Private life insurer PNB MetLife in association with its partner Karnataka Bank on announced the launch of 'Loan Life Suraksha' (MLLS), a single limited premium plan covering the loan liability of a customer.
The new product will be available across 769 branches of the bank for its borrower clients, PNB MetLife said in a release.
"We have grown from strength to strength over the last 15 years of partnership with Karnataka Bank and have secured close to 2 lakh lives together," said PNB MetLife Director Bancassurance Sameer Bansal.
MLLS, a term cover against loans, provides complete protection to one's family against loans pertaining to business, home, vehicle, education, personal, agriculture among others. Companies That Offer The Best Settlement Of Insurance Money
"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," said Karnataka Bank Managing Director and CEO Mahabaleshwara M S.