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Before moving on to the PNB MetLife term insurance, let’s first throw some light on ‘How PNB MetLife insurance company has attained so much success in insurance sector?’
PNB MetLife is like a financial powerhouse of four leading financial authorities operating globally. Four companies namely, MetLife International Holdings LLC (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), and M. Pallonji and Company Private Limited are the main shareholders of the company.
PNB MetLife offers diversified term insurance plans that are an assortment of unlimited benefits, financial protection to family, healthy rewards, and the reliability of PNB.
If you are one with above needs, then PNB MetLife Term Insurance will definitely be going to be fortunate to you.
It is an online term plan that binds an endless thread of benefits along with flexible payout option of sum assured on death.
As it can be guessed by name od this plan that this provides advanced protection from cancer, and heart diseases whether at a normal/ moderate/ serious stage.
At the unique protection plan that takes care of your family even after death by paying lumpsum or monthly income of the sum assured.
Just like Jeevan Suraksha Plan, this plan also offers the same benefits but with a different premium paying terms. Here, premiums can be paid either in lumpsum at inception or for a limited period of 5 - 15 years as selected during the purchase
If this term plan PNB term plan, then the assured can gain death benefit, maturity benefit and lifetime protection from exigencies at cheaper rates of premiums.
A complete protection term plan for family that promises to pay monthly income after the demise of life assured that will not perturb the current lifestyle in the future.
This is a group term insurance plan that is exclusively for employees of a company and is taken on by the owner on behalf of employees. The motive is to provide financial security to the family of assured employee.
A group Term plan that is completely devoted to employees and their families by the owner of the company by bestowing financial assistance for any future contingency.
This PNB MetLife term plan offers four different coverage options based on the requirements of the assured.
This term plan was made with reverence to provisions of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the very scheme of Government of India. The motive is to offer protection to policyholder at a cheaper cost, so it can be reachable.
This group term plan is made to lessen the loan liability of individuals by giving cover for the outstanding loan amount. The plan will maintain the financial stability of the family on the death of the insured.
For Online Individual Term Plans
|Term Insurance Plans||PNB MetLife Mera Term Plan||PNB MetLife Mera Heart and Cancer Care|
|Age of Entry||18 years to 65 years||18 years to 65 years|
|Term of the Policy||28 years to 80 years|
|Minimum Sum Assured||Rs 10 lakhs||Rs 5 lakhs (for Heart or Cancer cover)|
Rs 10 lakhs (for both Heart and Cancer cover)
|Maximum Sum Assured||No Limitations (subject to underwriting process of company)||Rs 40 lakhs (for Heart or Cancer cover) |
Rs 80 lakhs (for both Heart and Cancer cover)
|Premium Paying Term||Equal to the base policy term||Equal to the base policy term|
|Premium Paying Frequency||Yearly/ Monthly||Yearly / Half Yearly / Monthly|
For Offline Individual Term Plan
|PNB MetLife Term Insurance Plans||Mera Jeevan Suraksha Plan||Aajeevan Suraksha Plan||POS Suraksha Plan||Family Protector Plus Plan|
|Age of Entry||18 years to 65 years||18 years to 65 years||For 10 years of policy term - 18 years to 55 years|
For 10 years of policy term- 18 years to 50 years
|25 years to 60 years|
|Maximum Maturity Age||28 years to 80 years||65 years||75 years|
|Term of the Policy||10 years to 40 years|
Single pay- Complete payment at the inception of policy
Limited pay- Premium paying Term plus 5 years
|10 years/ 15 years||10 years/ 15 years/ 20 years|
|Minimum Sum Assured||Rs 10 lakhs||Rs 25 lakhs||Rs 50,000||Rs 9 lakhs to 14 lakhs according to the policy term selected)|
|Maximum Sum Assured||No Limitations (subject to underwriting process of company)||No Limitations (subject to underwriting process of company)||Rs 15 lakhs||Rs 95 lakhs to 1.42 crores(as per the policy term chosen)|
|Premium Paying Term||Regular Pay (Equal to the base policy term)||Single pay Limited pay- 5 to 15 years||5 years/ 10 years||Equal to the base policy term|
|Premium Paying Frequency||Half-Yearly, Monthly||Yearly, Half-Yearly, Monthly||Yearly, Half-Yearly, Monthly||Yearly, Half-Yearly, Monthly & PSP modes|
1. MetLife Accidental Disability Rider:
This will enhance the value of basic term insurance cover through extra sum assured taken for the rider. Whenever you confront any accidental disability during the term of the policy, this cover will help in recovering the financial loss caused due to disability.
2. MetLife Critical Illness
Protects the life assured from critical illnesses through payment of extra sum assured opted for the rider. This amount will facilitate the assured in meeting the hospitalization cost arising from in-patient treatment of the illness.
3. MetLife Serious Illness Rider
After attaching this rider to your base policy, the life assured will 100% of rider sum assured on investigation of any of the 10 serious illnesses as listed by PNB MetLife insurance.
|Entry Age||18 years to 65 years|
|Maximum Maturity Age||70 years|
|Policy Term||5 years to 30 years|
|Premium Paying Terms||Single/ 5 Pay/ 10 Pay/ Regular Pay|
|Minimum and Maximum Rider Sum Assured||50,000 to 50 lakhs|
|Minimum Premium (annually)||Rs 62 for Regular Pay and 10 pay |
Rs 70 for 5 pay
Rs 263 fro Single Pay
How many serious illnesses are covered under this rider?
4. MetLife Accidental Death Rider Plus
The nominee assigned by the assured will get the whole rider sum assured on the death of the assured due to an accident. The death reported must result within 180 days after the accident took place.
|Entry Age||18 years to 65 years|
|Maximum Maturity Age||70 years|
|Premium Paying terms||Single/ 5 Pay/ 10 Pay/ Regular Pay|
|Premium Paying Mode||Single, Yearly, Half–yearly, Quarterly, Monthly, Payroll savings program|
|Minimum and Maximum Rider Sum Assured||Rs 50,000 to Rs 1 crore for Regular Pay and 10 Pay |
Rs 1.5 lakhs to Rs 1 crore for 5 pay and Single Pay
|Minimum Premium (annually)||Regular Pay: Rs 38|
10 pay: Rs 60
5 pay: Rs 285
Single Pay: Rs 465
1. MetLife Group Serious Illness Rider
This rider can be utilized when the life assured get diagnosed with any serious illness which are listed by the PNB MetLife. The rider is divided into two variants-
|First Heart Attack||Major Organ / Bone Marrow Transplant||Kidney Failure Requiring Regular Dialysis||Coma|
|Blindness||Cancer Of Specified Severity||Open Heart Replacement Or Repair Of Heart Valves||Parkinson's Disease|
|Open Chest Coronary Artery Bypass Graft (Cabg)||Motor Neurone Disease With Permanent Symptom||Permanent Paralysis Of Limbs||Aorta Surgery|
|Kidney Failure Requiring Regular Dialysis||Benign Brain Tumour||Major Burns|
2. MetLife Group Accidental Death Benefit Plus
This is an additional protection coverage in supplement to the sum assured opted. The benefit is payable only on the happening of death due to accident whose effects can be visible on the body. The maximum sum assured can be purchased is Rs 2.5 crores and the age must vary in between 18 years to 64 years.
3. MetLife Accidental Permanent and Total Disability Plus
If this rider has been opted, then the assured will get extra sum assured along with the basic sum assured. The rider is specially designed for the disability that can permanently harm the functioning of various body parts. The person taking this rider must be between 18 years to 64 years and the maximum sum assured available is Rs 50 lakhs.
For Group Term Insurance Plans
|PNB MetLife Term Insurance Plans||Complete Care Plan||Group Term Life Plus||Complete Loan Protection Plan||Loan and Life Suraksha||Pradhan Mantri Jeevan Jyoti Bima Yojana|
|Age of Entry||18 years to 65 years||18 years to 80 years (Employer Employee)||Minimum- Education loans: 14 years||15 years to 65 years||18 years to 50 years|
|15 years to 60 years (for Non Employer Employee)||All other loans: 18 years Maximum- Critical Illness Safeguard: 65 years|
|Maximum Maturity Age||28 years to 80 years||81 years (for Employer Employee)61 years ((for Non Employer Employee)||75 years80 years ( for Life Protection, Life Protection Plus)||70 years||55 years|
|Term of the Policy||One year (with subject to yearly renewals)||One year (subject to timely annual renewals)||2 years (single pay)/ 5 years to 40 years||For single pay: 2 years to 25 years For 5 Pay: 5 years to 25 years |
For 10 Pay:10 years to 30 years
|One year (subject to timely renewals very year)|
|Minimum sum assured||Rs 5,000 per member||Rs 1,000 per member||Rs 5,000 per member||Rs 5,000 per member||Rs 2 lakhs|
|Maximum sum assured||Rs 100 crore per member||As declared under the group insurance scheme or laid down by the employer ORAs Defined by the master policyholder for non-employer employee group.||As declared under the group insurance scheme or laid down by the employer||As declared under the group insurance scheme or laid down by the employer||Not Applicable (fixed sum assured of Rs 2 lakhs)|
|Minimum Group/ Scheme size||10 members||50 members For gratuity: 10 members||50 members||50 members||Voluntary participation|
|Maximum Group/ Scheme size||9 crore members||No Limitations||No Limitations||No Limitations||Voluntary participation|
|Premium Paying Term||Regular Pay||Regular Pay||Single Pay: 2 years |
Limited Pay: 5 years
|Single Pay Limited Pay: up to 5 years to 10 years||Regular Pay|
|Premium Paying Frequency||Yearly, Half-Yearly, Monthly||Yearly, Half-Yearly, Monthly, Quarterly||Yearly, Half-Yearly, Monthly||Yearly, Half-Yearly, Monthly, Single, Payroll Saving Program||Yearly|
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A claim can be intimated through-
The information must be provided in written form in a letter.
Additional Documents for Accidental Death:
Additional Documents for Critical Illness:
PNB MetLife can also ask for additional documents if the present evidence are insufficient to prove the authenticity of claim.
The company will take around 30 days to settle claim payment, once all the requested documents have been submitted and no other formalities are left to practice.
However, if the claim requires further investigation then the company will take 90 days in total to complete the process of claim settlement.
Last updated on 10-09-2019