According to a communiqué, Garanti Bank, one of the most dynamic and innovative banks on the local market, has signed a partnership with Metropolitan Life, one of the most important insurance companies in Romania, a partnership through which Bonus Card owners benefit from a complementary insurance package.
The new insurance package is called PPI (Payment Protection Insurance) and is the result of the first bancassurance partnership between Garanti Bank and Metropolitan Life.
Garanti Bank clients who own a Standard, Gold or Premium Bonus Card will benefit from financial protection in relation to the debt pertaining to the credit card in case of a major unforeseen and unwanted event such as unemployment or death. The insurance benefit is paid as follows: in case of unemployment Metropolitan Life takes over the payment of the minimum instalment pertaining to the credit card debt for a period of six months, on behalf of the Garanti Bank client, a benefit that can be offered two times during the card’s period of validity. In case of death, Metropolitan Life fully covers the debt pertaining to the credit card.
“We expect this new bancassurance partnership to offer significant added value for Garanti Bank clients. Together with Metropolitan Life we will offer a complex service that offers financial protection to Bonus Card owners, in less predictable situations, so that they could maintain the lifestyle they have grown accustomed to. We believe we will have one of the most competitive financial products on the market,” Garanti Bank CEO Ufuk Tandogan stated.
“At Metropolitan Life we are constantly dedicated to supporting the future plans of Romanians. This is the reason why we took the commitment to offer innovative solutions that offer protection in unexpected situations, and to invest in solid partnerships such as the bancassurance partnership with Garanti Bank. Thus, we offer clients access to simple financial protection solutions that best satisfy their needs and future plans,” Metropolitan Life CEO Emilia Bunea stated.
Bonus Card is a unique product in Romania and one of the most complex payment instruments on the market, both for card owners as well as for traders. Card owners accumulate bonuses every time they perform transactions, both in the country and abroad, and the bonuses represent money that can be subsequently used when shopping in the network of stores that are Bonus Card partners.