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PNB MetLife Term Insurance

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PNB MetLife Insurance Company offers a wide range of term insurance plans with broad coverage and exciting features. By investing in PNB MetLife Term Insurance Plans, the investors can opt for higher sum assured at affordable prices. PNB MetLife Term Insurance Policies are designed to provide financial stability to the investors by offering more extensive life cover at low premium.

What is PNB MetLife Term Insurance Plan?

The PNB MetLife Term Insurance Plan, also known as Term Assurance Plan, secures the family's financial future even in your absence. It is a basic life insurance plan which provides financial coverage to the policyholder, for a fixed period of term, in exchange for fixed rate of payments. In the event of death of the policyholder during the policy period, the beneficiary is entitled to receive the death benefit. Some term insurance plans also offer additional coverage in the form of riders that provide extra benefits such as accidental death, disability, terminal illness diagnosis, etc.

Why should you choose the PNB MetLife Term Insurance Plan?

PNB MetLife Term Insurance is the best choice for you because it provides death benefit, so in case the policyholder is no more, the appointed nominee can claim the sum assured. The PNB MetLife Term Insurance Plans are affordable and flexible and has a high ratio of claim settlement. The plans and policies can also be customized and upgraded according to the requirement of the policyholder.

PNB MetLife Term Insurance – Types of Plans

  • Mera Term Plan
  • Mera Jeevan Suraksha Plan

  • Family Income Protector Plus

  • Serious Illness Rider

  • Accidental Disability Benefit Rider

  • Accidental Death Benefit Rider Plus

  • Critical Illness Rider

  • Loan and Life Suraksha

  • Aajeevan Suraksha Plan

  • Complete Care Plus

  • POS Suraksha

  • Family Income Protector Plus

  • Group Term Life Plus

  • Complete Loan Protection Plan

  • Bima Yojna

PNB MetLife Term Insurance – Types of Plans

  • Free Look Period

    PNB MetLife Term Insurance Policies offer a free look period of 15 days from the date of receiving the policy document

  • Grace Period

    A grace period of 30 days (15 days for monthly and payroll savings program mode) from the due date of the unpaid premium is allowed for payment of premium without interest under PNB Metlife Term Insurance Policies

  • Revival of Lapsed Policy

      • PNB MetLife Term Insurance Policies offer a revival period of 5 years from the date of first unpaid premium
      • Such revival is subject to fulfillment of certain conditions
  • Life Cover

    PNB MetLife Term Insurance Policies provide life cover against death during the policy period

  • Nomination Facility

    PNB MetLife allows the applicant to choose single/multiple nominees under PNB MetLife Term Insurance Plans

  • Coverage

    PNB MetLife offers long-term coverage at affordable premiums. It provides coverage up to 99 years under its Mera Term Plan

  • Risk-Free

    PNB MetLife Term Insurance Policies are not linked to market factors; thus they are free from market-related risks

  • Termination of the Plan

    The policy shall stand terminated on the earliest of the following:

    • Cancellation of the policy during the free look period
    • The policy shall terminate with the payment of last monthly income at the end of the benefit pay-out period
    • Upon payment of death benefit to the nominee/beneficiary during the policy term
    • The date of payment of surrender

PNB MetLife Term Insurance – Benefits of the Plans

  • Affordable

    • PNB MetLife Term Insurance Policies are highly economical. It is possible to get huge covers at low premiums
    • It also offers low premiums for non-smokers and women applicants
  • Rider Benefits

    • On payment of additional premium, riders provide additional benefits if the conditions specified under the policy are met
    • PNB MetLife Term Insurance Policies offer rider benefits in cases of accidental death, accidental disability, critical illness, etc
  • Benefits Extended

    • By investing in PNB MetLife Term Insurance Policies, the policyholder can avail Tax Benefits under section 80C and 10(10D) of the Income Tax Act,1961
    • In case of the death of the life insured before end of the policy term, the nominee shall be entitled to receive the Death Benefit
    • If the policyholder opts for 'Term with Return of Premium', he is entitled to receive Maturity Benefit upon survival till the date of maturity
    • The 'Term with Return of Premium' option is available only for selected PNB MetLife Term Insurance Policies
  • Can be Purchased Online

    • One of the major benefits of in PNB MetLife Term Insurance Plans is that the policies can be bought from PNB MetLife Insurance Company's official website
  • Spouse Cover

    • Some of the term insurance plans offered by PNB MetLife, allows the policyholder to cover their spouse also under the same policy
    • The spouse cover is tapped at 50% of the sum assured
  • Easy Customization

    • PNB MetLife Term Insurance Plans can be easily customized by the applicants, depending on their needs
    • The term insurance plans by PNB MetLife Insurance Company are highly flexible
  • Alteration to the cover

    • The policyholder has the option of increasing the amount of their life cover on achieving different milestones of life
    • For e.g., on the occasion of marriage, childbirth, etc.
    • This option applies only to selected PNB MetLife Term Insurance Plans

PNB MetLife Term Insurance – Types of Plans

  • PNB MetLife Mera Term Plan

    Particulars Minimum Maximum
    Entry Age (Years) 18 65
    Maturity Age (Years) 28

    99

    (75 for Joint Life Cover option)
    Policy Tenure (Years) 10

    81

    (40 for Joint Life Cover option)
    Basic Sum Assured (Rs.) 10 Lakh 5 Crore
    Premium Payment Term Regular pay (annual or monthly), 10 years

    Benefit Payout Options

    • Option 1: The sum assured is paid in a lump-sum amount
    • Option 2: The sum assured is partly paid in lump-sum and partly in monthly installments over a period of 10 years
    • Option 3: 50% of the sum assured is paid in lump-sum, and the balance is paid in monthly installments, increasing at a rate of 12% per annum at a simple rate of interest
    • Option 4: Half of the sum assured is paid in lump-sum, and the rest is paid in equal monthly installments till the time the nominated child attains the 21 years of age
  • Mera Jeevan Suraksha Plan

    Particulars Minimum Maximum
    Entry Age (Years) 18 65
    Age at Maturity (Years) 28 80
    Policy Tenure (Years) 10 40 (30 for Return of Premiums Option)
    Sum Assured (Rs.) 25,00,000 No limit (Subject to the under-writing)
    Annual Premium (Rs.) 3,885 No limit (Subject to maximum sum assured)
    Plan options Term Cover and Term with Return of Premium Option (TRoP)

    Benefit Payout Options

    Option 1: Option of Lump Sum Payment

    • The lump-sum amount paid is equivalent to the sum assured on death
    • During the policy term, the policyholder is required to choose the lump-sum amount that is payable immediately on the primary occurrence of death or diagnosis of a terminal illness of the life assured

    Option 2: Option of Life Partner Payment

    • Both the policyholders, the first life and their spouse, are covered under this payout option
    • Lump-sum amount payable is equal to sum assured on death in case of either life assured
    • The second life cover will be equal to 50% of lump-sum amount chosen. The cover shall be subject to a maximum of Rs. 1 Crore
    • The policyholder is required to choose the lump-sum amount that is payable immediately on the first occurrence of death or diagnosis of terminal illness of the life assured during the policy term

    Option 3: Fixed Income

    • Sum Assured on the death of policyholder is equal to lump-sum amount that is payable immediately in addition to fixed Income (monthly) that is payable over the time of ten years in installments
    • The first installment of monthly income will be payable at an interval of one month from the date of death of the life assured
    • On the first occurrence of Death or diagnosis of a Terminal Illness, the sum assured on death shall be payable
    • The policyholder is required to choose the Monthly Income amount at the inception of the policy

    Option 4: Increasing Income

    • The Sum Assured on the death of the policyholder is equal to the lump-sum amount that is payable immediately in addition to the increasing Monthly Income payable over the period of ten years (10*12=120 months).
    • The amount shall be paid in installments that is increasing at the rate of 10% simple per annum, the first installment of monthly income will be payable at the interval of one month from the date of death of the life that is assured
    • Sum Assured on Death shall be payable on the first occurrence of Death or diagnosis of a Terminal Illness.
    • At the time of inception of the policy, the policyholder is required to choose the Monthly Income amount
  • Family Income Protector Plus

    Particulars Boundary Specifications Maximum  
    Min/Max Age at entry (Years) 25/60 (55 for Policy term 20 years) 65
    Max. Age at maturity (Years) 75 Years 80
    Monthly Income Options Rs.10,000/-, Rs.25,000/-, Rs.50,000/-, Rs.75,000/- & Rs.100,000/- 40 (30 for Return of Premiums Option)
    Plan options Term Cover and Term with Return of Premium Option (TRoP) No limit (Subject to the under-writing)
    Policy Term Options Ten Years Fifteen Years Twenty Years
    Benefit Pay-out Period 240 Months 180 Months 120 Months
    Min. Premium (Term) (Rs.) 3,055 2,780 2,520
    Max. Premium (Term) (Rs.) 1,26,160 1,33,590 83,450
    Min. Premium (TRoP) (Rs.) 24,137 11,852 7,881
    Max. Premium (TRoP) (Rs.) 6,29,670 3,67,170 1,85,800
    Min Sum Assured (Rs.) 14.2 Lakh 12.00 Lakh 9.10 Lakh
    Max Sum Assured (Rs.) 1.42Crs 1.24Crs 0.95Crs
    Premium payment Options Yearly, Half-Yearly, Monthly and Payroll Savings Program modes
  • Loan and Life Suraksha

    Particulars Minimum Maximum
    Entry Age (Years) 15 65
    Policy Term

    2 years for Single Pay

    5 years for 5 Pay

    10 years for 10 Pay

    25 years for Single and 5 Pay 30 years for 10 Pay
    Maturity Age of Person Insured (Years) - 70
    Group Size 50 Lives No Limit
    Sum Assured per member (Rs.) 5,000 No Limit, subject to underwriting.
    Premium Based on chosen Sum Assured
    Premium Paying Options (in years) Single Pay, Limited Pay - 5,  Limited Pay -10
    Premium Paying Frequency Single, Yearly, Half-Yearly, Quarterly, Monthly and Payroll Saving Program

PNB MetLife Term Insurance – Documents Required to Buy the Plan

The following documents are required to be submitted by an applicant while applying for PNB MetLife Term Insurance Policy:

  • Age proof – E.g., Driving License, Birth Certificate, Passport, etc.
  • Address proof – E.g., Telephone Bill, Electricity Bill, Bank Statement, etc.

  • Income Proof – E.g., ITR form 16 (Not more than three years old) or Salary slip

  • Identity Proof – E.g., PAN, Voter Card, Driving License, etc.
  • PAN/ Form 16 (compulsory)
  • A recent passport-sized colour photograph

PNB MetLife Term Insurance – Exclusions of the Plan

The claim for a policy will not be admitted if within 12 months from the date of commencement of risk or revival of the policy, the life assured dies due to suicide, the nominee or beneficiary of the policy shall be entitled to at least 80% of the total premiums paid under the policy till the date of death or the surrender value available on the date of death of the policyholder, whichever is higher

PNB MetLife Term Insurance – Claims Process

  • Step 1: Intimate the Company

    • Written Mode
    • Letter Mode
  • Step 2: Submit the Required Documents

    • Doctor's certificate (in the format specified by the company)
    • Copy of the Death Certificate issued by local authority
    • Photo ID Proof and Address Proof of the nominee (as per requirements by AML)
    • Original Policy Document
    • In case the Original Policy Bond is lost, Indemnity Bond can be submitted
    • Claimant's Statement
    • Attested copy of FIR/ Panchnama report
    • Disability certificate as issued by the Civil Surgeon/competent specialist (06 months after the date of injury)
    • Copy of Newspaper Cutting (If any)
    • Certificate of current status of health
    • Such other additional documents/information as required by the company, depending on case to case basis
  • Step 3: Claim Pay-out

    • After the claimant submits the necessary documents to PNB MetLife Insurance Company, the company shall process the claim within 30 days of receipt
    • In cases where further investigation is not required, the date on which the last necessary document was received by the company, shall be considered as the date of receipt for calculating the 30-day period
    • In cases where further investigation is required, the investigation should be completed within 90 days from the date of receipt of claim intimation and the claim shall be decided within 30 days thereafter.

PNB MetLife Term Insurance – Revival of Lapsed Policies

  • A lapsed policy or a policy that has been converted to a Paid-up Policy may be revived during the revival period of 5 years from the date of first unpaid premium
  • Conditions attached to the revival of lapsed policy:

  • The policyholder is required to send a notice of revival to PNB MetLife Insurance Company in writing

  • The policyholder is also required to provide satisfactory evidence of the insurability of the life assured to the company at his/her own expense
  • The company may charge extra premium for the continuance of the lapsed policy
  • The policyholder shall pay the due premium and interest at the rate specified by the company
  • The prevailing rate of interest used for revival is 8% p.a., which is subject to change from time to time

PNB MetLife Term Insurance – How to Buy the Policy Online

Buying PNB MetLife Term Insurance plans is a convenient and cost-effective process. The applicant needs to follow a few simple steps:

  • Step 1: Logging to PNB MetLife Insurance Company's Official Website

      • The first step towards purchasing PNB MetLife Insurance policy is to log in to the company's official website
  • Step 2: Filling the Application Form

      • The next step is to fill the online application form and furnish all the basic details required
      • Fill your details such as DOB, smoking and lifestyle habits, income, contact details, expected life cover, etc.
      • Furnishing the required details will generate the quote amounts and provide you with different options to choose from
  • Step 3: Making the Payment

      • After filling the required information and choosing the best suitable plan for you, the next step is to pay the premium amount
      • You can choose from the various payment modes listed on PNB MetLife Insurance Company's portal
  • Step 4: Providing the Required Documents

      • Once you fill the form and pay the premium, the company will send you a list of the required documents, such as identity proof, address proof, or health certificates, etc.
  • Step 5: Issue of Policy

      • After filing the application form, making the payment and submitting the required documents, the Insurance Company will confirm your application and start documenting your policy papers

FAQ

  • Q: What is the best time to invest in term insurance policies?

    Ans: In order to keep the premium amount low combined with high sum assured, it is advised to start investing in term insurance as early as possible.
  • Q: What are the methods available for premium payment?

    Ans: PNB MetLife offers the following modes for premium payment:

    - Online mode
    - Cash or cheque deposit at branch
    - Dropbox facility
    - ECS or auto-debit facility
    - Payment through courier

    For paying the premium online, the user can log in their account using Client Id and password and click on the 'Pay Premium" option to complete the transaction.

  • Q: What are the frequencies available for premium payment?

    Ans: The different frequencies at which the payment can be made under PNB MetLife Term Insurance policies are:

    - Monthly
    - Quarterly
    - Semi-Annual
    - Annual
    - Payroll Savings Program
    - Single Pay

    However, the frequency of payment is dependent on the insurance product's terms and conditions.

  • Q: How can I contact PNB MetLife's financial advisor?

    Ans: You can book an appointment online by logging to the company's official website. Or call on their toll-free number, 1800-425-6969, between 9 am – 6 pm. Don't forget to leave your name, number and the city you are calling from.
  • Q: What are the benefits available under the PNB MetLife Term Insurance policy if the policyholder survives the policy term?

    Ans: In case the policyholder survives the policy tenure of a term insurance plan, the policy shall cease to exist. Term insurance policies do not extend any maturity benefit. The policyholder can choose to renew the policy, if he wishes to.

    However, policies with 'Return of the Premium' option pay back the premiums to the policyholder which was paid by them during the policy term.

  • Q: What do you mean by insurance riders?

    Ans: Riders are additional benefits that enhance a basic insurance plan. The option of whether to op for riders or not lies completely with the policyholder. Some examples of riders are-accidental Death, accidental disability, etc.
  • Q: What are the reasons for the rejection of term insurance claims?

    Ans: A term insurance claim may be rejected for various reasons. Some of them are:
    • Giving incorrect details while filling the term insurance form
    • Hiding medical history or pre-existing diseases
    • Non-disclosure of smoking or drinking habits
    • Refusing to undergo a medical examination at the time of buying term insurance
    • Failure to reveal complete information about existing insurance policies
  • Q: Can I buy more than one term insurance plan at a time?

    Ans: There is no limit on the number of term insurances a policyholder can buy. However, he/she must declare all the existing policies he owns at the time of buying any new insurance policy.
  • Q: Is it necessary to nominate the same person for different term insurance policies?

    Ans: No, there is no such requirement for nominating the same person for different term insurance policies. The choice completely depends on the policyholder.
  • Q: How can you cancel a PNB MetLife Term policy?

    Ans: In order to cancel a PNB MetLife Term policy, the policyholder is required to fill a surrender form and submit the same along with policy documents to the nearest PNB MetLife branch. After the documents and cancellation amount have been received by the company, the policy shall stand canceled.
Written By: Paisawiki - Updated: 09 September 2020