PNB MetLife India Insurance Company Limited

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About PNB Met Life Insurance Company

Along with other private investors, PNB Met Life Insurance’s major shareholders are MetLife International Holdings LLC, Punjab National Bank Limited, M. Pallonji, and Company Private Limited, and Jammu and Kashmir Limited. The company has had its presence in India since 2001 and it follows the ‘Circle of Life’ philosophy for products as well as solutions to cater to the financial requirements of its customers. 

PNB MetLife Insurance blends the financial strength of MetLife Inc. – the leading global life insurance provider with the credibility of PNB – one of India’s leading nationalized banks. PNB MetLife offers plans covering four different stages of life:

  • Child education
  • Family protection
  • Long-term saving
  • Retirement

Key highlights of PNB Met Life Insurance

Some of the must-to-know facts about PNB Met Life Insurance are as follows.

Number of customers  206 million and above
Product bouquet 25 retail products

14 group products

Total sum assured issued Rs.516,542 crores as of 31st March 2020

 

Awards and achievements of PNB Met Life Insurance

After serving to its costumers for more than 20 years now, PNB Met Life Insurance has won plenty of accolades, some of the most recent ones among them are mentioned below:

  • PNB Met Life Insurance won the Best Performance-Driven Digital Campaign at the 3rd DigiMarcom Leadership Awards organized by Kamikaze B2B Media in 2021.
  • In the year 2020, PNB Met Life was awarded the People First HR Excellence Awards in the following categories:
  1. Leading Practices’ in Diversity and Inclusion Initiatives
  2. Leading Practices’ in Health and Wellbeing.
  • The company won a Silver award at the 6th edition of the prestigious exchange4media Maddies Awards 2020 in the category named ‘Most effective Email campaign.’
  • In 2020 itself, the company was also honored by the Economic Times as the Best Brand 2020. This award came to PNB Met Life’s kitty for the second time in a row. It was won under the Life Insurance category. 

Why choose PNB Met Life Insurance?

PNB Met Life Insurance has ample lucrative stats and services which it offers in a more unique manner than others, like:

  • As of 15th September 2021, the company has its offices at 109 locations run by 16,000+ employees. It has a multi-channel distribution with Bancassurance, Agency, and direct channels with a presence in 700 districts via Bancassurance network which makes PNB Met Life Insurance not only strong but also reliable.
  • PNB Met Life Insurance launched a ‘Claims Assure’- three hours claims decision initiative to expedite the process of either accepting or rejecting its customer’s claim.
  • The company offers lots of calculators to ensure complete transparency, and also to make certain that its customers can make the decision of which plan suits them the most, in an effective manner.
  • PNB Met Life Insurance launched an AI-powered customer service chat box named Khushi – the first of its kind in the Indian Life Insurance industry to ease the process of response to its millions of customers. 
  • The company assures complete assistance by offering end-to-end guidance from selecting the appropriate plan for you to paying its premium.

Different types of plans offered by PNB MetLife Insurance Company 

PNB MetLife offers a range of life insurance solutions for its customers. Given below are the life insurance plans that the company offers –

A. Term insurance plans

If you are looking for pure protection plans, term insurance plans are the solution. These plans cover the risk of premature death occurring during the policy tenure. If the insured dies during the term, a guaranteed death benefit is paid. There is, usually, no maturity benefit as term plans ensure protection. However, modern-day term insurance plans have evolved and offer a host of coverage benefits with the option of availing the refund of premium paid on maturity. 

PNB MetLife also offers comprehensive term plans. The one offered by PayBima is as follows –

1. PNB MetLife Mera Term Plan Plus

A multifaceted term insurance plan, Mera Term Plan Plus gives you various options to customize your coverage. Here are the salient features of the policy –

  • You can choose to avail of lifelong coverage till 99 years of age
  • Different plan options to choose from
  • If you choose the return of premium option, the premiums would be refunded once the plan matures
  • Inbuilt coverage against 50 critical illnesses. If the insured suffers from any of the covered illnesses, 25% of the sum assured would be paid immediately to deal with the medical crisis
  • Option to enhance the sum assured by 10% every year for up to 10 years
  • There is an option to include your spouse under the coverage too so that in your absence, your spouse can enjoy the coverage 
  • Premium waiver facility if the insured suffers from any critical illness covered under the plan or if the insured becomes permanently disabled due to an accident
  • There is an option to enhance the sum assured at marriage or child birth to meet with the increased financial responsibilities 
  • Option to avail the death benefit in a lump sum, installments or in a combination of both
  • Four optional riders for enhancing the coverage as per your needs

Eligibility conditions

Entry age  18 years to 60 years
Maturity age  28 years to 99 years
Sum assured Rs.10 lakh onwards
Premium Depends on age, sum assured and other factors
Premium paying term Single pay – once

Limited pay – 5 years, 10 years, 15 years, 20 years, 60-entry age 

Policy term  10 years to 99-entry age

 

B. Endowment assurance plans

Endowment assurance plans are traditional savings plans which help in creating a corpus for your goals. These plans provide life insurance coverage during the policy tenure and a benefit when the plan matures. This maturity benefit helps in corpus creation. Moreover, endowment plans might also provide you with guaranteed additions and bonus additions which help in enhancing the corpus that is accumulated.

While there are various endowment plans offered by PNB MetLife, one of the most popular plans, offered by PayBima is as follows –

1. PNB MetLife Guaranteed Future Plan 

This is a unique endowment plan which gives you the option of converting it into a money-back policy with income benefits. The salient features of the policy are as follows –

  • There are four plan options – Endowment Option, Income Option, Income + Lump-sum Option, Income + Boosters Option
  • Up to 248% of the annual premium can be earned through the guaranteed income factor
  • Under the fourth option of Income + Booster, you get to earn up to 425% of the annual premium in boosters to enhance the corpus
  • Optional rider benefits are available for increasing the coverage of the policy
  • You can take a loan under the policy to meet your financial needs

Eligibility conditions 

Entry age  30 days to 60 years
Maximum maturity age  80 years
Sum assured 1.25 times or 10 times the premium amount
Premium Minimum – Rs.12,000

Maximum – Rs.100 crores

Premium paying term Single pay – once

Limited pay – 5 years to 15 years 

Policy term  12 years to 32 years

 

C. Money-back insurance plans:

Money-back insurance plans are also savings-oriented plans which offer an additional benefit of liquidity during the policy tenure. Under money-back plans, the sum assured is paid in installments at specified intervals during the policy tenure. Moreover, money-back plans also provide bonus additions that further enhance the corpus. The death benefit under the policy remains unaffected even after the money-back benefits have been paid. This ensures full protection with the added benefit of savings and periodic pay-outs.

D. Child insurance plans

Child insurance plans are specialized life insurance plans which aim to secure the financial future of the child if the parent is not around. Child insurance plans either cover the parent or the child. If the parent dies during the policy tenure, the plan remains unaffected. The premiums are waived off but the plan continues to create a corpus for the child till maturity. When the plan matures, the maturity benefit is paid which helps the child meet his/her financial needs.

E. Unit linked insurance plans

Unit linked insurance plans help you explore the return potential of capital markets. These plans have specialized funds and the premium that you pay is directed to the funds that you choose. The funds are professionally managed and offer a diverse portfolio of securities. ULIPs also offer the benefit of partial withdrawals, top-ups, switching, settlement option, etc. to provide flexibility and control over managing your investments.

F. Retirement insurance plans

Retirement plans are annuity or pension plans which help secure your finances in your golden years. You can choose from deferred annuity plans or immediate annuity plans as per your financial needs and either build up a retirement corpus or avail yourself of lifelong incomes through pensions.

G. Health insurance plans

Health insurance plans help financially in a medical emergency. These plans cover specific illnesses and health conditions. If you suffer from any covered condition, a fixed benefit is paid which helps you in meeting the expensive medical costs.

How can you buy a PNB MetLife Insurance plan?

One way to buy a PNB Met Life Insurance plan is by landing on its website and taking the cursor of your mouse to the ‘Buy Insurance’ tab. Doing so displays the variety of Family Protection, Long term, Child Education, Retirement, Group solutions as well as Riders, and comparison. In case you have made a decision, you can click on that plan to buy online. The company would ask you to fill in the details and get going from there onwards.

But the other and not only a lot simpler, but also smarter way to buy PNB Met Life Insurance Plan online is to land on the PayBima platform. After doing so, you can follow the stepwise procedure mentioned below to buy your insurance plan.

  • Fill your details in the online application form

To display to you the most appropriate insurance plan available in the market currently, PayBima asks you to give details that are essential. So, ensure that you fill the form with all the valid information and submit it on PayBima to get an instant response. 

  • Check out the comparison to choose one plan from many

PayBima’s algorithms are programmed in a way to run through many insurance plans’ pre-requisites and display in front of your screen a list of the plans that are applicable to you. So, after you submit your details, within seconds of time your screen is going to have details of the plans that suit you. All you got to do is choose from the list by comparing the coverage offered and the premium demanded in various plans. 

  • Propose to buy that plan

After you are done choosing, you’d have to propose to the insurer your wish to buy their plan. So, say you are willing to buy a life insurance plan from PNB Met Life Insurance, you’d have to fill up the proposal form that states your personal, medical, as well as financial details which will help the insurer to underwrite the policy as well as issue the same. 

  • Providing the required credentials

While proposing to the insurer, you’d have to submit copies of some the most essential proofs related to you like:

Purpose of the document Name of the documents that are applicable
As an address proof Passport / Driving License / Aadhaar Card / Voter’s ID / Utility Bills / Rent Agreement
As an identity proof Passport / Driving License / Aadhaar Card / Voter’s ID / PAN Card
As an age proof Passport / Driving License / Aadhaar Card / Voter’s ID / Birth Certificate
As a proof of income Form 16 / Salary Slip / Financial statement / Bank Statement
Face Recognition Passport size photographs

 

  • Undertaking health check-up

This step isn’t applicable to all those whose health is relatively higher or for those who have chosen to assure a higher sum. In such scenarios PNB Met Life Insurance, just like other insurers asks you to undergo a medical health check-up before issuing the final policy. 

  • Paying the premium

The last step of this procedure involves paying the premium of the plan that you’ve chosen. For doing so, PayBima offers multiple secure modes to ensure your transaction safely reaches your insurer. 

Lapse of the policy and its revival

Due to any uncertain situation or simply forgetting to pay your entire premium in the given amount of time, PNB Met Life Insurance, just like other insurers has to reduce the benefits that it promised to offer you. This scenario is termed in the world of insurance as a policy lapse and is very unfortunate. 

But, just like other insurers, PNB Met Life Insurance allows you to revive the lapsed policy within a specific timeline, within which you need to take care of three things:

  1. Paying the remaining premium on your policy
  2. Clearing the interest on it
  3. Submitting a written statement that assures the insurer of your health

Its also possible to revive your policy using PayBima platform. To do so either:

How to claim for PNB Met Life Insurance plan?

The process of filing a claim for a PNB Met Life Insurance plan can be done online. There is an option of ‘File a Claim’ under the ‘Our Services’ tab on PNB Met Life’s website. Remember that maturity and survival claims won’t need to go through the below-mentioned process as its specifically for death claims. The process starts with:

  • Intimating PNB Met Life Insurance

To do so, the insurer asks you to fill in your: 

  1. Policy number, 
  2. Insured person’s name, 
  3. Nominee relationship and 
  4. Date of birth of the insured person.

 

  • Finishing the documentation

After filling and submitting the above-mentioned details, you’d be asked by PNB Met Life Insurance to submit the following documents:

  • The original claim form as filled and signed by the claimant
  • The policy document
  • Death certificate’s copy
  • Identity, address proof, and bank details of the claimant

Note that in case of accidental deaths, PNB Met Life Insurance demands Police FIR, panchnama, medical reports, post-mortem reports, etc. 

Review of PNB Met Life Insurance

  • PNB Met Life Insurance is accessed by 206+ million customers across 15000+ locations through its bancassurance partners.
  • The company’s claim settlement ratio for individual businesses is 98.17 percent and 99.65 percent for group businesses in the financial year 2020-2021.
  • Its ‘Circle of Life’ philosophy-based services is aimed to assist every customer in fulfilling their personal as well as financial goals.
  • PNB Met Life Insurance is offering its services across India for 20 years now. Its variety of plans and AI-powered customer service application satisfy individuals in a unique manner.

 

Frequently Asked Questions

Q: What premium payment modes are allowed under the plan?

PNB MetLife plans to allow you to pay the premium monthly, annually, half-yearly, or quarterly. However, if you choose non-annual premium payment modes, there might be an additional loading on the premium because the company’s administrative costs increase. 

 

Q: Are maturity benefits taxable?

If your premium is up to 10% of the sum assured, the maturity benefit would be completely tax-free under the provisions of Section 10(10D). However, under unit-linked insurance plans, the maturity benefit’s taxation would depend on the premium amount. If the premium is up to Rs.2.5 lakhs, the entire maturity benefit would be tax-free. For higher premiums, however, there might be a tax liability. 

 

Q: What are the riders offered by PNB MetLife?

There are different riders offered by different PNB MetLife insurance plans. However, some of the commonly available riders include the following –

  • PNB MetLife Accidental Death Benefit Rider Plus 
  • PNB MetLife Accidental Disability Benefit Rider
  • PNB MetLife Serious Illness Rider
  • PNB MetLife Critical Illness Rider

Q: What would happen if I stop paying premiums?

If you stop paying the premiums, the coverage would lapse and you would lose out on the full potential of the benefits. However, there might be a paid-up value under the policy which is available on maturity or death. In a lapsed policy, bonus additions do not accrue even if the policy is in a paid-up state.

 

Q: Do PNB MetLife plans cover COVID claims?

Yes, PNB MetLife insurance plans do cover deaths due to COVID.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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