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PNB MetLife Term Insurance Plan: Overview
PNB MetLife India Insurance offers life insurance protection, long-term savings plans, and financial security solutions through a strong banking network across India.
It is a joint venture between Punjab National Bank (India) and Metropolitan Life Insurance (America). It commenced operations as a life insurance provider in 2001 and has a wide network of over 15,000 branches and offices across India through partnerships with various banks and entities.
PNB MetLife provides comprehensive term insurance plans that help your family get financial support after your demise. You can buy a ₹1 crore term insurance from PNB MetLife for premiums starting at just ₹61 per day.
Key Features of PNB MetLife Term Plans
- A wide range of plan options
- Affordable premiums
- Rider options to enhance coverage
- Choice of policy tenure
- Choice of sum assured
- Tax benefits as per applicable laws
- Flexible payout options
- Additional protection with add-on riders
Why Choose PNB MetLife Term Insurance?
Coverage Against 50 Critical Illnesses
PNB MetLife term insurance provides an additional sum assured if the policyholder is diagnosed with any of the 50 critical illnesses during the policy term.
Protection Until 99 Years of Age
PNB term insurance plans offer you protection until you attain 99 years of age.
Flexible Payout Options
PNB MetLife term plans offer you the option to choose your payout, either as monthly income, a lump sum, or a combination of both.
Affordable Premiums
PNB MetLife term plans are available at affordable premiums, making them accessible to a large section of people to secure their family’s financial future.
Eligibility Criteria for PNB MetLife Term Insurance Plans
To purchase a PNB MetLife term insurance plan, certain eligibility criteria must be met. Let's understand them in detail:
Age
A person between the ages of 18 and 65 is eligible to apply for a term life insurance plan. The policyholder's age is a key factor in the term insurance plan's premium.
Health Condition
Since a PNB MetLife term insurance plan insures the policyholder's life, most insurance providers require a policyholder to undergo a health examination to determine their current health condition and the inherent risks for the insurer. Be completely honest about your health condition and medical history to avoid issues during claim settlement.
Income
A PNB MetLife term insurance plan has no specified minimum income requirement. However, you might be asked for bank statement copies and salary slips to determine the coverage for your term plan.
Smoking Habits
If you smoke or have been a smoker in the past, you must disclose this information to the insurer. This is because smokers are exposed to severe health hazards like lung cancer.
Citizenship
Indian citizens can buy a PNB MetLife term insurance plan in India in their name. NRIs or PIOs can also avail the benefits of a term insurance plan in India.
Additional Benefits Offered By PNB MetLife Term Plans
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Spouse Coverage
PNB MetLife Mera Term Plan Plus offers the option to cover you and your spouse under a single policy, thereby saving on additional premium costs.
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Inbuilt Terminal Illness Cover
PNB MetLife Ajeevan Suraksha Plan offers inbuilt terminal illness cover with the base plan.
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Sum Assured Starting From ₹5 Lakhs
PNB MetLife Saral Jeevan Bima offers you the option to choose a life cover starting from ₹5 lakhs, as per your financial requirements.
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Multiple Plan Options to Choose From
PNB MetLife Ajeevan Suraksha Plan offers four plan options to choose from as per your requirements.
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Income for Your Family
PNB MetLife Income Protection Plan offers income for your family in case of your unfortunate demise, ensuring they can live a comfortable life.
Types of PNB MetLife Term Plans
PNB MetLife offers various term plans based on their features, policy tenure, and benefits. You can choose the one that best suits your requirements:
Basic Term Plan
Plan Name: PNB MetLife Saral Jeevan Bima
These plans only provide a sum assured to the nominee in case of the policyholder's death. No survival benefits are included.
Term Plan with Return of Premium
Plan Name: PNB MetLife Mera Term Plan Plus
These plans return the premium amount to the policyholders only if they survive the policy term.
Term Insurance with Monthly Income
Plan Name: PNB MetLife Mera Jeevan Suraksha Plan
These plans offer monthly income to the policyholder's dependents in case of the policyholder's demise.
Term Insurance with Critical Illness
Plan Name: PNB MetLife Mera Mediclaim Plan
These plans offer inbuilt coverage against critical illnesses.
Term Insurance with Accidental Disability & Death Cover
Plan Name: PNB MetLife Mera Term Plan Plus
These plans offer inbuilt coverage against accidental disability and death.
Riders You Can Avail With PNB MetLife Term Insurance Plans
You can avail of the following riders with the PNB MetLife term plan:
| Name of the Rider | Benefits |
|---|---|
| PNB MetLife Accidental Death Benefit Rider | This rider provides an additional amount in case of the policyholder's unfortunate death due to an accident. |
| PNB MetLife Terminal Illness Rider | This rider offers additional benefits upon the policyholder's diagnosis with any of the terminal illnesses mentioned in the brochure. |
| PNB MetLife Waiver of Premium Rider | This rider ensures that future premiums are waived in case of total and permanent disability of the life assured. This benefit can be purchased by paying a nominal extra premium over and above the base premium. |
| PNB MetLife Critical Illness Rider | This rider provides payment of an additional amount upon the diagnosis of any of the 10 critical conditions mentioned in the policy document. This plan acts as an additional health cover under the base policy, with flexible rider term and sum assured options. |
Documents Required to Buy PNB MetLife Term Insurance Policy
Here are the documents required to buy a PNB MetLife Term Insurance Plan:
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Photo ID Proof
Any one: Passport, Aadhaar card, PAN card, Driving license.
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Age Proof
Any one: Passport, Aadhaar card, PAN card, Driving license.
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Address Proof
Any one: Utility bill, passport, voter ID, ration card.
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Medical Records
Medical records of the policyholder, if requested.
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Income Proof
Any one: Bank statement, last three months' salary slips (if salaried).
How to Buy PNB MetLife Term Insurance Online
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Step 1: Visit the official website of PNB MetLife Insurance.
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Step 2: Click on the ‘Buy Now’ option available under the plan.
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Step 3: Provide your details, including name, gender, education, income, and contact details.
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Step 4: Fill in your policy tenure, premium payment tenure, and sum assured.
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Step 5: Pay the premiums displayed on the payment screen.
How to File a PNB MetLife Term Insurance Plan Claim
The claim settlement process for PNB MetLife Term Plans is simple and hassle-free. The insurance provider offers options for settling a claim both online and offline. Here's how you can easily submit and settle your claim:
Online Process
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Claim Registration: Report your PNB MetLife Term plan claim by navigating to the ‘Our Services Section’ and choosing ‘File a Claim’.
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Claim Review: PNB MetLife's customer support staff will review your claim form and assist you at every step. They will evaluate your claim and notify you of any pending documents.
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Claim Settlement: Your claim will be settled once the insurance company receives all necessary documents.
Offline Process
The PNB MetLife term plan claim can be reported by visiting a local PNB MetLife Branch Office. You can visit their website to locate the nearest branch. Submit the essential documents at the branch for processing your claim.
How to Buy PNB MetLife Term Insurance on PolicyX.com
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Step 1: Fill out the form at the top of this page with the necessary details.
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Step 2: Select your income and city. Click on 'Proceed'.
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Step 3: Update your education and occupation details.
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Step 4: Choose your preferred plan and click on 'Buy this plan'.
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Step 5: Select the policy term, premium period, and riders (if required), and then proceed to pay.
