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Private life insurer PNB MetLife in association with its partner Karnataka Bank on Thursday 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.
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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.
"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.
