PNB Metlife provides comprehensive term insurance plans that help your family get financial support after your demise. These plans come with a range of benefits and ensure to offer financial protection to your family.
About PNB Metlife
PNB Metlife is a joint venture between Punjab National Bank India and Metropolitan Life Insurance America. It started its business as a general insurance provider in 2001 and has 15,000+ branches and offices in India after partnering with several banks and entities. It offers several term plans, such as term plans, child insurance, endowment plans, level term insurance, and guaranteed plans.
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PNB Metlife Term Insurance Plans
Why Should You Choose PNB Metlife Term Life Insurance?
Several factors make this company a perfect choice to purchase a term insurance plan from. Let’s have a look at these:
Strong Branch Network
PNB MetLife has 112 branch offices in India and serves in more than 15,000 locations through its bank partnerships. So, your dependents will get hassle-free service and customer support in hard times.
Large Customer Base
Since its establishment, PNB MetLife has over 200 million customers as of 2023. They aim to provide their customers with tailored term insurance plans to cater to the needs of people from different walks of life.
Good Claim Settlement Ratio
PNB MetLife's claim settlement ratio is 99.06% in individual life insurance policies for the financial year of 2022-23. The claim settlement ratio describes the total number of claims settled in the same financial year.
Annualized Premiums
PNB Metlife has reported collecting over Rs. 7,348 crores of premiums in 2021-2022, which shows the development they have achieved over the years.
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.
Find all the details of PNB Metlife Term Insurance in one go!
PNB term life insurance plans come with some amazing benefits such as:
Return of Premiums payments
PNB MetLife term insurance provides a return of premium options for its customers. This option is available only if the life assured survived until the maximum policy term of 40 years or the maturity age is 75 as the last birthday, whichever is earlier.
Get 50 Critical Illnesses Covered
PNB MetLife term insurance provides a sum assured to 50 critical illnesses if the policyholder is diagnosed with any of the listed critical illnesses during the policy term. 25% of the basic sum assured (subject to a maximum of Rs. 50 Lakhs) will be paid immediately on the first diagnosis.
Stay Protected Until 99 Years of Age
PNB Metlife term insurance plans offer you protection till 99 years of age.
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
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.
How to settle a claim in PNB Metlife term insurance?
The claim process at PNB MetLife involves the following steps:
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.
Conclusion
To sum it up, PNB Term Insurance is a dependable and affordable choice for people looking to secure their loved ones financially. With flexible options and the support of Punjab national bank, it’s a straightforward solution for safeguarding your family’s future in case of unexpected events.
Still have questions?
No worries. The experts @PolicyX.com are always available to assist you.
Unit No. 101, 1st Floor, Techniplex-1, Techniplex Complex, Veer Savarkar Flyover, Off S V Road Goregaon (West), Maharashtra- 400062.
write to - helpdesk@policyx.com
Get in touch @1800-4200-269
PNB Metlife Term Insurance: FAQs
1. is PNB MetLife's term plan safe?
PNB MetLife term insurance plan is among the best term insurance plans that offer you an extra set of perks in exchange for nominal premiums.
2. What is the PNB MetLife claim ratio?
PNB MetLife's Claim Settlement Ratio is 99.06% in individual life insurance policies for the financial year of 2022-23.
3. What is the age limit for the PNB MetLife term plan?
The maximum maturity age limit for the PNB MetLife term plan is 99 years for all options except the Life Plus & ROP Option.
4. Can I surrender my PNB MetLife policy after one year?
Yes, you can surrender your PNB MetLife policy under a free-look period.
Read what our customers have to say about PNB Metlife term insurance company
Sahani Kaur
Gandhinagar
April 8, 2024
The PNB MetLife Mera Term Plan Plus I& 039;ve bought it at a low premium, and it is fully satisfactory to me. The insurance expert of PolicyX is too polite, and their online buying facility red...
Anoop srivastva
Gandhinagar
March 18, 2024
No hidden fees or charges! I have some doubts regarding my PNB MetLife insurance premiums. So I decided to visit policyx.com. Within in couple of minutes, they resolved all of my queries. I am ...
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
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.
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...
Nimrit
Chandigarh
February 18, 2022
Very satisfied with their team who is always available for help. Never worried about my money with them.
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.
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.
