PNB Metlife India Insurance Company, on the inauguration date of Punjab National Bank, which also is an auspicious day of Baisakhi, announced the launch of Met Flexi Shield plan, a loan protection plan, for its home and educational loan customers. The salient feature of this plan is that it provides a shield against loan liability to the family members of the borrower, in case of the death of the borrower due to unanticipated circumstances.
PNB Metlife India Insurance Company is a joint venture where Metropolitan Life India Insurance Company (MetLife) and Punjab National Bank are the majority shareholders. It was erstwhile known as MetLife, a joint venture between is a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Company Private Limited and other private investors. The new venture was formed in February 2013. Punjab National Bank is one of the oldest and leading nationalized banks whereas Metlife is one of the world’s leading life insurance providers.
Under this plan customer needs to pay premium only once during the tenure of the loan and get a cover equal to the outstanding loan during the term of the policy. Further the cover is mapped to the outstanding loan amount and gets reduced in proportion to the loan repayment. This plan also provides loan coverage upto Rs. 80 lakhs till the age of 40 years for housing loan customers and upto Rs. 25 lakhs till 55 years of age for educational loan customers.
At the time of launch of the policy, Mr. Rajesh Relan, Managing Director and Country Manager PNB Metlife said that this is the first of its kind packed offer to its customers and that bank is committed to give modern product to its customers. He also added that the company is working on precise plans mapped to the various segments of the bank.
PNB Chairman and Managing Director during the launch said that this customized life insurance product not only comes at a competitive rate but also provides best services to its customers at branches. He also said that they have partnered with a global life insurance service provider with solid expertise in insurance sector and over 140 years of experience.
This policy can be purchased by its customers from all PNB Retail Asset Branches through PNB MetLife’s Met Life System, a web based, real time fully integrated system.
