PNB MetLife India Insurance Company Limited (PNB MetLife), an affiliate of MetLife, Inc., today announced the launch of its loan protection plan for Punjab National Bank (PNB) home and education loan customers.
The proposition for home loan and education loan borrowers of the bank provides protection against loan liability, in the event of unforeseen circumstances of the death of the borrower and offers full financial protection to the family.
The plan offers one of the highest non-medical limits upto Rs. 80 lakhs till age 40 years for housing loan customers and loan amount up to Rs. 25 lakhs, till age 55 years for education loan customers. In addition, the premium is paid only once during the term of the loan and the customer gets cover equal to the outstanding loan during the term of the policy. Another good feature of home loan protection is that the cover is mapped to the outstanding loan at all times and keeps reducing according to the liability.The product is available at all PNB Retail Asset Branches (RABs) through PNB MetLife’s Met Smart System - a web-based, real-time, fully integrated system for policy administration and customer relationship management. This will benefit the customers by providing end to end over-the-counter processing at the branches, promising hassle free and quick issuance.
MetLife India Insurance Company Limited (MetLife India) recently announced its tie-up with PNB and launched the new brand, PNB MetLife in February 2013. PNB MetLife brings together the financial strength of one of the world’s leading life insurance providers, MetLife, Inc., and the credibility of Punjab National Bank, one of India's oldest and leading nationalised banks. It is one of the fastest growing life insurance companies in the country, continues to be consistently profitable and has declared profits for ten consecutive quarters as of Q3 2012-13.
Speaking at the launch, K.R. Kamath, Chairman & Managing Director, Punjab National Bank, said, “We have partnered with a global Life insurance provider with strong insurance expertise and over 140 years of experience. We are very pleased that with the launch of this offering, we have added a customised life insurance product, which comes at competitive rates and offers best service to our customers at the branches. The launch date also coincides with the auspicious day of Baisakhi, which happens to be the foundation day of our bank”
Rajesh Relan, Managing Director & Country Manager, PNB MetLife, said; “This is our first bundled proposition for PNB customers. With the launch of this compelling offering, we are taking another step in our journey to create a benchmark partnership and bring our products, technology and capabilities to PNB customers, to help achieve financial security. We are committed to providing such innovative solutions for the bank customers and are working on specific propositions mapped to the various segments of the bank.”
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