Financial Daily from THE HINDU group of publications
Friday, Oct 28, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 28, 2005 |
|
|
|
|
|
|
|
Money & Banking
-
Life Insurance MetLife group cover for PNB account holders Our Bureau
Mr. S C. Gupta,CMD, Punjab National Bank, and Mr Venkatesh Mysore, MD, MetLife, at a press conference in the Capital on Thursday. - - Kamal Narang
New Delhi , Oct. 27 METLIFE India Insurance Co Pvt Ltd on Thursday tied up with Punjab National Bank (PNB) to launch a group life insurance cover — Met Group Life — specially designed for the bank's account holders. The scheme has been arranged through PNB Principal Insurance Advisory Company Ltd. The insurance cover would be available to all the current and savings account holders of PNB between 18 and 64 years of age holding accounts in any of the 1,426 centralised banking solution (CBS) branches of PNB. According to the arrangement, PNB would be the single group policyholder. Met Group Life is a yearly renewable term plan with options of choosing a cover of Rs 1 lakh, Rs 2 lakh and Rs 3 lakh. The premium for each of the cover for a person aged between 18 and 44 years would be Rs 228, Rs 446 and Rs 648, respectively. On authorisation, the premium amount would be directly debited from the applicant's bank account. In the case of join account holders, both individuals may choose to insure their lives individually though they would have to pay separate premium as applicable to their age group. The insurance cover would not require any medical tests. Speaking on the occasion of the scheme's launch, the PNB Chairman and Managing Director, Mr S.C. Gupta, said that with tie-ups with insurance companies, the bank is emerging as a `financial supermarket.' PNB has already entered into tie-ups with Iffco-Tokio Insurance Co and New India Assurance Co for selling non-life products. Mr U.S. Bhargava, General Manager, PNB, said that the bank had set itself a target of selling 500,000 policies of Met Group Life by the end of the current fiscal and hoped to exceed the target comfortably. Mr Venkatesh Mysore, Managing Director, MetLife, said, "The association with PNB would help Metlife to expand the product reach as well as bring unique benefits to the customers of PNB."
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
