Srinagar, Feb 19: A life insurance claim of Rs 27 lakhs was settled by J&K Bank and Met Life in favour of one of its deceased customers under “Mortgage Loan Scheme”. The deceased had purchased the policy 11 months back from Soura branch of the bank, after obtaining a loan. As per the policy terms, the loan outstanding against the borrower was adjustable from the proceeds of the claim in the event of the death of the borrower, a spokesman of the bank said.
 It is worth mentioning that the death of the borrower left his family in deep shock, as he was their only bread earner. The loan amount outstanding against the borrower was additional burden on the family. However the path chosen by the deceased during his lifetime with the proper guidance of the Bank and MetLife regarding the importance of insurance saved the bereaved family from the financial loss. They took a sigh of relief when their insurance claim was settled in a record time of one and a half month.Vice President (Bancassurance), J&K Bank, M A Kawoosa handed over the Cheque of Rs 27.00 lacs to Branch Head Soura for onward payment to the beneficiaries of the deceased after adjustment of the loan account. The timely settlement of the claim by MetLife and the role played by J&K Bank in educating the borrower for opting for this plan was appreciated by the legal heirs of the deceased.

Lastupdate on : Tue, 19 Feb 2008 21:30:00 Mecca time
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