11 min read
Updated on Feb 06, 2023
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:
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|
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 has ample lucrative stats and services which it offers in a more unique manner than others, like:
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 –
|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 –
|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.
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.
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.
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.
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.
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|
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.
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.
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:
Its also possible to revive your policy using PayBima platform. To do so either:
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:
To do so, the insurer asks you to fill in your:
After filling and submitting the above-mentioned details, you’d be asked by PNB Met Life Insurance to submit the following documents:
Note that in case of accidental deaths, PNB Met Life Insurance demands Police FIR, panchnama, medical reports, post-mortem reports, etc.
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
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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.
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.
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
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.
Yes, PNB MetLife insurance plans do cover deaths due to COVID.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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