In a timely settlement of an insurance claim under Met Loan and Life Suraksha (MLLS) scheme, PNB-MetLife - J&K Bank’s Life Insurance Partner - gave a symbolic cheque amounting to Rs 32 Lacs to Naseema, legal heir of Late Bashir Ahmad Kuchhay, who was Bank’s customer at Surasyar Branch in Budgam.
Pertinently, the actual amount was partly credited to loan account of the deceased while as the rest of amount was transferred to nominee’s saving account as per the Level Cover Option of the policy.
The Bank’s Zonal Head (Budgam) Saadut Hussain Pampori handed over the cheque to the nominee of deceased Naseema Bano in presence of Zonal Insurance Coordinator Sajad Ahmad Farooqi, Zonal Head (Credit Life) PNB MetLife Irfan Ali Zargar and other officials of the Bank and insurance agency.
While thanking the Bank and Insurance Company on the occasion, Naseema Said, “I think we have been fortunate enough to have this insurance policy, the timely settlement of which has relieved us of huge financial burden.”
Speaking on the occasion, Zonal Head said that with economic well-being of customers at the core, the Bank always advise its clients to get their loans insured so that unforeseen eventualities in life are taken care of without putting difficult financial burdens upon their loved ones.
"We cannot compensate the loss of life but at least we can relieve the burden of berieved family by compensating the earning capacity of the demised family member to a great extent. Moreover, we insist upon our insurance partners to ensure prompt and easy settlement of insurance claims of all our customers that would take care of financial-safety and welfare of their family members” he said.
Notably, the deceased customer had chosen an insurance cover of his loan under PNB-MetLife’s Met Loan and Life Suraksha (MLLS) scheme with Level Cover option, wherein the sum assured is the amount linked to credit as selected by the policyholder at the beginning.