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Overview
PNB MetLife Loan and Life Suraksha Plan is a comprehensive term insurance plan designed to secure your financial liabilities such as home loans, education loans, personal loans, and auto loans. The plan offers flexible coverage options, including reducing cover, level cover, and increasing cover, that adjust according to changes in your loan amount.
The plan supports joint coverage for up to two individuals under housing and education loans, making it ideal for co-borrowers and families. For group insurance policies, coverage can be extended to up to 50 members.
Benefits of PNB MetLife Loan & Life Suraksha Plan
- Affordable premiums
- Flexible premium payment
- Dual coverage option
- Tax benefits
- Loan benefit
Key Features
Dual Coverage Option
It offers dual coverage options: Reducing Cover and Level Cover.
Increased Sum Assured for Loan Enhancement
You can opt for a higher sum assured that aligns with your increased loan amount.
Moratorium
A moratorium period allows you to defer loan repayments for a specified duration. The loan lender determines this period, and PNB MetLife adjusts the loan schedule accordingly.
Joint Life Option
This feature allows you to cover your spouse, child, parent, and siblings.
Exclusions
- Suicide during the first 12 months of policy inception will not be covered.
- Death due to pandemics is not covered under this plan.
- Injuries or illnesses caused due to any type of adventure sports.
- Consumption of any type of drugs or alcohol, except for clinical purposes.
- Any pre-existing disease not declared at the policy's inception.
Additional Benefits
Death Benefit
Upon the death of the life insured during the policy term, PNB MetLife Loan & Life Suraksha offers the policy sum assured to group members.
Surrender Benefit
This plan offers no surrender value for pure protection plans. However, surrender benefits are paid for single and limited premium payment modes.
