MetLife ties up with PNB

Saturday 29, October, 2005 Bancassurance is new mantra for the insurers. After Max New York Life tying up with the Pune's Shree Suvarna Sahakari Cooperative Bank, it is now MetLife?s turn. The company has tied up with Punjab National Bank (PNB). It launched a Group Life insurance cover, Met Group Life. This policy is designed especially for the customers of the bank and it will be extended to the current and saving account holders falling between the age group of 18-64 years of age. The policy will be available in all the branches of the bank. The scheme was arranged through PNB Principal Insurance Advisory Company Ltd. Apart from MetLife, PNB also has tie-ups with Iffco-Tokio Insurance Co and New India Assurance Co whereby the non-life products are sold. Met Group Life is a yearly renewable term plan. It offers the options of choosing a cover that ranges from Rs 1 lakh, Rs 2 lakh and Rs 3 lakh. And the premium of the cover will be Rs 228, Rs 446 and Rs 648, respectively. On authorization, the amount of the premium would be deducted from the policyholder?s account. The PNB is aiming to sell over 5,00,000 policies by the end of this fiscal.

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