank to undertake CSR initiatives to strengthen our bond with the people of J and K”, he said.
“I feel proud in stating that our claim settlement ratio in the J and K State is 98 per cent, highest in the industry,” he added.
Parvez Ahmad, Executive President J and K Bank, in his address said, “J and 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 and K as around 90 per cent of the State’s adult population is our customer.”
“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,” he said.
A.H Banday, Executive President J and K Bank, while speaking on the occasion said that 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 emphasised.
Stressing that the bank believes in placing customer at the center of its operations, Banday said that J and K Bank believes in fair practices. “We don’t believe in miss-selling and forced selling. Our aim is to sell a product or a service but buying it is ultimately the prerogative of the customer”, he said.
S.K Bhat, Senior President, J and K Bank, Presidents Nayeemullah, P.K Tickoo, M.S Wani, Vice Presidents, Cluster Heads, other officials from J&K Bank, Ashok Reddy, Deputy Director MetLife, Rajat Chopra, Associate Director MetLife and Zeeshan Andleeb, Regional Head, J and K, MetLife and senior officials at MetLife India were also present.
Awards for outstanding performance were also presented to the officers of Bank.
Vote of thanks was presented by Sanjay Vij, Director MetLife.
