PNB Metlife Term Plan

PNB MetLife started operating in 2001, it is a collaboration between Punjab National Bank Limited (PNB) and MetLife International Holdings LLC (MIHL). The policies in this plan offer features for protection and retirement. The policyholders can also insure their lives along with their spouses' under its Joint Life term plans.

Features of PNB MetLife Term Insurance Plans

1 Choice of Plan Options

These term plans allow policyholders to personalize their plans as per their needs and financial situation.

2 Flexible Death Benefit Payout

Policyholders can choose from either lump-sum payouts or periodic installments or even a combination of both as the death benefit.

3 Potential to Increase Cover

Several term insurance plans of PNB MetLife allow policyholders to increase their sum assured annually or depending on their life stages.

4 Different Premium Payment Terms

Every plan discussed in the subsequent sections offer flexibility to choose from Single, Regular, or Limited premium payment.

5 Additional Riders

Multiple riders can be added to the base plan at minimal charges for better coverage against unfortunate events.

Benefits of PNB MetLife Term Plans

Claim Settlement Ratio of PNB MetLife

According to IRDAI annual report for FY 2019-20, the company reported a claim settlement ratio of 97.18 %. Let us now compare the CSR ratio of PNB MetLife with other life insurers. Refer to the graph below:

Comparison between PNB MetLife and other Top Life Insurance Companies based on ClaimSettlement Ratio (2019-20)

Sample Premium Comparison

In order to give you an estimate on the kind of premiums you have to pay for a term plan, we have tried to illustrate sample premiums payable on a monthly and half-yearly basis for the term plans offered by SBI Life, ICICI Prudential, and PNB MetLife.

For this instance, we considered a healthy, non-smoking, 25-year-old female and indicated the premiums that she would have to pay for a sum assured of Rs. 1 Crore against each plan mentioned in the illustration below.

PNB MetLife Term Plans in India

The table below lists every term insurance plan offered by the company.

PNB MetLife Term Plans - An Overview

We will briefly discuss the above-mentioned plans in the next sections.

1. PNB Metlife Mera Term Plan

   PNB Metlife Mera Term Plan is a pure protection plan that offers financial security to your loved ones.

   Key Features

   • The plan offers Life Cover till 99 years of age.
   • The plan comes with a joint life benefit. Please note that the maturity age under this option is capped at 75.
   • It offers flexibility to select from four payout options, viz [A] Full Lump Sum Payout, [B] Payout as Lump Sum + Regular Monthly Income, [C] Payout as Lump Sum + Increasing Monthly Income, [D] Payout as Lump Sum + Regular Monthly Income.
   • The plan provides protection at lower premiums to non-smoking individuals.
   • With the PNB Mera Term Plan, policyholders can increase their cover at different stages of their lives.

   Eligibility Criteria

   Entry age	Minimum: 18 years, Maximum: 65 years
   Maturity Age	99 years
   Minimum Sum Assured	Rs. 10,00,000
   Premium Payment Term	Regular, 10 pay

2. PNB Metlife Mera Term Plan Plus

   This is an online term plan that can be customized by policyholders according to their financial liabilities. The plan offers lifetime security for the family in the event of adversity leading to the death of the policyholder.

   Key Features

   • Policyholders can remain protected till the age of 99 under this life insurance plan.
   • Life Assured can choose the Return on Premium option during policy inception to get all the premiums back upon surviving maturity.
   • It allows for flexibility in death benefit payout.
   • The Step Up feature allows buyers to increase their sum assured by 10% per annum for the next 10 years.
   • The plan also comes with the Joint Life feature that can be used to extend coverage to spouses.

   Eligibility Criteria

   Entry age	Minimum: 18 years, Maximum: 60 years
   Maturity Age	Minimum: 28 years, Maximum: 99 years*
   Minimum Sum Assured	Rs. 10,00,000
   Premium Payment Term	Single, Regular, Limited pay
   Minimum Policy Term	10 years

   * 75 years with the Return on Premium option

3. PNB MetLife Aajeevan Suraksha Plan

   PNB MetLife Aajeevan Suraksha serves comprehensive coverage, in addition to premium payment options. Policyholders can choose to cover their spouses in the same plan as well.

   Key Features

   • With this plan, one can choose to pay premiums through Regular pay, Limited pay, or Single pay.
   • Under this plan, you can choose from [A] Whole Life Cover - coverage up to age 99 years, or [B] Fixed Term Cover - coverage of up to 10 to 40 years.
   • The plan comes out with the choice of 4 death benefit options which include lump sum, life partner, fixed income, and increasing income.
   • If policyholders opt for the ‘With Return of Premium' option, they will get their premiums back on surviving date of plan maturity.

   Eligibility Criteria

   Entry age	Minimum: 18 years, Maximum: 65 years
   Maximum Maturity Age	99 years
   Sum Assured	Minimum: Rs. 25,00,000 Maximum: No limit
   Premium Payment Mode	Yearly/Half-yearly/Monthly

4. PNB MetLife Mera Jeevan Suraksha Plan

   This is a risk protection plan that offers regular income or a lump sum payout to secure the family of the Life Assured and their dreams in case of her/his unfortunate demise. This plan also allows policyholders to extend cover to their spouses.

   Key Features

   • Maturity Benefit is paid if the 'With Return of premium' option is opted for by the policyholder while purchasing.
   • Death Benefit is payable either on death or terminal illness and will be according to the chosen benefit option:
   • Benefit Option 1: Lump Sum: The whole amount of sum assured will be paid to the nominee after the death or terminal illness investigation.
   • 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).
   • Benefit Option 3: Fixed Income: A monthly income will be paid for 10 years in installments as the death benefit.
   • Benefit Option 4: Increasing Income: The beneficiaries, after the death of the life assured, will get a monthly payment as income for 10 years which will keep on increasing at a rate of 10% every year till the whole benefit is paid.
   • It offers special discounts on premiums for women policyholders.

   Eligibility Criteria

   Entry age	Minimum: 18 years, Maximum: 65 years
   Maximum Maturity Age	Minimum: 28 years, Maximum: 80 years
   Policy Term	Minimum: 10 years, Maximum: 40 years
   Premium Payment Term	Regular Pay
   Basic Sum Assured	Minimum: Rs. 25,00,000, Maximum: No limit

   

5. PNB MetLife Family Income Protector Plus

   PNB MetLife Family Income Protector Plus is a non-linked, non-participating, pure risk term insurance plan that offers flexibility in the choice of premium payment term and monthly income. With this plan, policyholders can choose to receive 110% of their premiums back at the end of the policy tenure, provided they survive the term.

   Key Features

   • The plan offers guaranteed monthly income to the family for 20 years in case of the policyholder's unfortunate death.
   • Policyholders can choose from two versions of the plan viz. Term Cover and Term with Return of Premium (TROP) option.
   • The plan offers maturity benefits upon the survival of the policyholder till the maturity date.
   • Policyholders can save on taxes on premiums paid as well as the benefits received.

   Eligibility Criteria

   Entry age	Minimum: 25 years, Maximum: 60 years
   Maximum Maturity Age	75 years
   Policy Term	10 years/15 years/20 years
   Premium Payment 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

6. PNB MetLife Income Protection Plan

   It is a non-linked and non-participating life insurance plan, designed to serve dual purposes of savings and protection. This plan not only provides financial protection to your family by way of regular monthly income but also ensures returns ranging from 100% to 150% of the total premiums paid on survival till maturity.

   Key Features

   • With this plan, the policyholder's family will remain protected under the life cover for the entire duration of the policy.
   • It comes out with hassle-free enrolment consisting of a simple proposal form.
   • The plan offers flexibility in death benefit payout and premium payment terms.
   • Like every other plan, this one also offers tax benefits on premiums paid and benefits received, as per prevailing tax laws.

   Eligibility Criteria

   Entry age	Minimum: 18 years, Maximum: 55 years
   Maturity Age	75 years
   Premium Paying Term	5 years, 7 years, and 10 years
   Maximum Sum Assured	Rs. 10,00,000
   Premium Payment Modes	Yearly/Half-yearly/Monthly

7. PNB MetLife POS Suraksha

   It is a non-linked and non-participating savings plus life insurance plan that offers a regular stream of income for the policyholder's family in the event of her/his death.

   Key Features

   • The plan offers guaranteed benefits on 100% of premiums paid at the end of the policy tenure.
   • The plan offers a hassle-free enrolment process with no medical screening.
   • Policyholders receive maturity benefits if they choose the ‘With Return of Premium' option.
   • Policyholders can choose to receive death benefit payout as a lump sum or monthly income.

   Eligibility Criteria

   Entry age	Minimum: 18 years, Maximum: 55 years
   Maturity Age	65 years
   Premium Term	10 years/15 years
   Premium Payment Term	5 years/10 years
   Basic Sum Assured	Minimum: Rs.50,000, Maximum: Rs.25,00,000

8. PNB MetLife Mera Mediclaim Plan

   PNB MetLife Insurance (PMLI) and Religare Health Insurance (RHI) have joined hands to protect your family's health with the Mera Mediclaim Plan. It is a solution that offers benefits of both health and life insurance. 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 over 540 daycare treatments.
   • Increase in Sum Insured: It allows an increase in sum insured in 5 claim-free years with No-Claim Bonus and No Claim Bonus Super (Optional Cover).
   • 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 11,000 network health care providers without paying a single penny from your pocket.

   Life Benefits

   • It offers financial protection against Death and Terminal Illnesses.
   • The plan is available at special rates for women.

   Eligibility Criteria

   Entry age	Minimum: 18 years, Maximum: 65 years
   Maturity Age	Minimum: 28 years, Maximum: 80 years
   Premium Term	Minimum: 10 years, Maximum: 40 years
   Premium Payment Mode	Yearly/Half-yearly/Quarterly/Monthly

How To Buy PNB Metlife Term Insurance Plans?

You can buy 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.

Claim Process at PNB MetLife

The claim process at PNB MetLife involves the following steps:

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.

Submit Required Documents:

In case of a death claim, 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.

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.

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