PNB Metlife Insurance

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About PNB MetLife Insurance Company

The company started operating in 2001, with MetLife International Holdings LLC (MIHL) and Punjab National Bank Limited (PNB) holding majority shares. In its 20 years of operations, it has managed to establish a strong foothold in PAN India. The company has been committed to creating solutions that guarantee financial security throughout the Circle of Life. The product offerings of PNB MetLife are thoughtfully designed to cater to the financial requirements of the customers. It has been successful in meting out a comprehensive portfolio of plans serving child education, family protection, long-term savings, and retirement planning.

PNB MetLife has essentially set a benchmark with regards to its reliability and commitment towards ensuring long-term financial soundness. It is worth noting that the company has covered over 5 Lakh Crore lives over the years and currently has a claim settlement ratio of 97.18.

Awards & Achievements

In recent years, the company has not only earned significant profits but has also garnered attention and recognition for innovation in its solutions and customer-centricity. Some of these recent awards are:

awards
  • Best Performance-Driven Digital Campaign at the 3rd DigiMarcom Leadership Awards 2021
  • Silver Award at the 6th Exchange4media Maddies Awards 2020.
  • 2 Golds and 1 Silver at DIGIES, Digital Awards 2020 in recognition for Best Email Marketing Campaign, Best Performance Marketing, and Best Use of Data Analytics.
  • Honored as the Best Brand 2020 in the life insurance category by The Economic Times for the 2nd time in a row.
  • Gold Award in recognition for its data-driven marketing at the 9th Global Customer Engagement Awards 2020.
  • khUshi app won at the 8th Global Customer Engagement Forum under Best Use of Technology and Best Usage of AI in the life insurance category in 2019.
  • Won the Risk Team of the Year award at the ERM World Summit and Awards 2019.

Key Features

Insurance options in India today are vast. It is important to choose plans only after carefully researching the insurers, their plans' features, and respective benefits. Identifying the right plan and right insurer is key towards ensuring that your family's needs are met even when you are not around. There are several important factors that one must consider prior to investing and these are - companies' annual premium, their claim settlement ratio, solvency ratio, and market share.

At PolicyX.Com, we have attempted to evaluate 24 life insurers based on the above-mentioned factors. Given its consistent performance, PNB MetLife has ranked remarkably well among other private insurers in the life insurance domain.

In the table below, we have highlighted important numbers about the company's performance in FY 2019-20.

Annual premium (2019-20)Rs. 1,778.64 Crores
Claim settlement ratio (2019-20)97.18
Solvency ratio1.93
No. of Branches11,588

In the following section, we provide you with a detailed explanation of these features.

1 Annual Premium Income

In FY 2019-20, the company recorded a gross premium underwritten of Rs. 5,507 Crores, a noteworthy 15% increase from that reported last year. In the graph below, we have presented the number of new business premiums generated by PNB MetLife Insurance over the past four fiscal years.

Yearly Trend in Annual Premium of PNB MetLife Insurance (Rs. in Crore)

Yearly Trend in Annual Premium of PNB MetLife Insurance (Rs. in Crore)

*Data has been sourced from IRDAI Annual Reports

2 Claim Settlement Ratio

The claim settlement ratio (CSR) is an extremely important measure of an insurer's reliability. Potential buyers should always be sure to choose an insurance company with a high claim settlement ratio. This number ultimately dictates whether or not your family receives the assured monetary benefits in the event of your death.

The latest IRDAI report indicates the claim settlement ratio of PNB MetLife Insurance to be 97.18 in FY 2019-20. It is a promising number if you are looking to buy an insurance policy from this company.

PNB MetLife Insurance has always considered its customers first. Its commitment to innovate digitally to enhance the customer experience has been recognised and widely appreciated. In an impressive development, the company announced that they will approve claims in as short as 3 hours. It has also made the entire claim process hassle-free to ensure that the bereaved do not have to struggle to get their dues.

For more information on the company's CSR, we have presented its yearly CSR trend from FY 2016-17 to FY 2019-20 in the graph below.

Yearly Trend in Claim Settlement Ratio of PNB MetLife

Yearly Trend in Claim Settlement Ratio of PNB MetLife

*Data has been sourced from IRDAI Annual Reports

Let us now compare the CSR ratio of PNB MetLife with other life insurers. Refer to the graph below:

Comparison of Claim Settlement Ratios of Top 6 Life Insurance Companies (2019-20)

Comparison of Claim Settlement Ratios of Top 6 Life Insurance Companies (2019-20)

*Data has been sourced from IRDAI Annual Reports

3 Solvency Ratio

The solvency ratio is an important parameter that essentially defines if a company can be financially trusted. It is an indicator of the company's ability to meet long-term debt obligations and other capital commitments. IRDAI has mandated that every life insurer in India must maintain a solvency ratio of at least 1.5.

Notably, the solvency ratio of PNB MetLife for the last four fiscal years has been well above the mandate. In FY 2019-20, the company announced a solvency ratio of 1.93.

In the table below, we have compared the solvency ratio of PNB MetLife against the top life insurers in India, as reported by them in FY 2019-20.

Comparison of Solvency Ratios of Top 5 Life Insurance Companies

Solvency ratio of Top 5 Life Insurance Companies

*Data has been sourced from IRDAI Annual Reports

4 Operating Network

The company's distribution network is huge. Its bancassurance partnerships with Punjab National Bank (PNB), Jammu and Kashmir Bank Limited (JKBL), and Karnataka Bank Limited (KBL) has facilitated its reach to over 200 million customers. In order to further accelerate the distribution of its life insurance products, PNB MetLife has forged strategic agreements with American Express Banking Corporation, Shinhan Bank, and ESAF Small Finance Bank. Furthermore, the company manages a robust network of direct sales and agency sales channels and broker tie-ups across 18,000 locations in India.

It is worth mentioning that the company's AI-powered customer service app, named KhUshi, has the ability to understand a customer's intent and subsequently provide tailored responses.

Products Offered By PNB MetLife

The company strives to continuously improve and identify areas of opportunity to bring out the best solutions for its customers. Notably, the life insurance plans offered by PNB MetLife come with a number of riders that can be availed of by policyholders to enhance their coverage or get extra protection against critical illnesses.

The table below lists all the insurance plans offered by the company.

ProductNames of Plans
Family Protection SolutionsPNB MetLife Mera Term Plan Plus Buy Online
PNB MetLife Mera Term Plan Buy Online
PNB MetLife Saral Jeevan Bima
Mera Mediclaim Plan
PNB MetLife Aajeevan Suraksha Plan
PNB MetLife Mera Jeevan Suraksha Plan
PNB MetLife Family Income Protector Plus
PNB MetLife Income Protection Plan
PNB MetLife POS - Suraksha
Long-Term Savings/Investment SolutionsPNB MetLife Guaranteed Future Plan
PNB MetLife Century Plan
PNB MetLife Smart Platinum Plus
PNB MetLife Smart Platinum Plan
PNB MetLife Mera Wealth Plan
PNB MetLife Super Saver Plan
PNB MetLife Guaranteed Income Plan
PNB MetLife Guaranteed Savings Plan
PNB MetLife Endowment Savings Plan Plus
PNB MetLife Bachat Yojna
Retirement SolutionsPNB MetLife Retirement Savings Plan
PNB MetLife Immediate Annuity

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Claim Process

The claim process at PNB MetLife is relatively easy, consisting of just 3 steps.

Claim Process PNB MetLife

Apply For the Claim:

File a claim on their website or on their KhUshi App. Alternatively, you could intimate via email at claimshelpdesk@pnbmetlife.com, or send a claim request via post.

Submit Documents:

In case of death claims, nominees are required to submit important documents (as highlighted in the next section) in the correct format as stated by the company to ensure a smooth process.

Claim Payout:

Once the documents are received, the claims will be processed within 30 days if further investigation is not required. In cases that require further investigation, claims will be processed within 90 days from the date of receipt of documents.

Note: Depending upon the riders that were bought with the plan, you might be required to submit some additional documents. Please visit their official website for more details or check out the FAQ section at the end of this page.

Documents Required to File a Claim

  • Submit Original/attested copy of death certificate
  • Claimant's statement
  • Doctor's certificate
  • Nominee's photo ID and address proof
  • Cancelled cheque/passbook of bank account
  • Authorization letter from the claimant (if claim intimation involves a third party).

Contact Details

Phone: 1800-425-6969 (Our Toll-Free Number Within India), +91-80-26502244 (Monday to Saturday; 10 A.M to 7 P.M.)

Mail: For Queries: indiaservice[at]pnbmetlife[dot].co[dot]in, For Grievance Redressal: gro[at]pnbmetlife[dot]co[dot]in

Address: Unit No. 101, 1st Floor, Techniplex-1, Techniplex Complex, Veer Savarkar Flyover, Off S V Road Goregaon (West), Maharashtra- 400062.

Life Insurance Banner

FAQs

1. Is it possible to add more than one nominee in my PNB Metlife insurance policy?

Yes, it is possible to add more than one nominee in my PNB Metlife insurance policy. However, the amount will be distributed equally among the nominees.

2. May I know whether PNB Metlife insurance policies are available for NRIs also?

Yes, PNB Metlife insurance policies are available for NRIs as well.

3. How to check the policy status of PNB Metlife Insurance policy?

You need to visit the official website of PNB Metlife and login with your user ID and password. After logging in, you can see the 'policy details tab'. Click on it and you will be able to check your policy status for PNB Metlife Insurance policy.

4. Is there any discount available for fund switches in PNB MetLife Unit Linked Employee Benefit Plan?

Yes, the company offers free switches for the first 4 funds in a policy year in PNB MetLife Unit Linked Employee Benefit Plan.

5. Does PNB MetLife Loan and Life Suraksha plan offer loyalty additions?

Yes, PNB MetLife Loan and Life Suraksha plans offer loyalty additions.

6. What is 'Individual Coverage' for PNB MetLife Complete Care Plus plan?

The PNB MetLife Complete Care Plus plan allows an employee to convert this policy into an Individual Coverage plan after leaving the organisation.

7. Is there any medical test required to opt for PNB MetLife Pradhan Mantri Jeevan Jyoti Bima Yojana?

No, there is no medical test required to opt for PNB MetLife Pradhan Mantri Jeevan Jyoti Bima Yojana.

8. What is the minimum age at entry for a standalone annuity in Joint Life option for PNB MetLife Immediate Annuity Plan?

The minimum age at entry for a standalone annuity in Joint Life option for PNB MetLife Immediate Annuity Plan is 40 years.

9. What if I wish to manage my funds on my own for my PNB MetLife Mera Wealth Plan?

Yes, it is possible. PNB MetLife Mera Wealth Plan offers flexibility to choose between two options, i.e., systematic transfer option and self-managed option.

10. May I know if my PNB MetLife Smart Platinum Plan offers liquidity facilities?

PNB MetLife Smart Platinum Plan offers liquidity facility for withdrawal of partial funds but only after completion of 5 policy years.

11. When will I get the coverage if I opt for PNB MetLife Accidental Disability Benefit Rider Plan?

PNB MetLife Accidental Disability Benefit Rider Plan will provide the coverage only if the disability arises within 180 days from the date of the accident.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.1/5 (9 Total Rating)

July 7, 2021

Rhea Bhagabati

Hyderabad

Satisfied with the plan I bought from PNB MetLife. I would 100% recommend people the company and its policies.

July 7, 2021

Manuk Chakravarty

Bengaluru

I trusted the words of my buddies who suggested that I invest in PNB MetLife s term plans. And I was not disappointed. They have some great products and their service is at par.

July 7, 2021

Nancy Tomar

Delhi

I want to say thanks to the team at PNB MetLife. The claims process was simple and the team guiding me in the process was kind and very empathetic.

July 7, 2021

Vidi Chauhan

Chennai

I found the perfect life insurance policy. And the best part was that I could customize most features according to what my needs were. Thank you PNB!

Last updated on 07-07-2021

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