PNB MetLife India Insurance Company Limited (PNB MetLife) is an associate of the Punjab National Bank and is one of the fastest growing life insurance companies in India with a reach spread over 150 locations all across the country.
PNB MetLife serves its customers in more than 8,000 locations through its bank partnerships with PNB, Jammu & Kashmir Bank Limited and Karnataka Bank Limited.
PNB MetLife provides a wide range of protection and retirement products through its agency sales of over 24,000 financial advisors and bank partners, and provides access to employee benefit plans for over 1,800 corporate clients in India. The plans offered by the company under various categories are listed below:
Key Highlights of PNB MetLife Insurance
1 Crore Life Cover
Get 1 Cr Life cover @₹ 14*/day
Claim Settlement Ratio
Claim-settlement ratio of 92.86% for year 2014-2015
99.85% Grievances Settled for year 2014-2015
To be eligible for PNB MetLife Insurance
You should be at least 18 years old
You should be less than 65 years old
You should be either Salaried, Self- employed, a professional or have your own business
PNB MetLife Insurance at a Glance
A maximum tenure of 40 years
Min Sum Assured: Rs 10 Lakh
Max Sum Assured: Rs 50 Crore
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an PNB MetLife Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
PNB MetLife Insurance Plans Details
- PNB MetLife Protection Plan:
These are plans that can be taken to ensure that if you are not around, your family’s financial future is well provided for.
- MetLife Family Income Protector Plus -This term plan offers policyholders the maturity benefit of getting 110% of the premiums back once the policy matures and a death benefit of a monthly income for the beneficiary. The monthly income benefits range from Rs. 10,000 to Rs. 100,000.
- PNB MetLife Monthly Income Plans:
Monthly income plans are policies that are meant to ensure that even if you are not around, your family will have a steady source of income to provide for their needs. The plan offered by PNB MetLife are:
- MetLife Monthly Income Plan – 10 Pay :With this plan, investors have the option of getting a monthly income for 15 years. They are also eligible to receive bonuses on their investment which can be taken as a lump sum or added to the monthly income.
- PNB MetLife Money Back Plans:
The money back plans are designed to give investors something in return. Under these plans the insurer will provide monetary benefits after a certain period of the policy being in effect.
- MetLife Money Back Plan :Under this scheme, the investor gets 10% of the sum assured every year starting from the 5th year up to the 9th year. In the 10th year the investor receives 60% of the sum assured as maturity benefits.
- PNB MetLife ULIP Plans:
If you are someone who thinks that an insurance plan should be an investment also then you can go in for a ULIP or a Unit Linked Insurance Plan.
- Met Smart Platinum :This is a unit-linked policy that matures when the policyholder achieves that age of 99 years. The maturity benefit for this scheme is the value of the funds at the time of maturity.
- Met Easy Super :This is also a ULIP which provides life insurance cover while also working on helping you amass more wealth. Maturity benefits under this plan is the total fund value at the time of maturity. These benefits can be taken at the time of maturity or at a later time.
- Met Dhan Samriddhi :This is a unit-linked insurance policy that can be taken for a policy period of 10 years and offers policyholders the option of taking maturity benefits as a lump sum or in structured payments over time.
- Met Smart One :This too is a ULIP that can be taken for periods ranging from 10 to 20 years and can be opened even in the name of children as young as 3 months old.
- PNB MetLife Child Plan Plans:
With the rising cost of education it is very important that your child’s future is well taken care of. For that purpose PNB MetLife offers:
- Met Smart Child :This is a plan that can be taken to secure your child’s future. The beneficiary of this plan must be between 3 months and 17 years old. Maturity benefits include the fund value at the time of maturity and certain loyalty additions as applicable.
- Met College Plan :This is a plan that offers 3 benefits to the beneficiary in the unfortunate event of the insured’s death. It offers the sum assured upon death, waiver of all future premium payments even though the policy stays in effect and the survival benefits as provided by the policy.
- PNB Metlife Endowment Plans:
PNB Metlife offers endowment plans to ensure the safety of your loved ones.
- MetLife Monthly Income Plan -10 Pay: This is a participating plan that offers a regular guaranteed income for you and your family.
- MetLife College Plan: This is a fixed term non-linked deferred participating endowment plan. It provides financial assistance to you for educating your child.
- MetLife Bachat Yojana: This is a non-linked, deferred, participating endowment plan.
- MetLife Bhavishya Plus: This is a non-linked, deferred, participating endowment plan.
PNB MetLife Rural Plans:
Just like savings plans, these plans are also meant to provide for your family in the unfortunate event of death of a major contributor of family income. There are two plans on offer under this scheme:
- Met Grameen Ashray Plan:
- MetLife Bachat Yojana :The MetLife Bachat Yojana plan is a non-linked deferred participating endowment plan that provides people with affordable insurance plans with reversionary and terminal bonuses.
- MetLife Bhavishya Plus:This is a participating endowment plan that is non-lined and deferred. It can be taken for 12 years to 24 years and offers death and maturity benefits along with simple reversionary and terminal bonuses.
- PNB MetLife Corporate Solutions:
These are plans that are offered to corporates and other groups of individuals who want to invest in an insurance scheme as a large group of people. Under group term insurance the company offers:
- Met Group Term Life Plus :This is a plan that can be used by employers to fulfil their statutory EDLI requirements and also offers flexible payment options like monthly, quarterly, half-yearly or annual payments.
- Met Group Deposit Administration Scheme :This is a plan that has been designed to help employers who are looking to outsource their gratuity and leave encashment liabilities. This plan can be taken for a minimum of 10 people.
- Met Group Gratuity :The Met Group Gratuity plan is a group linked plan that offers employers the opportunity to manage gratuity liabilities effectively. Apart from gratuity management, this plan also offers death and surrender benefits to the policyholder.
- Met Complete Care :This plan can be offered in place of the mandatory EDLI and provide higher coverage ranging from Rs.1,000 to Rs.25 crore per life. The minimum group size in this case needs to be 50 members in case the employer confirms that they are providing gratuity benefits, else the minimum size is 10 members.
- Met Superannuation :This is a plan that requires a minimum of 10 participating members and offers guaranteed interest on contributions made towards this scheme. It also adds the interest declared each year to the capital.
- Met Unit Linked Employee Benefit Plan:This is a unit linked plan that helps employers effectively manage their leave encashment and gratuity liabilities. The policy term is usually one year, renewable every year.
- Met Group Savings Plan :This is a plan that can be taken for groups ranging in sizes of 50 members and above. It offers base sum assured that ranges from Rs.5,000 to Rs.50 lakhs. The plan also offers simple reversionary bonuses along with maturity and death benefits.
- Met Loan & Life Suraksha :This is a group life insurance policy that is linked to loans and can be taken to provide insurance cover on outstanding loan amounts. The policyholder can choose between reducing life cover and level life cover under this policy and it also offers joint life options, death benefits and surrender benefits.
- Met Loan Assure :This too is a life insurance policy that can be taken to secure the outstanding balance on a loan. While this scheme offers death and surrender benefits it does not offer any maturity benefits.
- Met Flexi Shield :This is a group life insurance plan that can provide life insurance cover to the tune of Rs. 5,000 and above per person. There is no limit on the maximum size of the group but the minimum size should be 50 members.
- PNB MetLife Health Plans:
To help customers keep up with the rising costs of healthcare, the company has come up with plans that help pay for treatments that would otherwise leave people bankrupt.
- MetLife Major Illness Premium Back Cover:The plan is designed to provide insurance cover that can help pay for treatment for major illnesses. It also helps pay for the hospitalization itself and comes with a sum assured that ranges from Rs. 500,000 to Rs. 50,00,000.
PNB Metlife Life Insurance FAQs:
- Q. What are the life insurance policies that PNB Metlife offers?
A. Metlife offers protection plans, retirement plans, monthly income plans money back plans, investment plans, child plans, savings plan, rural plans, health plans and rider plans. Visit Metlife website to know more about the various products under each plans.
- Q. What are the documents that are to be submitted while applying for the insurance?
A. You will have submit your identity proof, age proof, address proof, income proof and PAN card documents while applying for the insurance.
- Q. What are the mode of premium payment available?
A. The payments can be made through cheque, cash or through online payment. You can also give a standing order for the bank to deduct the amount from your debit card or savings account to meet the payment of the policy.
- Q. How can I make life insurance more affordable?
A. You can buy the life insurance when you are young as the premium payment will be lower. If you have the option to take a life insurance cover through a group insurance plan offered by your employer, take it.
- Q. How much life insurance do I need?
A. You must consider how much your dependents will need to live comfortably and to be able to pay all the bills and meet other expenses while taking a life insurance. You can use the life insurance calculator that PNB Metlife is offering to determine how much insurance is right for you.
- Q. Can I change my beneficiary or nominee?
A. Yes, you can change your beneficiary at any time till the maturity date of the policy. You will have to inform PNB Metlife and fill up the beneficiary change request form.
- Q. What is the free look period offered by PNB Metlife?
A. You will get a 15 day free look period within which you can return the policy and you will get a full refund.
- Q. Can I surrender my policy?
A. Yes, you are allowed to surrender the policy.
- Q. Can I take a loan on my life insurance policy?
A. Yes, you can take a loan against PNB Metlife Life insurance policy. You will have to submit a loan request form along with the assignment request form to the nearest branch.
- Q. How can I make a claim?
A. You must follow the following steps to make a claim:
- Intimate Metlife
- Send a written intimation of the claim.
- Submit all the relevant document in support to the claim.
- Metlife will then either accept or reject the claim. If it is accepted then you will get the settlement in 15 days. If it is rejected then you will be notified about it and they will also provide you the reason.
- Punjab National Bank Personal Loan
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- PNB Recurring Deposit Interest Rates
- PNB FD Rates
- Punjab National Bank Credit Card
- Punjab National Bank Home Loan
- Punjab National Bank Car Loan
- PNB Credit Card
- Punjab National Bank IFSC Code
- PNB Debit Card
- Punjab National Bank Education Loan
- PNB Two Wheeler Loan
News About PNB Metlife Insurance
Long-term investment plan launched by PNB MetLife.
PNB MetLife has introduced a comprehensive online ULIP plan called Mera Wealth Plan. This life insurance plan caters to long-term investment needs like children’s education, retirement and any specific requirement of the policyholder. From the sixth year of the policy, loyalty additions will be done every year until the maturity date.
24th August 2015
PNB MetLife claims employees prefer life insurance from employers
A study by popular life insurer PNB MetLife has thrown a new light on how employees perceive and desire their life insurance schemes.
While more than 70% of employees preferred to have life insurance offered through their employers, only about 30% of employers actually provided this benefit to their employees. While 60-70% of employees agreed on availing a life insurance without the support of the employer, being worried about the financial security of their families and rising education costs for children, about 57% were concerned about extending their retirement age beyond 65 due to worries of not having a comfortable lifestyle post retirement. Over 200 employers and 2000 employees participated in this survey.
27th August 2015
New Reinstatement Drive from PNB MetLife
A major private sector life insurance provider, PNB MetLife has recently launched a drive for reinstatement that targets customers whose policies had lapsed during the past 2 years. This drive is meant to enable existing customers to restart their policies without paying reinstatement charges or interests, and with decreased or non-existent health/medical related requirements.
According to Mr Tarun Chugh, CEO and MD of PNB MetLife, the overall protection level of Indian citizens is just 60% of Gross Domestic Product (GDP), whereas the figure stands at 178% and 99% for Malaysia and China respectively. Therefore, it becomes imperative for Indians to ensure they have life insurance policies, so as to offset any financial troubles for their families. PNB MetLife hopes to assist customers with reinstatement so that they are not left cover-less. Reinstatement can be done by visiting the official website, or calling the company’s customer care.
3rd March 2015
Pension plans should be allowed under Sec 80CCD says CEO of PNB Metife
Tarun Chugh, the CEO & MD of PNB Metlife has said that even though the insurance sector is in a position to help the economy meet long term challenges, it can only do so if it is able to attract more capital. He also said that the policy makers need to insure that a proper environment is provided for the insurance industry to conduct business more efficiently and effectively.
To this end he suggested that insurance products and pension plans, which are currently provided for under section 80C, should get separate sub-limits. Citing the total level of protection for citizens being only 60% of the GDP in India, as opposed to the 250+% seen in the US, UK and Japan or the 99% seen in China, he suggested additional limits will help encourage people to buy more insurance products to protect themselves and their families. He also said that products like life insurance and mutual funds can come under the purview of section 80CCD so that contributions by employers can also benefit the individual.
Speaking about the prevailing tax structure, he said that the current scenario demands that for the insured to avail tax benefits on life insurance policies covered under section 10(10D), the sum assured must be a minimum of 10 times the first years premium. If brought down to 5 times it would encourage more investments in insurance products. He also said that the taxation structure for the insurance industry should be streamlined especially for the profits made by insurance companies and the computation of service taxes.
With the countries insurable population set to grow to an estimated 75 crore by 2020 and with the rise in levels of income, spending and a rise in the middle class, the insurance industry can be a vehicle for nearly 35% of the total domestic savings by the year 2020 which would be a definite improvement over the 26% seen in the last decade.
2nd March 2015
PNB Metlife Junior Badminton Championship Begins on 2nd Feb. 2015
The PNB Metlife Junior Badminton Championship is set to take place between the 2nd and 6th of February, 2015, at the Tyagraj Sports Complex in New Delhi. Junior badminton aspirants from across the country will participate in the prestigious tournament, organized by PNB MetLife India, a leading life insurance corporation, in collaboration with the Badminton World Federation (BWF) and the Badminton Association of India (BAI) in order to develop badminton as a sport in India.
The tournament will feature players between 9 and 15 yrs. of age in two categories i.e. Boys and Girls. Qualifying rounds will be held at 4 zones viz. East, West, North and South, the quarterfinalists of which will battle it out for the championship in Delhi. The winner will be entitled to winnings of Rs.2 lakhs. Also to be won are 8 scholarships to leading badminton academies.
2nd February 2015
PNB MetLife Introduces New Life Plan ‘Met Loan & Life Suraksha’
PNB MetLife and its partner J&K Bank have launched a new life plan called ‘Met Loan & Life Suraksha’. This new, non-linked, life assurance product is a group term plan offered to provide financial protection to borrowers availing home, personal, auto and education loans. This offering is an effort by J&K Bank to enhance value to its loan customers. Benefits, received in the event of a borrower’s untimely death, can be used to repay outstanding loan amounts. This way loans are secured thereby reducing NPAs for the bank. For borrowers, this plan safeguards against defaults in the face of uncertainty and promotes sound financial planning.
Interesting features of the ‘Met Loan & Life Suraksha’ plan are options to insure lives jointly, varied frequencies and modes for payment of premium, unlimited coverage, a low entry age criterion of 15 years and a high maturity age criterion of 70 years. Additionally, there is no cap on the maximum number of members comprising a group under this plan. While this plan is being offered primarily to new borrowers, the bank endeavors to provide this facility to existing borrowers as well.
8th January 2015