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PNB MetLife Term Insurance
  • Coverage Till The Age of99
  • Accidental Disability Cover
  • 10 Serious Illnesses Cover
  • Spouse Cover In The Same Policy
  • Tax Benefit Under 80C & 10D

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PNB MetLife Term Plan

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.

Who Should Buy PNB MetLife Term Insurance?

  • One who is anxious and concerned about future uncertainties.
  • Have dependents to take care and to fulfill their demands.
  • Person who is ambiguous about his/ her health condition
  • Person who wants to save annual income tax under Income Tax Act.

If you are one with above needs, then PNB MetLife Term Insurance will definitely be going to be fortunate to you.

PNB MetLife Term Plans Features

  • Claim settlement Ratio: This is the first indicator of credibility of the company and therefore kept at priority while purchasing term insurance. PNB MetLife claim settlement Ratio stands at 91.12% which reflects the quickness of service and lesser rejection of claim.
  • 100% customer satisfaction: With a network of 100 million customers all over India, PNB MetLife shows how devoted and quick they are in providing services. The company promises to settle the claims within 30 days after all the required documents are submitted by the claimant.
  • Awards and Accolades: PNB MetLife due to its global presence and innovative have gained the faithful image among its customers. Due introduction of innovative and flexible term insurance plans, the company has attained various titles such as ‘Innovation of the Year’, ‘Best technology initiative of the year 2017’, ‘Technology Initiative of the year 2017’.
    Also, the term plan called PNB MetLife Mera Heart and Cancer Care won the ‘Best Product Innovation’ under the category of Excellence in Insurance & Life Insurance Leadership.
  • Customer Satisfaction Rate: PNB MetLife with the values of serving the customer first and putting them on the priority has given them much importance and popularity among the Indian population. The company has built a family of 100 million customers across the globe and 3.6 millions in India. This means how happy the customers are with the insurance policies of PNB MetLife insurance
  • Lower premiums for healthy policyholders: All the term insurance policies introduced by the PNB MetLife offers rebates on the prices of premium for a specified sum assured according to the health conditions of the sum assured. Like, if the policyholder is a non-smoker, then premium rates are relatively cheaper than the policyholder who has smoking habits or consume tobacco in any way.
  • Tax Benefits: When you buy PNB MetLife Term insurance, then you are entitled to receive tax exemptions or deductions on the annual payment of income tax against the policy premiums paid. The tax benefits will be given under guidelines of section 80C of the Income Tax Act.

PNB MetLife Term Insurance Plans

Online Individual Term insurance plan

1. PNB MetLife Mera Term Plan

It is an online term plan that binds an endless thread of benefits along with flexible payout option of sum assured on death.

Highlights:

  • Low cost of premiums for a higher sum assured.
  • Lifetime protection to family from future financial risks and insecurities.
  • Guaranteed pay of death benefit in accordance with the payout options chosen-

    1. Payout as Lump Sum plus Regular Monthly Income
    2. Payout as Lump Sum plus Increasing Monthly Income
    3. Payout as Lump Sum plus Regular Monthly Income till the child turns 21
  • Include your spouse in your term insurance cover and ensure his/ her safety by providing 50% of the sum assured
  • Increase your coverage amount up to 50% of the sum assured during the life stage events like marriage, first or second child.
  • Additional protection from 10 critical illnesses and accidental disability that can be pernicious to health.

2. PNB MetLife Mera Heart and Cancer Care

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.

Highlights:

  • Get lifelong cover and inbuilt coverage for terminal illness from the day of commencement of policy. No extra premium is paid for terminal illness benefit.
  • Lower premium values for women and special coverage for diseases common in females like breast cancer.
  • Get lumpsum payment of sum assured on detection of diseases like Major Cancer, cardiomyopathy, heart transplant, open chest CABG, surgery of Aorta, first heart attack.
  • Waiver of future premiums in case the assured suffers from any critical illness or disability which has been confirmed by the doctor as severe.
  • This term plan is distributed into two variants-

    1. Gold Plan: By choosing this can assured can avail either cancer cover or heart disease cover.

    2. Platinum Plan: If this option is chosen, then coverage for both cancer and heart disease is given

  • Receive monthly additional income (under platinum plan) if any severe diseases arise and assured need financial assistance to carry the medical expenses.

Offline Individual Term insurance plan

1. PNB MetLife Mera Jeevan Suraksha Plan

At the unique protection plan that takes care of your family even after death by paying lumpsum or monthly income of the sum assured.

Highlights:

  • Highly affordable premium rates initiating at Rs 5,000 annually.
  • Maturity Benefit is paid if ‘Return of premium’ option is selected while purchasing. 100% of the total premiums are paid if assured existed till the maturity date of the policy.
  • Death benefit is payable either on death or terminal illness and will be according to the benefit option chosen-

    1. Benefit Option 1 Lumpsum: The whole amount of sum assured will be paid to the nominee after the death or terminal illness investigation.
    2. Benefit Option 2 Life partner: The policyholder can include his/ her spouse in the basic cover and the spouse will receive 50% of the coverage but not more than Rs 1 crore.
    3. Benefit Option 3 Fixed Income: A monthly income will be paid for 10 years in 120 monthly installments as the death benefit.
    4. Benefit Option 4 Increasing Income: The nominee/ beneficiaries after the death of assured will get monthly payment of income for 10 years which will keep on increasing at a rate of 10% every year till the whole benefit is paid.
  • Freedom to add multiple nominees or single nominee to receive the death benefit.
  • Special discounted rates of premium for women policyholder.

2. PNB MetLife Aajeevan Suraksha Plan

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

Highlights:

  • Buy higher sum assured at lower premium rates.
  • Pay for a limited period of 5 years minimum and get long-lasting coverage till 99 years.
  • 100% payment of death benefit on occurrence of death or on diagnosis of terminal illness.
  • Death benefit can be received in four options-

    1. Option 1 Lumpsum: Full and final payment of the whole sum assured on the uninvited death or terminal illness of the assured.
    2. Option 1 Life Partner: Cover your spouse along with you under the basic sum assured where the spouse has right to 50% of the sum assured but should not cross Rs 1 crore. It is only available in the Fixed Term cover.
    3. Option 1 Fixed Income: The payment monthly income is proposed to the family for 10 continuous years after terminal illness or death of the life assured.
    4. Option 1 Increasing Income: After the arrival of death or terminal illness, the nominee/ family is guaranteed a payment of regular income that elevates every year @10% of simple interest for a period of 10 years.
  • Whole amount of the premiums submitted are returned of the assured survived till the maturity period of the term plan.

3. PNB MetLife POS Suraksha

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.

Highlights:

  • Pay for less time period and get coverage for entire life.
  • Tax exemptions up to 1.25 lakhs against the payment of premium for a regular period.
  • No requirement for medical examinations to purchase the term plan.
  • There are three death payout options available-

    1. Lumpsum Option: Entire sum assured will be paid in one go.
    2. Level Monthly Income Option: The sum assured is offered in monthly income installment of fixed amount for certain duration of time.
  • On death like circumstances, the nominee will receive the death benefit in the following ways-

    1. 10 times of the annualized premium
    2. Sum Assured as on the date Maturity, also called maturity benefit.
    3. Actual amount sum assured as payable on the event of death.
    4. 105% of the total installment premiums received as on the date of the life assured death.

4. PNB MetLife Family Protector Plus

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.

Highlights:

  • Premium rate starting from Rs 2,000 if the higher sum assured is selected with higher policy term.
  • Fixed regular monthly income payment for a time period of 20 years.
  • Select your monthly income options of Rs 10,000, Rs.25,000, Rs.50,000, Rs.75,000 & Rs.100,000.
  • 110% of the payment of premiums are allowed if the assured survives till the end of term policy.

Group Term insurance plans

1. PNB MetLife Complete Care Plan

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.

Highlights:

  • The premiums are relatively lower as compared to other individual plans of the PNB MetLife.
  • Safeguards the interest of employee and protect the family of the employee in case of eventualities.
  • The employee has the freedom to convert this group term insurance into an individual plan if he/ she changes the job.
  • 100% payment of sum assured on the event of terminal illness or death.
  • Tax exemptions to the owner of the company on the annual income tax paid towards income or revenue generated from the business in a year.

2. PNB MetLife Group Term Life Plus

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.

Highlights:

  • Full payment of coverage amount to the beneficiaries on the demise of the employee.
  • Employees can include their spouse under the same cover where the spouse will get 50% of the sum assured.
  • Free Cover limit for all the employees and is decided based on the group size and risk class.
  • No medical examination is necessary to obtain the coverage.
  • Additional protection cover to family and self on the participatory basis.
  • Lower rate of premiums that are revised every year.
  • This group PNB MetLife term plan can be converted into individual term plan if employees leave the organization/ company
  • Employer can enjoy tax benefits for the coverage purchased on behalf of employees.

3. PNB MetLife Complete Loan Protection Plan

This PNB MetLife term plan offers four different coverage options based on the requirements of the assured.

Highlights:

  • Payment of defined sum assured on the discovery of terminal illness or on the happening of death.
  • This term plan provides financial protection through four options:

    1. Life Protection: Death benefit on the demise of the assured.
    2. Life Protection Plus: Includes death benefit and accelerated terminal illness cover
    3. Accidental Safeguard: Includes death benefit plus additional accidental death cover and accelerated accidental total permanent disability cover.
    4. Critical Illness Safeguard: Contains Death benefit as well as Accelerated critical illness cover.
  • Assured can either opt for level cover option or reducing cover option for the payment of sum assured as on date of death or terminal illness investigation or on diagnosis of critical illness.
  • 200% of the sum assured is immediately paid on happening of death due to an accident.
  • On the event of permanent disability, the assured will get 100% of the sum assured (up to maximum of Rs 1 crore) after the claim has been made.

4. PNB MetLife Pradhan Mantri Jeevan Jyoti Bima Yojana

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.

  • Easy processing of without any requirement to appear for medical examination.
  • A fixed amount of Rs 2 lakhs is payable as death benefit to the nominees of the assured.
  • Cheap and affordable premium which is Rs 330 per year.
  • Death benefit will be payable directly into the bank account of the claimant/ nominee.

5. PNB MetLife Loan and Life Suraksha

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.

Highlights:

  • Protection coverage for groups with existence of credit.
  • Option to include second life under the Joint Life cover.
  • Anybody purchasing this group term plan has the benefit of growing the faithfulness of the customers by providing additional protection.
  • Sum assured can be raised if the loan liability increases.
  • Two coverage options namely-

    1. Reducing Cover Option – Best cover for mortgage, educational, personal & auto loans.
    2. Level Cover Option – This cover offers same coverage during the tenure of the policy and does not fluctuate.

PNB MetLife Riders

For Online and Offline Individual Term Plan

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.

Features:

  • Lowest rates of premium at a starting price of Rs 75.
  • Gives you maximum coverage of Rs 2 crores at annual premium of Rs 3,000.
  • Suitable for the policyholders of age between 18 years to 65 years.
  • Covered will be provided if the life assured suffers any loss of eyesight or loss of one hand and one foot or loss of both hands or both feet.
  • The disability arising should last for at least 180 days and must be confirmed by a medical practitioner.

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.

Features:

  • Minimum Sum assured available is Rs 5,000 and the maximum is up to Rs 50 lakhs
  • Covers you from life taking Critical illnesses such as First Heart Attack and Cancer Of Specified Severity.
  • The rider term can be between 10 years to 40 years.
  • Affordable rates of premium starting at Rs 75 per year.
  • The age at the time of purchase must be equal to or more than 18 years. The maximum age limit is 65 years.

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.

Salient Features:

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?

  • Stroke Resulting In Permanent Symptoms
  • Myocardial Infarction (First Heart Attack – Of Specified Severity
  • Cancer Of Specified Severity
  • Open Chest CABG
  • Kidney Failure Requiring Regular Dialysis
  • Major Organ / Bone Marrow Transplant
  • Aorta Surgery
  • Total Blindness
  • Open Heart Replacement or Repair of Heart Valves
  • Permanent Paralysis of Limbs

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.

Features:

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

For Group Term Plan

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-

  • Serious Illness – Additional: The sum assured will be paid on the investigation of 15 critical illnesses.
  • Serious Illness – Accelerated: On the detection of any of the 15 illnesses, the assured will get some percentage of basic sum assured as determined by the policyholder on policy inception. The sum assured payable can be up to the maximum of 100% of the base policy coverage amount.

The critical illnesses covered are-

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.

2. 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.

Eligibility Criteria of PNB MetLife Term Insurance

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
  • Up to 99 years (for single life cover)
  • Up to 75 years (for joint life cover)
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
  • Fixed Term Cover: 80 years
  • Whole Term Cover: 99 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

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 yearsMaximum- 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

FAQs

1. How can we register/ intimate a claim to PNB MetLife?

A claim can be intimated through-

  1. Branch office
  2. Claims department at head office
  3. Financial advisor
  4. Regional service Team

The information must be provided in written form in a letter.

2. What is the list of documents required for death claim/ accidental death/ critical illness?

  • Death Certificate as issued by local municipal body
  • Original Policy Document or Indemnity Bond in case the Original Policy Bond is lost
  • Claimant’s Statement Form
  • Certificate of Doctor (in defined format)
  • Photo ID Proof and Address Proof of the nominee as per AML Requirements
  • Cancelled cheque with signatures or photocopy of bank pass book with name of nominee engraved over it.

Additional Documents for accidental death:

  • Attested copy of FIR/ Panchanama/ Inquest report
  • Verified copy of the Post Mortem Report/ Viscera report

Additional Documents for critical illness:

  • Discharge summary from the hospital
  • Attested copies of other hospital records (Admission Sheet, Bed tickets etc)

3. What claim procedure is followed under PNB MetLife Term insurance?

  • The claim must be intimated as quick as possible wither in written mode or letter mode.
  • Collect and submit the required documents for a specific claim within a defined time limit. Keep the original as well as the attested photocopy of all documents.
  • After the receipt of complete documents, PNB MetLife will closely examine each evidence for acceptance of claim.
  • If the claim is authorized, the company will settle the claim in 30 days where no further investigation is necessary.

PNB MetLife can also ask for additional documents if the present evidence are insufficient to prove the authenticity of claim.

4. How much time is taken by PNB MetLife to settle a term insurance 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.

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*Information provided on this webpage/website is only for the purpose of general information & understanding of the topic. PolicyX or any of its subsidiaries does not endorse any of the information provided herewith and are committed in providing correct and unbiased information to its customers helping them make an informed decision.