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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.
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.
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 Policies offer a free look period of 15 days from the date of receiving the policy document
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
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
PNB MetLife Term Insurance Policies provide life cover against death during the policy period
PNB MetLife allows the applicant to choose single/multiple nominees under PNB MetLife Term Insurance Plans
PNB MetLife offers long-term coverage at affordable premiums. It provides coverage up to 99 years under its Mera Term Plan
PNB MetLife Term Insurance Policies are not linked to market factors; thus they are free from market-related risks
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 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
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
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
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
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
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
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
|
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 |
|
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
|
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
|
Particulars |
Boundary Specifications |
||
|
Min/Max Age at entry (Years) |
25/60 (55 for Policy term 20 years) |
||
|
Max. Age at maturity (Years) |
75 Years |
||
|
Monthly Income Options |
Rs.10,000/-, Rs.25,000/-, Rs.50,000/-, Rs.75,000/- & Rs.100,000/- |
||
|
Plan options |
Term Cover and Term with Return of Premium Option (TRoP) |
||
|
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 |
||
|
Particulars |
Minimum |
Maximum |
|
Entry Age of Person Insured (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 |
|
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 plans have a high claim settlement ratio. The claim process consists of 3 easy steps:
Step 1: Intimate the Company –
The applicant can intimate a claim in any of the following modes:
- Written Mode
- Letter Mode
Step 2: Submit the Required Documents
The following documents are required to be submitted under different cases:
- 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.
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
- 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
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
FAQs
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.
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.
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.
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.
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.
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.
Ans. A term insurance claim may be rejected for various reasons. Some of them are:
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.
Ans. No, there is no such requirement for nominating the same person for different term insurance policies. The choice completely depends on the policyholder.
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.
