MTB Protection Plan (MPP) is an insurance benefit provided under the umbrella of Guardian Life Insurance Ltd, a renowned insurance service provider of Bangladesh. A Credit Cardholder has insurance coverage up to four times of his/her outstanding (Maximum BDT Four Million) in case of death or permanent total disability. Cardholder’s outstanding will be settled and beneficiary (s) will get the remaining amount.
A Cardholder will be automatically enrolled to MPP after he or she has been issued card. To de-enroll, the Cardholder needs to call our 24/7 Contact Centre.
Cardholders can remain enrolled into MPP till 65 years, after which this feature will automatically be cancelled.
The following table illustrates incidents and insurance coverage associated with different credit card products:
|Incident||Insurance Coverage||Credit Card Products|
|Natural death of
Primary Credit Cardholder
|2 times of Credit Card Outstanding (Maximum BDT 15 lac)||All types of Credit Cards|
of Primary Credit Cardholder
|4 times of Credit Card Outstanding (Maximum BDT 20 lac)||Visa Classic/Gold/ Platinum Mastercard Classic/Gold/ Titanium|
|4 times of Credit Card Outstanding (Maximum BDT 40 lac)||Visa Signature & Mastercard World|
|Permanent Total Disability of Primary Credit Cardholder||2 times of Credit Card Outstanding (Maximum BDT 10 lac)||All types of Credit Cards|
|MTB Protection Plan Fee (Monthly)||0.35% of outstanding amount as shown on monthly statement|