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. The product offerings of PNB MetLife cater to the financial requirements of the customers. It provides a comprehensive portfolio of plans serving child education, family protection, long-term savings, and retirement planning. The company has covered more than 5 Lakh Crore lives over the years and currently has a claim settlement ratio of 97.18.

Awards & Achievements

The company has achieved several awards and accolades in recent years. 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 mentioned key aspects about the company for your clearer understanding.

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. In the graph below, we have presented the trend of 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 helps you analyse the number of claims paid against the number of claims filed

The latest IRDAI report indicates the claim settlement ratio of PNB MetLife Insurance to be 97.18 in FY 2019-20.

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 between PNB MetLife and other Top Life Insurance Companies based on ClaimSettlement Ratio (2019-20)

Comparison between PNB MetLife and other Top Life Insurance Companies based on ClaimSettlement Ratio (2019-20)

*Data has been sourced from IRDAI Annual Reports

3 Solvency Ratio

The solvency ratio helps you understand 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.

In FY 2019-20, the company announced a solvency ratio of 1.93.

In the table below, we have presented the yearly trend of Solvency Ratio

Yearly Trend of Solvency Ratios of PNB MetLife Insurance

Yearly Trend of Solvency Ratios of PNB MetLife Insurance

*Data has been sourced from IRDAI Annual Reports

4 Operating Network

Its bancassurance partnerships with Punjab National Bank (PNB), Jammu and Kashmir Bank Limited (JKBL), and Karnataka Bank Limited (KBL) have facilitated its reach to over 200 million customers. The company has a robust network of direct sales and agency sales channels and broker tie-ups across 18,000 locations in India.

The company also has an Al- powered customer service app by the name of Khushi.

Products Offered By PNB MetLife

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

How To Buy PNB Metlife Insurance Plans?

You can buy the PNB MetLife Insurance plan from the official website of the company. Let's discuss the process in detail:

  • Visit the official website of the company and click on 'Buy Online'.
  • Fill in all the details and click on the 'Buy Now' button.
  • Enter some more details such as Amount to invest, Payment term, cover term, frequency, and choose the plan option and click on the 'Proceed' button.
  • Add the Add-on riders in your plan and click on the 'Proceed' button.
  • Make the payment using the available payment option and the company will share the policy documents on your registered email ID.

Claim Process

The claim process at PNB MetLife consists of 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.

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)

- 4.7/5 (28 Total Rating)

October 18, 2021

Vahisht Aggarwal

Delhi

Settled my claims within a month of my policy maturity. Super happy with the services and satisfied also.

October 8, 2021

Shweta Mittal

Jaipur

Got my claims settled in a week s time. So happy that PNB Metlife understands the needs of its customers

October 6, 2021

Namrata Singh

Kolkata

I will be forever grateful to PNB Metlife for settling my claim. Thank you for understanding the needs of your customers.

September 22, 2021

Jagriti

Coimbatore

policyx has been very supportive when i had to file a claim ... they are informative and detailed and made the whole process easy

September 21, 2021

Sunny Rawal

Kanpur

I think I bought my plan in under 5 minutes from policyx.com s website...the discussion prior to this was very helpful too

Last updated on August, 2021

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