Karnataka Bank & PNB MetLife to jointly cover the loan liability the customers provide insurance cover for borrowers

Met Loan and Life Suraksha (MLLS) is a single premium plan covering the loan liability of a customer as launched by the Karnataka Bank and PNB Met Life. Another app “KBL MLLS” was also introduced for its employees to instantly calculate the insurance cover and premium based on loan liability of the borrowers.

Sameer Bansal, Director (Bancassurance) of PNB MetLife, said his company and Karnataka Bank have secured close to two lakhs lives together. MLLS seeks to provide financial stability to the borrower’s family in unexpected circumstances, he said.