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PNB Metlife Term Insurance
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PNB Metlife Term Insurance Plans

PNB Metlife offers comprehensive term insurance plans that allow you to secure your family members financially after your demise. These plans come with a range of benefits and ensure to offer financial protection to your family and also offer peace of mind.

To understand how this plan will help secure your family's future and benefit you we have provided all the information that you need. Read further to know more about PNB Metlife Term Insurance Plan.

PNB Term Insurance comes with several unique features that allow the policyholder to be sure that their family's future is safe. Take a look at the below-mentioned features of the PNB Term Plans.

Key Features of PNB Metlife Term Insurance

Before jumping on to the plans offered by PNB Term Insurance, take a look at some of the features that give an insight into the company's performance:

  • Annual Premium:The annual premium of the company helps in analyzing the company’s growth and performance over the years. As per the IRDAI Annual Report 2021-22, the annual premium of PNB Term Insurance is Rs. 7,348.26 Crores.
  • Claim Settlement Ratio:The Claim Settlement Ratio or CSR of the company helps the policyholder to analyze the company’s ability to settle the claims. The higher the claim settlement ratio higher the chances of your claims getting settled on time. As per the IRDAI Annual Report, the CSR of PNB Term Insurance is 97.33%.
  • Solvency Ratio:The solvency ratio of the company helps the policyholder in assessing the company’s ability to settle its long-term liabilities. It is now mandated by the IRDAI to maintain a Solvency Ratio of 1.5. As per the IRDAI Annual Report, the solvency ratio of PNB Metlife Term Insurance is 1.87.
  • Operating Network:The company has access to more than 200 million people through their operating network that is spread across 15,000+ locations through bancassurance partners.
PNB Metlife Term Insurance Key Features
PNB Metlife Term Insurance Plan Detailed Review
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Benefits of PNB Metlife Term Insurance

  • Choice of Plan Options: These term plans allow policyholders to personalize their plans as per their needs and financial situation. PNB MetLife Mera Term Plan Plus offers four benefit options to ensure that your family is secured financially and also has an option to customize your plan with additional options. The benefit options you can choose from are stated below:
    • Life cover against death.
    • Life Plus- cover against death and terminal illness.
    • Life Plus Health- cover against death and terminal illness plus all future premiums waived off on accidental permanent disability or diagnosis of critical illness plus accelerated lump sum on diagnosis of listed critical illnesses.
    • You can choose an additional cover for your spouse in the same plan and also get back premiums at the end of the coverage tenure.
    • Return of Premium-option to get your premiums back on survival till maturity.
    • Spouse Coverage- to protect your spouse within the same plan.
  • Increase your Sum Assured: Term plans allow you to increase your sum assured in a systematic manner every year by 10% for the next 10 years.
  • Different Premium Payment Terms: Every plan discussed in the subsequent sections offers flexibility to choose from Single, Regular, or Limited premium payments.
  • 99 years of life cover: PNB MetLife Mera Term Plan Plus offers a life cover of 99 years. This online term plan can be customized keeping in mind the needs of your family. You can secure your life until 99 years of age.
  • 50 Critical Illnesses covered: If the life assured is diagnosed with any of the covered critical illnesses and the policy is in force on the date of diagnosis, 25% of the basic sum assured will be paid as a lump-sum amount.
  • Cover your spouse: This is an optional benefit provided in PNB Metlife Mera Term Plan Plus where your spouse can get insured too.
  • Increase your cover on important life events: As you progress through life, responsibilities increase with your life cover requirements. PNB Mera Term Plan Plus gives you the flexibility to increase your cover on important milestones of life.
  • Death Benefit: If your plan is in existence and is active, PNB MetLife Term Insurance Company will pay your nominee the sum assured upon your demise. There are 4 different death benefits provided by PNB MetLife Term Plan :
    • Lump Sum Option: After the death of the insured, the basic sum assured is paid in a lump sum as specified in the policy document.
    • Family Income Option: Provides the nominee with 50% of the basic sum assured in a lump sum and the remaining 50% over the course of ten years in equal monthly payments.
    • Option for Raising Family Income: PNB Term Plan provides the nominee with a lump sum payment equal to 50% of the basic sum assured plus a monthly income that will increase by 12% annually over the following ten years.
    • Option for Child Benefits: PNB Term Plan provides a lump sum payment equivalent to 50% of the claim amount in the case of death, as monthly payments until the kid is 21.
  • Flexibility: Allows you to choose a term for your coverage, that ranges from 10 to 81 years (40 years for life cover option).
  • Ease of Premium Payment: It is convenient as PNB Term Insurance provides the choice of making the premium payments offline or online.
  • Life Stage Advantage: Gives the opportunity to enhance the sum assured in the following circumstances, providing a benefit for different life stages. Nevertheless, if you choose a joint life insurance policy, this option is not available.
    • Provides an increase, equal to 50% of the amount assured up to a maximum of Rs. 50 lakh upon your marriage.
    • Provides a boost, equivalent to 25% of the initial amount assured, up to a maximum of Rs. 25 lakhs, upon the birth of your first child.
    • Provides an enhancement, equivalent to 25% of the initial amount assured up to a maximum of Rs. 25 lakhs upon the birth of your second child.
  • Rider Options: To give the policyholder the maximum amount of coverage, PNB MetLife Term Insurance also offers a rider benefit. There are rider options for accidental death, critical illness, and disability. To include these riders in your term plan, a specific fee must be paid in addition to the premium cost.
  • Payout Options: The plan offers its policyholders a variety of payout alternatives, including the ability to receive payments in lump sums, monthly instalments, or a combination of both.

Add-on Riders Available under PNB Metlife Term Insurance

PNB Metlife Term plan allows the policyholder to enhance their coverage by adding several riders to their base plan. Below mentioned are the riders available under PNB Term Plan.

  • PNB MetLife Critical Illness Rider Plan

    PNB MetLife Critical Illness Rider Plan protects the life assured and his/her family from serious illnesses that take a longer time to cure. The rider plan provides payment of an additional amount on the diagnosis of 10 critical conditions. This plan acts as an additional health cover under the base policy, where rider term and sum assured options are available to provide coverage as per your needs.

  • PNB MetLife Accidental Death Benefit Rider Plan

    PNB MetLife Accidental Death Benefit Rider Plan offers additional coverage to cover the financial needs of the family in case of the unfortunate death of the policyholder (due to an accident). This rider offers payment of an additional amount should death occur as a result of an accident by outward violent and visible means (before age 60 years).

  • PNB MetLife Term Rider Plan

    PNB Term Rider is an additional benefit that can be attached to the life insurance coverage to enhance the death cover of your policy.

  • PNB Metlife Waiver of Premium Rider Plan

    PNB Metlife Waiver of Premium (WOP) Rider offers an additional benefit, which ensures that future due premiums are waived off in case of total and permanent disability of the life assured. The benefit can be purchased by paying a nominal extra premium over and above the base premium.

How To Buy PNB Metlife Term Insurance Plans?

Buying PNB Metlife Term Plan is an easy and hassle-free process. For your convenience, we have explained the process of buying insurance plans online.

Steps to Buy through PolicyX.com

  • Go to the top of this page and fill out the form 'Free Quotes from Top Companies' and click on 'Continue'.
  • Select your income and city. Click on the 'Proceed' option.
  • Select 'PNB MetLife' from the list of insurance providers.
  • Click on 'Invest'.
  • Make the payment.
  • A confirmation email with the soft copy of the policy will be sent to your registered email id on successful completion of the process.

Steps to Buy from the official Website of PNB Metlife

  • Visit the official website of the PNB Metlife Insurance Company.
  • Click on the term plan you want to buy, and fill in the required details to get quotes'.
  • 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.
  • Choose your plan variant and add riders if you want to.
  • Make the payment using available payment modes.
  • The company will share the policy documents on your registered email ID. It will also send a hard copy to your address.

Claim Process at PNB MetLife

The claim process at PNB MetLife involves the following steps:

Claim Process PNB MetLife

1. File a Claim

  • Apply for the claim on their official website, or
  • Inform via email at claimshelpdesk@pnbmetlife.com, or
  • Send them a letter via post, or
  • Use their self-service mobile app, named Khushi.

2. Submit Required Documents

In case of a death claim, the documents required are:

  • Death certificate - original/attested copy.
  • Official statement of the Claimant.
  • Physician's/Doctor's certificate.
  • Claimant's photo ID and address proof.
  • Cancelled cheque/passbook for bank account details.
  • Claimant's authorized letter, in cases involving a third party.

3. Claim Payout

Upon receipt of essential documents, the claims are processed within 30 days, if further investigations are not required.

In cases requiring follow-up investigation, claims will be processed within 90 days from the date of receipt of documents.

Still have questions?

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PNB Metlife Term Insurance Plans

Comprehensive Plan

Offers financial protection to your loved ones and gives the flexibility to customize the plan according to your needs.

Unique Features

  • Tax Benefits
  • Joint Life Cover
  • Critical illness benefit

Mera Term Plan Plus (Pros)

  • Terminal Illness
  • Waiver Of Premium on (ATPD)
  • Accelerated Critical Illness Benefit

Mera Term Plan Plus (Cons)

  • No Policy Discount
  • No Policy Loan Allowed
  • No Maturity Benefit Without ROP Option

Mera Term Plan Plus (Other Benefits)

  • 4 Rider Option
  • 10% Step-up Benefit
  • Rebate on High Sum Assured

Mera Term Plan Plus (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 25L
  • Premium Payment Term - SP/RP/LP
  • Maturity Age - 99 years (Whole Life)

Comprehensive Plan

The plan offers protection against terminal illness. It provides two cover options: Fixed Term Cover and Whole Life Cover, along with two rider options.

Unique Features

  • Return of Premium Benefit
  • Death or Terminal Illness Benefit
  • Enhance with Riders

Ajeevan Suraksha Plan (Pros)

  • Maturity Benefit
  • 4 Payout Options
  • Option To Cover Spouse

Ajeevan Suraksha Plan (Cons)

  • No Policy Loan Available
  • Complexity In Payout Options
  • No Maturity Benefit Without ROP Option

Ajeevan Suraksha Plan (Other Benefits)

  • Special Benefits For Women
  • PNB MetLife Serious Illness Rider
  • PNB MetLife Accidental Death Benefit Rider

Ajeevan Suraksha Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 25L
  • Max Maturity Age - 99 Years
  • Premium Payment Term - RP/SP/LP (5 To 15 Yrs)

Standard Plan

PNB MetLife Mera Jeevan Suraksha Plan

The plan offers a monthly income and a lump sum benefit equal to 100 times the monthly income. Cover you spouse under the Joint Life Cover Benefit.

Unique Features

  • Return of Premium Benefit
  • Death or Terminal Illness Benefit
  • Surrender Benefit

Mera Jeevan Suraksha Plan (Pros)

  • Maturity Benefit
  • 4 Payout Options
  • Rebate on High Sum Assured

Mera Jeevan Suraksha Plan (Cons)

  • No Policy Loan Available
  • Only Regular Pay Option
  • No Surrender Benefit Without ROP Option

Mera Jeevan Suraksha Plan (Other Benefits)

  • Spouse Cover
  • Monthly Income For 10 Years
  • Suicide Cover After 12 Months

Mera Jeevan Suraksha Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 25L
  • Max Maturity Age - 80 Years
  • Premium Payment Term - RP/SP/LP (5 To 15 Yrs)

Standard Plan

PNB MetLife Saral Jeevan Bima Plan

The plan is a standard, simple pure protection term plan that comes with affordable premiums and offers Sum Assured up to INR 50 Lakhs.

Unique Features

  • SA from 5 to 50 L
  • Fixed Term - 5 to 40 Years
  • Premium Payment Options

Saral Jeevan Bima Plan (Pros)

  • Affordable Plan
  • Easy Claim Settlement
  • Flexible-Premium Payment Modes

Saral Jeevan Bima Plan (Cons)

  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

Saral Jeevan Bima Plan (Other Benefits)

  • Spouse Cover
  • Suicide Cover
  • Policy Revival Within 5 Years

Saral Jeevan Bima Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 5L
  • Max Maturity Age - 70 Yrs
  • Premium Payment Term - RP/SP/LP (5 To 10 Yrs)

Specialized Plan

PNB MetLife Family Income Protector Plus

A non-participating life insurance plan that provides guaranteed monthly income with the option to return premiums if no claim occurs.

Unique Features

  • Death Benefit
  • 110% Return 0f Premium Benefit
  • Guaranteed Surrender Benefit

Family Income Protector Plus (Pros)

  • Maturity Benefit
  • Fixed Premium Payments
  • Guaranteed Monthly Income

Family Income Protector Plus (Cons)

  • Limited Investment Component
  • No Policy Loan Allowed
  • No Cash Value or Savings Accumulation

Family Income Protector Plus (Other Benefits)

  • Tax Benefits
  • Max Sum Assured 1.42 Cr
  • Freedom to Customize Benefits

Family Income Protector Plus (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 14.20L
  • Max Maturity Age - 75 Yrs
  • Premium Payment Term - 10/15/20 Yrs

Specialized Plan

PNB MetLife Income Protection Plan

The plan is a flexible life insurance offering a lump sum or monthly income with guaranteed payouts of up to 150% and tax benefits.

Unique Features

  • Death Benefit
  • Guaranteed Surrender Benefit
  • Guaranteed Premium Payout

Income Protector Plan (Pros)

  • Maturity Benefit
  • Loans Are Allowed
  • Additional SA for employees of listed banks

Income Protector Plan (Cons)

  • 1 Yr WP For Suicide
  • Unpaid Policy Lapses
  • Limited Revival Window After Policy Lapse

Income Protector Plan (Other Benefits)

  • Easy Enrollment
  • Flexible Premium Payment Modes
  • Life Cover for the Entire Policy Term

Income Protector Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 55 Years
  • Min Sum Assured - NA
  • Max Maturity Age - 75 Yrs
  • Premium Payment Term - 5 to 20 Yrs

Comprehensive Plan

PNB MetLife POS Suraksha

The plan provides guaranteed monthly income and returns a 100% premium on maturity, ensuring financial security for loved ones.

Unique Features

  • 100% Premium Return
  • Guaranteed Monthly Income
  • Guaranteed Surrender Benefit

POS Suraksha (Pros)

  • Maturity Benefi
  • Death Benefit Options
  • Flexible-Premium Payment

POS Suraksha (Cons)

  • No Suicide Cover
  • 90 Days Waiting Period
  • No Policy Loan Allowed

POS Suraksha (Other Benefits)

  • Surrender Value
  • Level Monthly Income
  • Revival Option

POS Suraksha (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 55 Years
  • Min Sum Assured - 50 K
  • Max Maturity Age - NA
  • Premium Payment Term - 5/10/15 Yrs

PNB Metlife Term Insurance: FAQs

1. What is the difference between term and life insurance?

Term Plans are pure insurance plans where your life is covered at a very low cost and in case of a mishap, your nominees get the payout.

2. Does PNB provide claims in death cases?

Yes, The claimant must submit the written intimation as soon as possible to enable the insurance company to initiate the claim processing. The claim intimation should consist of basic information such as policy number, name of the insured, date of death, cause of death, place of death, and name of the claimant.

3. Will there be a difference between buying a policy online and buying from an agent?

Buying Term Insurance online will allow you to save time, compare and view plans at the click of a button and offer various payment options like net banking, credit/debit card, UPI, etc.

4. How much time will it take for PNB Metlife to provide a claim?

As per the time limits set by the Insurance Regulatory and Development Authority (IRDA) of India, insurers should settle death claims within 30 days. This condition applies to all claims where the insurer does not see the need to investigate the cause of death.

5. Will all the deaths be covered under term insurance?

Yes, death due to natural calamities is covered under this plan. The nominee should ensure that death-related documentation is in place while raising a claim.

6. What is the total coverage period if I opt for Joint Life Cover?

The total period can range from 10-40 years.

7. What happens if I pay an extra premium against my plan?

The extra amount will be adjusted against future premiums. The policyholder does not earn any interest on the excess premium paid.

8. What happens if I do not pay the term insurance renewal premium by the due date?

PNB MetLife term plans come with a grace period of 30 days. If the premium is not paid within this period, the policy will lapse. In order to reactivate the plan again, the insured has to complete certain reinstatement requirements, which may include a few medical tests and additional charges.

9. What are the documents that I may need at the time of purchasing the PNB Metlife Term Plan?

To buy a PNB MetLife term insurance plan, you are required to submit:

  • Identity proof & Address proof such as your Passport, Aadhar card, Driving License, Voter ID can be used as ID proof and address proof.
  • Income Proof such as an income tax return, last 3 months salary slip, bank statement of 6 months, and Form 16.

10. Are NRI's eligible to invest in PNB Metlife Term Plans?

Yes, as per the IRDAI, NRIs can invest in PNB Life Insurance policies.

11. I want to check the status of my PNB Life Term Policy. How can I do that?

To check the status of your policy, you need to login in with your User ID and password on the e-portal available on the company's website. Once done, the next screen will show you your policy details.

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PNB Metlife Term Insurance Reviews

Read what our customers have to say about PNB Metlife term insurance company

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Piyush

Raipur

May 1, 2023

I seek help from PolicyX when it comes to purchasing any kind of insurance because they provide me with the best quotes and options for insurance

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Sudhir Koul

Delhi

May 26, 2022

Very reliable company. I have bought PNB Metlife insurance, and I believe that this company will help me in my hard times.

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neha singh

Cuttack

February 24, 2022

I am a single mother with 2 kids. I always think about the future of my kids. Thats why i invested in term insurance plan with PNB as their claim settlement ratio is good so i am sure that my m...

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Nimrit

Chandigarh

February 18, 2022

Very satisfied with their team who is always available for help. Never worried about my money with them.

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Ritu Verma

Delhi

February 10, 2022

I heard about this company from my friends and family who are already their customers and it is one of the best decisions as the company offers suitable plans for every need.

Customer Review Image

Sakhu Wati

Kanpur

November 17, 2021

Very reliable company. I have bought PNB Metlife insurance, and I believe that this company will help me in my hard times.

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Vahisht Aggarwal

Delhi

October 18, 2021

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

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Shweta Mittal

Jaipur

October 8, 2021

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

View All PNB Metlife Term Insurance Reviews