"Met Loan Assure is a customised product developed exclusively by MetLife for our customers, keeping in mind the growing demand of credit in the state," Mr Haseeb Drabu, Chairman and CEO, J&K Bank said.
The plan will add value to the customers because it will help them take loans with the safety net of life insurance, he added. The product covers all types of loans - home, education, vehicle and personal loans.
It is a specially designed group insurance plan that provides life insurance cover specifically for a loan taken by an individual, Mr Rajesh Relan, Managing Director, MetLife said.
It ensures financial security for the loan holder as the insurance proceeds can be used to repay the outstanding loan amount in case of the unfortunate demise of the insured individual, he said.
Through the product, the company want to help the loan customers achieve peace of mind so that "the asset remains an asset for the family," Mr Relan added.
"We are committed to providing our customers with a comprehensive financial solution under one roof...We have help desks set up at most of our branch offices to handle all inquiries about this product," Mr Drabu said.
Met Loan Assure is a single pay MRTA (Mortgage Reducing Term Assurance) solution on a group platform. The product is designed to target financial institutions or employers who lend loans. - PTI
