A pure term cover to protect one against loan liability

• Coverage amount is equivalent to the loan outstanding amount
• Flexibility in premium payment
• Flexibility to increase life cover if the loan amount goes up
• Launches ‘KBL MLLS’ app exclusively for KBL employees to instantly calculate the insurance cover based on loan liability

MANGALURU, July 20, 2017: PNB MetLife, among India’s leading private life insurers in association with its partner Karnataka Bank Ltd., today, announced the launch of ‘PNB MetLife Loan Life Suraksha’ (MLLS), a single/limited premium plan covering the loan liability of a customer. At the event, celebrating 15 years of partnership, PNB MetLife also introduced ‘KBL MLLS’ app exclusively for the KBL employees to instantly calculate the insurance cover and premium based on loan liability. The product and the app was unveiled by Mr. Mahabaleshwara M S, Managing Director & CEO, Karnataka Bank Ltd and Mr. Sameer Bansal, Director Bancassurance, PNB MetLife at a function in Mangaluru.  The new product will be available across 769 branches of the Bank for its borrower clients. 

MLLS, a term cover against loans, provides complete protection to one’s family against loans pertaining  to business, home, vehicle, education, personal, agriculture or any other. It is a convenient, flexible and affordable solution with mutilple coverage options, joint life and opion to increase life cover if the loan amount goes up.

Speaking at the launch, Mr. Mahabaleshwara M S, MD & CEO, Karnataka Bank Ltd, said, “We have had a successful partnership for last 15 years and are excited about the launch of MLLS single premium plan today. It will help us in our endeavour to extend a holistic suite of loan protection products with flexibility in premium payments. I would urge all our customers to protect their loans with MLLS, providing peace of mind to their family members against loan liabilities.”

Mr. Sameer Bansal, Director Bancassurance, PNB MetLife said, “At PNB MetLife, we have always designed our products keeping in mind the evolving needs of our customers and partners. We have grown from strenght to strength over the last 15 years of partnership with Karnataka Bank Ltd and have secured close to 2 lakh lives together.”

He added, “One of the main concerns of any loan customer is the liabilty on the family members. The house that one dreamed off or the education one planned for their children can go awry if something were to happen to them. PNB MetLife Loan & Life Suraksha seeks to provide financial stability to the customer’s family in unexpected circumstances.”

Key features:

• Protection against loan liabilities
• Joint life options to cover two borrowers
• Convenience to pay your premiums either once or for 5 years/10 years
• Cover equal to the outstanding loan schedule
• Simple enrolment process
• Premiums paid and repayments made are eligible for tax* benefits

About PNB MetLife India Insurance Company Limited
PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders. 

For more information, follow us on twitter @PNBMetLife1, www.facebook.com/PNBMetLife or visit PNB MetLife

•    The marks “PNB” and “MetLife” are the registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks”.

•    For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.

About Karnataka Bank Limited
At Karnataka Bank, we understand that all customers are different in unique ways, which is why, regardless of the size of your business or your aspirations, we treat every one as individual and special. This means offering you choices, not only in relation to our products and services but also in the way you interact with us. We understand the changes in your lifestyle, recognize these changes and support you with a high standard of professionalism and service. 

As a premier bank, we have developed comprehensive range of customized products & services suitable for every kind of market, trade or perceived need - Business or Personal. They include, borrowing facilities, deposits, providing optimum returns on surplus funds or helping with overseas transactions.

We believe in total quality at all levels. We have deployed the most modern information technology to deliver products & services for your benefit with an aim to develop an effective long-term relationship. But most of all, Technology is matched to your expectations of service, for today & for the future.