A term insurance plan is a type of life insurance policy that provides financial help to the family of the insured in case of the insured’s demise during the tenure of the policy. In return, the policyholder pays regular premiums to his/her term insurance provider. PNB MetLife term plans are also such term plans provided by PNB MetLife Insurance Company. The company provides a wide range of term insurance policies with unique and useful inclusions.
PNB MetLife Insurance Company – Overview
PNB MetLife Insurance Company is formed with the partnership of many companies, some of which are – MetLife International Holdings LLC, Jammu, and Kashmir Bank Limited, M. Pallonji and Company, and Punjab National Bank. Out of these, the major stakeholders are – Punjab National Bank and MetLife International Holdings. With a strong presence in the Indian insurance market with 8700 locations, the company provides some of the most useful PNB term plans. With rider covers or additional coverage, the PNB MetLife term plans ensure to protect the financial future of the loved ones of the insured.
Types of PNB MetLife Term Plans
To cater to the requirements of its users, PNB MetLife Term Insurance plans are available in affordable rates. There are many term plans of PNB with a handful of rider covers, but here we are discussing top 5 term plans:
|Plan||Policy Term||Entry Age (Minimum-Maximum)||Maturity Age||Sum Assured (Minimum-Maximum)|
|PNB MetLife Mera Term Plan||10 years – 40 years||18 – 65 years||75 years||Rs.1 Lakh – No Limit|
|PNB MetLife Aajeevan Suraksha Plan||10 years – 40 years||18 – 65 years||For Fixed Term Cover – 80 years
For Whole Life Cover – 99 years
|Rs.25, 00, 000 – No Limit|
|PNB MetLife Family Income Protector Plus Plan||10 years – 20 years||25 – 60 years||75 years||For 10 years – Rs.14.20 Lakhs – Rs.1.42 Crore
For 20 years – 9.10 Lakhs – Rs.95 Crore
|PNB MetLife Mera Jeevan Suraksha Plan||10 years – 40 years (30 years, if ‘with the return of premiums’ option is selected)||18 – 65 years||Minimum – 28 years
Maximum – 80 years
|Rs.25 Lakhs – No Limit|
|PNB MetLife Group Term Life Plus||Yearly renewable term||18 – 80 years (For Employer-Employee)
15 – 60 years (For Non-Employer Employee)
|For Employer Employee – 81 years
For Non-Employer Employee – 61 years
|As per the rules.|
PNB MetLife Mera Term Plan
This PNB MetLife term plan is an online pure term insurance policy that provides a wide range of coverage at really affordable rates. The salient features of this plan are:
- A flexible term insurance plan that gives freedom of selecting the payment term.
- Preferred rate for non-smokers and females.
- The death benefits are available in four main options. An insured can select any of these four options, which are – lump sum payout on death, lump sum + increasing income every month for a period of 10 years, lump sum + monthly income for 10 years, and lump sum + monthly income until the policyholder’s child turns 21 years.
- This plan also offers life stage benefits, wherein a policyholder can upgrade his/her term plan at important stages of his/her life. If the policyholder gets married, then an amount up to 50% of the basic sum assured can be purchased. In the scenario of birth of a first child, 25% of the basic sum assured can be purchased. This benefit is available for up to 2 children.
- Joint cover is another useful feature of this plan, wherein the spouse of the policyholder can also be covered in the same policy. In this addition, the spouse gets 50% of the cover that is offered to the policyholder.
- This plan provides tax benefits to its policyholders.
- Preferential rates are offered to non-smokers.
PNB MetLife Aajeevan Suraksha Plan
It is a comprehensive PNB term plan wherein an insured gets the convenience to premiums paid. One can select a shorter premium payment period while keeping life protection for up to 99 years. However, an individual can also select a longer premium payment period for the duration as long as till the entire term. Some of the worth noticing features of this plan are:
- This plan provides an option for the policyholder to cover his/her spouse.
- The survival benefit is also offered in this plan under which the insured gets back all paid the premiums on the survival of the policyholder.
- One can select this plan for a term ranging from 5 years to 15 years.
- Or an insured can pay just for once and keep protected for the entire life.
- The four death benefit options covered under this plan are –lump sum cover, fixed income cover, life partner benefit, and increasing income cover.
- This plan provides special benefits to females.
PNB MetLife Family Income Protector Plus
This PNB MetLife term insurance plan provides the option to select monthly income and premium. Under this plan, an insured gets cover against his/her death during the tenure of the policy. However, this plan also provides the option to pay back the premiums, if the insured outlives the policy tenure.
- This plan provides a guaranteed monthly income for up to 20 years.
- The plan also offers flexibility in monthly income. One can select from Rs.10, 000 to Rs.1 Lakh monthly income.
- A policyholder gets back 110% of the base premium paid when the policyholder outlives the tenure of the policy.
- Tax saving benefit is also given for all the premiums that one pays.
PNB MetLife Mera Jeevan Suraksha Plan
A term plan of PNB offers a choice to the policyholder to get income regularly or take the death benefit as a lump sum upon the death of the policyholder during the policy tenure. An insured can easily get his/her spouse covered in the same policy and can also select the option that offers a return of premiums paid upon survival. Some of the worth noticing features of this plan are:
- The plan gives special rates to women.
- Selecting ‘With the return of premiums’ option gives the paid premiums back upon survival of the policyholder.
- The policy provides four options for death benefit payout, these options are:
- Option 1: Lump Sum
- Option 2: Life Partner
- Option 3: Fixed Monthly Income
- Option 4: Increasing Income
PNB MetLife Group Term Life Plus
This group term life insurance plan of various PNB MetLife term plans provides coverage against the death of the insured and gives his/her family financial protection. This plan can be offered in lieu of necessary Employee Deposit Linked Insurance Scheme (EDLI) that provides a lump sum amount to the beneficiary of the employee upon the death of the employee who has coverage under Miscellaneous Provision’s Act, 1976 and Employee Provident Fund. The basic features of this plan are:
- The plan provides flexible premium payment modes.
- This plan is more affordable than any other individual life insurance coverage.
- This works as a retention method for the employees.
- Provides financial protection to employees’ families.
- This plan also provides the flexibility to convert it to an individual cover when the employee leaves the organization.
PNB MetLife Term Insurance Plans – Exclusions
An insured is unable to file the insurance claims in the following cases:
- Suicide: If the policyholder commits suicide, then the policy does not provide death benefits or any other form of benefits. This is irrespective of a medically sane or insane situation. The policy becomes null and void and the insurance provider does not have any liability or obligations to pay even the paid premiums.
PNB MetLife Term Insurance Plans – Claim Process
The PNB MetLife Insurance Company ensures easy and simple claim process for all its PNB MetLife Term Insurance plans. For all the policies, a policyholder has to follow these three hassle-free steps to file a claim:
- Step 1: Communicate the issue to the company. This can be done by any of the following modes –send an email to PNB MetLife Insurance Company at the following email id –firstname.lastname@example.org[dot]in. Or one can write a letter to the following address of PNB MetLife –PNB MetLife Insurance Company Limited, 1st Floor Techniplex Complex, off Veer Savarkar Flyover, Goregaon (west), Mumbai. Or one can send a fax to +91-22-41790203. The situation can also be communicated through a call on the following number +91-22-41790000.
- Step 2: Submit all the documents that are required for claim either online or at the nearest branch of PNB MetLife Insurance Company.
- Step 3: As soon as the company receives all the required documents, it processes the claim approximately within 30 days from receiving the last document. However, this step is applicable for the cases that do not require any further investigation. If the case requires any kind of investigation, the claim settlement process may take up to six months.
PNB MetLife Term Insurance Plans – Required Documents
An insured must submit the following documents in order to file a claim for PNB MetLife Term Plans:
- Identity Proof:
- PAN Card
- Voter’s ID Card
- Aadhar Card
- Driving License
- Receipt of property tax or receipt of municipal tax.
- Rent agreement
- Bank account statement or post-office account statement
- Passport size photograph
- Latest bills such as – gas, telephone bill, electricity bill. However, these bills should not be older than two months.
Note: This is the generic list of documents and it may vary according to the case. However, the insurance company may ask for more documents as well.
Read more: 1 Crore Term Insurance Plans in India
PNB MetLife Term Insurance Plans – FAQs
Q1: Is it possible to appoint more than one nominee?
Yes, one can appoint more than one insurance nominee in his/her PNB term plan. In the situation of payout, the money is given eventually to all the nominees.
Q2: How does PNB MetLife pay claims?
The claims are directly credited to the account of the nominee or through cheque. However, if the case is of NRIs, then the claim is paid to NRO/ NRE in rupees.
Q3: Explain the claim process for death that occurs outside India?
The list of required documents is the same as the list of required documents for the normal claim process (when death occurs in India). However, the certificate of death must require some affirmation through the Indian Embassy of that specific country where the death occurred.
Q4: Please provide the communication address for the case wherein an individual requires moreinvestigation about his/her pending claim?
For such cases, write to –email@example.com[dot]in
Q5: Does one need to undergo any medical tests before getting a PNB MetLife Term Insurance policy?
An individual needs to submit standard medical investigations such as Full Medical Report (FMR), routine or basic blood sample test, an ECG.