PNB MetLife Term Insurance
PNB MetLife Term Insurance
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PNB Metlife Term Insurance

PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the leading life insurance companies in India. The company was founded in 2001. It is a joint venture between PNB MetLife and MetLife International Holdings LLC (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji & Company Private Limited and MIHL. The company has its presence in more than 107 locations across the country. It offers a vast range of term insurance plans. Let's explore the same in detail.

Types of The PNB Metlife Term Insurance Plans

1. PNB Metlife Mera Term Plan

PNB Metlife Mera Term Plan is a pure protection plan that offers financial protection to your loved ones. It deals with all protection needs at affordable prices.

Key Features

  • Flexible: PNB MetLife Mera Term Plan is a customizable protection plan that offers the flexibility to select from four payout options-

    Full Lump Sum Payout

    Payout as Lump Sum + Regular Monthly Income

    Payout as Lump Sum + Increasing Monthly Income

    Payout as Lump Sum + Regular Monthly Income till child turns 21

  • Long Tenure Coverage: PNB Metlife Mera Term Plan offers coverage up to 99 years of age. 
  • Affordable Rates For Non-smokers: For non-smokers, the Mera Term Plan is the ideal option. The plan provides lower rates to non-smoking individuals that makes it an affordable choice.
  • Spouse Cover: The Mera Term Plan allows you to cover your spouse under the same insurance policy. The spousal cover is capped at 50% of the sum assured.
  • Increasing Coverage Option: With the PNB Mera Term Plan, you can opt for an increasing cover option that would increase your cover at different stages of life like marriage and family planning.

Eligibility Criteria

Entry age

18 years to 65 years

Minimum sum assured

10 lakhs

Premium Payment frequency

Yearly and monthly

**Last Updated on 05-11-2020

2. Mera Mediclaim Plan

Two famous organizations - PNB MetLife Insurance (PMLI) and Religare Health Insurance (RHI) have joined hands to protect you and your family's health with the Mera Mediclaim Plan. It is a solution that offers the benefits of both health and life insurance in a single plan. The health insurance benefit under the plan is offered by RHI and the life cover is offered by PMLI.

Health Benefits

  • Comprehensive Protection: The plan offers comprehensive coverage against in-patient hospitalization and covers for more than 540 daycare treatments.
  • Increase in Sum Insured: It allows an increase in sum insured in 5 claim-free years with No-Claim Bonus & No Claim Bonus Super (Optional Cover). The same would be up to 150%.
  • Automatic recharge of Sum Insured: It allows you to reinstate your entire sum insured amount when it gets exhausted (With Optional Cover called 'Unlimited Automatic Recharge')
  • Cashless Hospitalization: The plan allows you to get the required treatment at more than 7500 network hospitals without paying a single penny from your pocket.

Life Benefits

  • Financial Protection With Life Cover: It offers protection against Death and Terminal.
  • Affordable Costs For Women: The plan is available at special rates for women.

Eligibility Criteria

Entry age

18 years to 65 years

Maturity age

28 years to 80 years

Policy term

10 years to 40 years

Premium payment mode

Yearly / Half-yearly/ Quarterly / Monthly

**Last Updated on 05-11-2020

(*Values may vary as per different plan options)

3. PNB MetLife Aajeevan Suraksha Plan

PNB MetLife Aajeevan Suraksha is a comprehensive protection plan. The plan offers the convenience to pay premiums for a shorter tenure and keep you protected for life (up to age 99), or till the term of your choice. You are allowed to cover your spouse in the same plan and select the return of premiums on survival till the end of the policy tenure.

Key Features

  • Pay Premium as Per Your Requirement: The plan allows you to pay a premium for a limited tenure of  5 years to 15 years. You can also pay just once and stay protected for the entire tenure or choose to pay throughout policy tenure by opting for regular pay.
  • Stay Protected For The Whole Life or Fixed-term: Under this plan, you can choose the desired plan from the available options-
  • Whole Life Cover: Opt for coverage up to age 99 years 
  • Fixed Term Cover: Opt for a coverage of 10 to 40 years 
  • Choice of 4 Benefit Options: The plan comes out with the choice of 4 benefit options.
  • Additional Benefit: The plan offers an additional benefit. Under the same, you can choose the 'With Return of Premium' option to get your premiums back on survival till maturity. 

Eligibility Criteria

Entry age 

18 years to 65 years

Maturity age

Fixed Term Cover - 80

Whole Life Cover-  99

Sum Assured (Rs.)

Minimum : 25,00,000

Maximum: No limit, subject to Board approved underwriting policy

Premium payment option

Yearly/Half-yearly/Monthly

**Last Updated on 05-11-2020

4. Mera Jeevan Suraksha Plan

PNB MetLife Mera Jeevan Suraksha Plan is a pure protection plan that offers regular income or a lump sum payout to secure your family's dreams in case of your unfortunate demise. You can opt to cover your spouse in the same plan and have the option to choose the return of premiums on survival till the end of the policy tenure.

Key Features

  • Maturity Benefit: Maturity Benefit is paid if the 'Return of premium' option is selected while purchasing. 100% of the total premiums are paid if the policyholder survives until the maturity date of the policy.
  • Death Benefit: It is payable either on death or terminal illness and will be according to the chosen benefit option  -
    1. Benefit Option 1- Lump Sum: 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 (not more than Rs. 1 crore).
    3. Benefit Option 3- Fixed Income: A monthly income will be paid for 10 years in instalments as the death benefit.
    4. Benefit Option 4 -Increasing Income: The nominee/ beneficiaries after the death of assured will get a 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.
  • Discounts: It offers special discounts on premium for women policyholders.

Eligibility criteria

Entry age 

18 years to 65 years

Maturity age

28 years to 80 years

Premium payment term

Regular Pay

Basic Sum Assured (Rs.) 

Rs. 25,00,000 -  No limit subject to underwriting

**Last Updated on 05-11-2020

5. PNB MetLife Family Income Protector Plus

PNB MetLife Family Income Protector Plus is a pure term insurance plan that offers the flexibility to select your premium and monthly income. It offers coverage against death during the policy tenure. This plan allows you to get your premiums back at the end of the policy tenure.

Key Features

  • Monthly Income: The plan offers guaranteed monthly income to the family for 20 years in case of the policyholder's unfortunate death.
  • Maturity Benefit: The plan offers maturity benefits upon the survival of the policyholder till the maturity date.
  • Term With Return of Premium: It offers 110% of the total premiums paid (exclusive of Goods & Service Tax, cess, and extra loadings, if any) at the end of the policy tenure. 

Eligibility Criteria

Entry age

25 years – 60 years (55 for Policy term 20 years)

Max. age at maturity

75 years

Plan options

Term Cover & Term with Return of Premium Option(TROP)

Premium paying options

Yearly, Half-yearly, Monthly & PSP modes

Monthly Income Options

Rs.10,000/-, Rs.25,000/-, Rs.50,000/- Rs.75,000/- & Rs.1,00,000/-

**Last Updated on 05-11-2020

6. PNB MetLife Income Protection Plan

It is a non-linked and non-participating life insurance plan. The plan is designed in a way that is capable of meeting your savings as well as protection requirements. This plan not only provides financial protection to your family by way of regular monthly income or lump sum but also ensures returns ranging from 100% to 150% of the total premiums paid on survival till maturity.

Key Features

  • Protection For Your Family: With this plan, your family will get the life cover for the entire policy tenure/
  • Easy Enrolment: It comes out with hassle-free enrolment with simplified proposal form that makes the whole buying process a lot easier.
  • Flexibility: The plan offers the following flexibilities
    • Choose how long you want to pay for- 5/7/10 years
    • Option to choose Death Benefit as a Lump Sum or Monthly Income
  • Tax Benefits: The plan allows you to get tax benefits on premiums paid and benefits received, as per prevailing tax laws.

Eligibility Criteria

Entry age

18 years to 55 years

Maturity age

75 years

Premium Paying Term (PPT) (Years)

5, 7 & 10 years

Premium Payment modes

Yearly / Half-yearly / Monthly

**Last Updated on 05-11-2020

(Values may change as per different plan options)

7. PNB MetLife – POS Suraksha 

It is an individual, non-linked and non-participating savings life insurance plan with return of premiums.

Key Features

  • Protection: The plan offers cover for the entire policy tenure. It even provides regular monthly income for your family in case of your untimely demise or provides a return of all premiums on survival till maturity.
  • Easy Enrolment: The plan offers a hassle-free enrolment process with no medical screening.
  • Tax Benefits: You can avail tax benefits the paid premiums and benefits received, as per prevailing income tax laws.

Eligibility Criteria

Entry age

18 years to 55 years

Maturity age

65 years

Premium Paying Term (PPT) (Years)

5/10 years

Sum assured

Rs.50,000 to Rs.25,00,000

Maximum Premium (Rs.)

As per maximum basic sum assured of Rs.15,00,000

**Last Updated on 05-11-2020

(Values may change as per different plan options)

8. Group Term Life Plus Insurance

It is a group term life insurance policy that offers death benefits to the nominee. A person can invest in this policy in lieu of mandatory EDLI (Employee Deposit Linked Insurance Scheme) that provides a lump sum payment to the employees' beneficiary in case of death of employees who are covered under the Employees Provident Fund and Miscellaneous Provision's Act, 1976.

Key Features

  • Protection To The Family of The Employees: The plan offers complete financial protection to the family of the assured employees.
  • Additional Cover: The plan offers additional cover for self and family on a participatory basis.
  • Death Benefits: The plan provides 100% of the sum assured in case of the unfortunate event of death.
  • Accelerated Benefit Option: This benefit will be available only if the Group Policy Schedule specifies that the Accelerated Benefit Option is in force for the Insured Member.

Eligibility Criteria

Entry age

18 years to 80 years

Maturity age

81 years

Coverage term

Year renewable term - one year

Premium Payment Modes

Annual, Semi-Annual, Quarterly, Monthly

Premium Payment Term

Regular

**Last Updated on 05-11-2020

(Values may change as per different plan options)

9. PNB MetLife Complete Loan Protection Plan

PNB MetLife Complete Loan Protection Plan is a tailor-made group insurance plan that offers comprehensive coverage against death, disability, critical illness and terminal illness to the insured member(s) and provides financial protection to their families.

Key Features

  • Life Protection: In case of the death of the insured member during the tenure, 100% of the Sum Assured as per the cover schedule specified in the Certificate of Insurance will be payable. 
  • Four Plan Options: The plan offers the choice of four plan options for your convenience. 
  • Choice of cover: The plan comes out with the two choices of covers - level or reducing life cover.
  • Flexibility To Choose: The plan provides flexibility in a few cases which are mentioned below-

-Premium payment term: Single premium or 5 pay.

-Cover Term (subject to a maximum of actual loan tenure).

-Cover Amount (subject to a maximum of 120% of the loan amount).

Eligibility Criteria

Entry age

14 years to 75 years

Policy term

2 years to 40 years

Group size

50 members to no-limit

Premium Paying Modes

Yearly, Half-yearly & Monthly

**Last Updated on 05-11-2020

(Values may change as per different plan options)

10. PNB MetLife Loan and Life Suraksha

PNB MetLife Loan & Life Suraksha plan is a group life insurance plan, which provides a cover on the outstanding loan amount so that customers do not have to bear the burden of a loan in case of unexpected situations.

Key Features

  • Death Benefit: In case of the death of the insured member, the plan offers the death benefit as specified in the Certificate of Insurance issued to each member on admission to this group scheme. In the case of Joint Lives, the sum assured is paid on the death of first life.
  • Joint Life Option: The plan comes out with the Joint Life coverage option for the housing loan, other mortgage loans & education loans.
  • Increase in Sum Assured: The plan provides the flexibility to the Group Policyholder to increase the Sum Assured for his/her members.
  • Surrender/partial Surrender Benefit: The plan offers surrender benefits that will be equal to a predetermined percentage of un-expired premiums.

Eligibility Criteria

Entry age

15 years to 65 years

Maturity age

70 years

Group size

50 lives to no-limits

Sum assured per member

Rs.5000- no limits

Premium paying options

Single Pay, Limited Pay 5 Years & Limited Pay 10 Years

Premium paying modes

Single, yearly, half-yearly, quarterly, monthly & payroll saving program

**Last Updated on 05-11-2020

11. PNB MetLife Bima Yojana – (Group Micro-Insurance)

PNB MetLife Bima Yojana – (Group Micro-Insurance) is an effective product that provides life insurance cover to the members of the group to protect their loan amount. This insurance plan protects the family of insured members from financial liabilities in case of an unfortunate event.

Key Features

  • Cover Options: Under this plan, there are two cover options available that you can choose at the inception of the plan. Once chosen, the plan option cannot be changed thereafter.
  • Death Benefit: In case of the unfortunate death of the insured member, the plan will pay the death benefit to the nominee. It will be payable in two forms.
  • Level Cover Option: In case of death, the amount payable shall be equal to the chosen sum assured at inception. 
  • Reducing Cover Option: The amount payable on the death of the insured member shall be equal to the Cover schedule on the date of death of the insured member.

Eligibility Criteria

Entry age

18 years to 69 years

Maturity age

70 years

Policy term

6 months to 84 months

Group size 

5 lives to unlimited

**Last Updated on 05-11-2020

(Values may change as per different plan options)

12. PNB MetLife Complete Care Plus

PNB MetLife Complete Care Plus is a group term life insurance policy. This plan offers the required cover against death and protects the family. It is an employee-specific insurance policy that can be customized as per the requirement and offer financial security to employees and their families.

Key Features 

  • Accelerated Benefits Option (ABO): In case an employee is diagnosed as “Terminally ill”, the plan will pay 100% of the sum assured.
  • Death Maturity: In case of death or upon terminal illness (applicable in case of Employer-Employee group only during the policy tenure), the plan shall pay 100% of the sum assured.
  • Surrender Benefit: As it is a pure protection plan, there will be no surrender benefits under this insurance policy.
  • Additional Cover: The plan offers additional options to convert to individual coverage when an employee leaves the organization.

Eligibility Criteria

Entry age

18 years to 80 years

Maximum Expiry Age

81 Years age last birthday

Minimum Premium

Rs. 2915 per life

Minimum Face Amount (Per member)

Rs. 5,000

**Last Updated on 05-11-2020

13. PNB MetLife Pradhan Mantri Jeevan Jyoti Bima Yojana

It is a non-linked and non-participating one-year renewable term insurance product. This plan is designed to cater to different coverage requirements under the provisions of the “Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)” scheme launched by the Government of India.

Key Features

  • Death Benefit: In case of an unfortunate event of the death of the insured member during the policy tenure, the sum assured will be paid as a death benefit. 
  • Protection at Nominal Cost: The plan provides the required financial cover at an affordable cost.
  • No-medical Screening: You can invest in this insurance plan without any medical screening.

Eligibility Criteria

Entry age

Minimum: 18 years (age last birthday)

Maximum: 50 years (age nearer birthday)

Maturity age

55 years (age nearer birthday)

Policy term 

1 year, on a yearly renewable basis

Sum assured 

Rs.200,000

Premium amount 

Rs. 330 per Annum per member

**Last Updated on 05-11-2020

PNB Metlife Term Insurance Riders

To assist you with additional coverage, the company offers additional options in the form of riders that will allow you to enhance the basic cover at an affordable cost.

PNB Metlife Serious Illness Rider

This rider offers 100% of the rider sum assured on the survival of 30 days after the confirmed diagnosis of the insured who is suffering from any one of the listed critical illnesses.

PNB MetLife Accidental Disability Benefit Rider

PNB MetLife Accidental Disability Benefit Rider is a rider that you can choose along with your basic insurance plan to cater to different needs at a nominal premium. This rider will assist when an accident happens during the chosen policy tenure and disability occurs beyond the policy tenure.

PNB MetLife Critical Illness Rider

Under this rider, the sum assured shall be payable upon the first diagnosis of one of the covered critical illnesses. This rider offers additional protection against cancer and heart attack. Following a critical illness claim, the base policy will continue with base sum assured for the rest of the policy tenure.

PNB MetLife Accidental Death Benefit Rider Plus

Under this rider, 100% of the rider sum assured shall be payable in case of death of the life insured due to an accident within the policy term.

MetLife Group Accidental Permanent & Total Disability Plus 

This rider offers an additional payment of 100% of the rider sum assured in case of Permanent and Total Disability of the insured as a result of an accident.

MetLife Group Accidental Permanent & Partial Disability Plus

This rider pays a percentage of the rider sum assured in the case of permanent partial disability and/or permanent total loss of use of limbs, sight, hearing and/or speech due to accident.

MetLife Group Serious Illness rider

This rider offers payment on diagnosis of 15 serious conditions. With it, you will be ready to deal with the expenses of required treatment easily. It helps you to protect yourself against any health or lifestyle risk.

MetLife Group Accidental Death Benefit Plus

It is a non-linked one-year renewable group rider. In case of death of the insured (due to accident during the tenure), this rider will pay an extra sum assured along with the base sum assured.

How To Buy PNB Metlife Term Insurance Plans?

You can invest in PNB Metlife Term Insurance plans in two different ways- via the official website of the company or through PolicyX.com. Let's discuss both in detail.

Buy via PNB Metlife Term Insurance

  • Visit the official website of the PNB Metlife Insurance Company.
  • Take your cursor to the tab 'Buy Online'.
  • Click on the tab 'PNB Metlife Mera Term Plan'.
  • Fill the required details and click on the tab 'Get Quote'.
  • Submit some more details such as your name, email address, and mobile number. 
  • Confirm the details and click on the tab 'Get Quote'
  • Choose the sum assured and the policy term.
  • Click on the chosen premium amount.
  • Select your occupation, education, pin code, and city.
  • Click on the tab 'Submit'.
  • Choose your plan variant and add riders if you want to.
  • Scroll down and click on the premium amount.
  • Cross-check & confirm all the details.
  • Click on the total premium to be paid box (yellow in colour).
  • Make the payment using available payment modes.
  • The company will share the policy documents on your registered mail Id. It will also send a hard copy at your address.

The rest of the PNB Metlife term insurance plans are not available online. You have to visit the nearest PNB Metlife Insurance branch to invest in the same.

Buy Via PolicyX.com

  • Scroll up to the 'Get PNB Metlife Term Insurance Quotes Online' section present at the top-right corner of this page.
  • Submit details such as your phone number, name, and D.O.B. 
  • Click on the tab on 'Continue'.
  • Enter your Income, City, and then click on 'Proceed'.
  • Fill the tabs with your education details and occupation type.
  • Analyze quotes and choose the PNB Metlife term insurance plan.
  • Click on 'Buy this plan' under the chosen term insurance plan.
  • Check the details. Add relevant riders if needed.
  • Click on the tab 'Save & Continue'.
  • Your proposal is ready now. Click on the tab 'Pay Now'. It will redirect you to PNB Metlife's website.
  • Fill the details and make the payment using available payment options.
  • The company will share the policy documents on the registered email ID. 

What Is The Claim Process of PNB Metlife Term Insurance?

To file a PNB Metlife Term Insurance claim, you have to first inform the company. There is no online process so you have to intimate the claim in written or through the post.

  • You have to submit the claim form along with the required documents at the nearest branch of the PNB Metlife.
  •  The company will analyze the claim and process the same accordingly. 
  • Once you submit all the required documents, the company will process your claim within 30 days of receipt (where further investigation is not required).

To know more about the process, please connect with the customer care team of PNB Metlife.

Documents Required To Register PNB Metlife Term Insurance Claim

  • Copy of Death Certificate (issued by the local authority).
  • Original Policy Document or Indemnity Bond (in case the original policy bond is lost).
  • Claimant's Statement.
  • Doctor's certificate (in the specified format).
  • Photo ID Proof and Address Proof of the nominee as per AML Requirements (refer annexure for the list of accepted documents).
  • Cancelled cheque leaf or bank passbook of the beneficiary under the policies.
  • Company reserves the right to call for additional documents/information depending on case to case basis.

FAQs

1. What is the process of PNB Metlife term insurance death claim (if death occurs abroad)?

Documents required will be the same but the death certificate needs to be attested by the Indian Embassy of that country.

2. What will happen if I do not pay the PNB Metlife term insurance renewal premium by the due date?

PNB Metlife Term Insurance plan comes out with a grace period of 30 days after the due date for premium payment. If the premium payment is not received within this time period, the policy will lapse and the plan will cease to exist. To reactivate your plan, the insured has to complete the reinstatement requirements. It may include a few medical tests and payment of additional charges.

3. What happens if I pay an extra premium under my PNB Metlife term insurance plan?

If you pay an extra premium, it will be adjusted against future premiums. The policyholder does not earn any interest in the excess premium paid.

4. Can NRIs invest in PNB Metlife term insurance policies?

NRIs can easily invest in term insurance policies issued by insurance companies registered in India. The policies are rupee-denominated and the premiums and claim amounts are payable in Indian rupees.

5. How can I get information on my PNB Metlife term insurance?

You can get the required information:-

By calling the NRI SPOC.

By sending an e-mail to nriservices[at]metlife[dot]com

Through the Policy Information Portal (PIP) on the PNB MetLife India Website.

By calling the India call centre: MTNL/BSNL:1-800-425-6969 and all others: +91-80-2650-2244 (8 am - 8 pm) or on the International Toll-Free No.

Note* Keep the basic details ready with you.

Last updated on 05-11-2020