NCC Bank signs MoU with Meghna Life for borrower protection

NCC Bank PLC has recently signed a memorandum of understanding (MoU) with Meghna Life Insurance Company Ltd to ensure enhanced financial security for home loan customers.

Md Zakir Anam, deputy managing director of NCC Bank PLC, and Mohammad Tarek, additional managing director of Meghna Life Insurance Company Limited, signed the MoU at the bank's head office in the capital, according to a press release.

Under the MoU, all regular home loan borrowers of NCC Bank will automatically be brought under life insurance coverage provided by Meghna Life.

The facility will protect borrowers and their families by covering the outstanding loan amount in the event of the borrower's accidental death.

Speaking at the event, M Shamsul Arefin, managing director of NCC Bank, said the initiative aims to provide comprehensive financial security for home loan customers while ensuring crucial protection for their families.

He termed the MoU a strategic step towards risk mitigation through stronger collaboration between the banking and insurance sectors.

"This innovative, welfare-oriented initiative will ease families' financial burdens in difficult times while strengthening customer confidence in NCC Bank's services," Arefin said.

Nasir Uddin Ahmed, vice-chairman of the insurer; Md Jaynal Abedin Bhuiyan, consultant and head of marketing; Md Kamruzzaman, vice-president of the group insurance department; Sharif Mohammad Mahsin, senior vice-president and head of SME of the bank; Shahin Akter Nuha, head of transaction banking and cash management; SM Tanvir Hasan, head of retail banking; and Mohammad Aminul Islam, head of cards, along with other senior officials of both organisations, were also present.