Continuing its statewide launch, J&K Bank  & PNB Metlife launched Credit Protection Plans - MetLoan & Life Suraksha in Srinagar today. Directors at MetLife India Sameer Bansal and Sanjay Vij and the J&K Bank's Executive Presidents, Parvez Ahmad & Abdul Hamid Banday jointly launched this innovative credit linked Bancassurance package at a simple but impressive function here today.


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 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 in his address 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. "Post floods, we have collaborated with J&K Bank to undertake CSR initiatives to further strengthen our bond with the people of J&K", he said.


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, Executive President J&K Bank, 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. 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.


He said that Bank 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 "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, Executive President J&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 emphasized.


Stressing that the Bank believes in placing customer at the center of its operations, Banday said that J&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.    


Others present on the occasion included S K Bhat, Senior President, J&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&K, MetLife and senior officials at MetLife India.  


The dignitaries also presented "Star Performers of the night" awards to officers of the Bank who have put up an outstanding performance during the calendar year 2014.


The function culminated with presentation of vote of thanks by Sanjay Vij, Director MetLife.

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