MetLife India Insurance, an affiliate of MetLife, has signed MoU with United Bank of India to provide credit insurance coverage to bank's micro, small and medium enterprises sector (MSME) customers.
United Bank of India chairman and managing director Bhaskar Sen said United Bank is very aggressive in lending MSME Sector, and at present its base in this particular sector is about $1.55bn.
In conjunction with this MoU, MetLife India has also launched Met Flexi Shield, a product exclusively designed for United Bank to cover term loans and bank overdrafts for its MSME customers.
MetLife India Insurance managing director Shri Rajesh Relan said that this life insurance plan will add value to the bank customers because it will help them take loans with the safety net of Life Insurance.
"Our partnership with United Bank is another step towards creating a top of the rung balanced multi-channel distribution," Relan said.