Offering life cover to borrowers, MetLife along with its insurance partner Jammu and Kashmir Bank on Wednesday launched a group term insurance plan.
Chairman of the bank Mushtaq Ahmad and managing director of 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 borrowers in case of their demise.
The insurance cover shall be available to borrowers availing housing, education, car and personal consumption loans. It covers the 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.
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.
Tarun Chugh said in case of death of any borrower, 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," he added.