Tata AIA Life Insurance Vs PNB Metlife Insurance

Tata AIA Life Insurance Vs PNB Metlife Insurance

A life insurance policy is essentially a contract between an individual and an insurance provider, where the company promises to pay a specified amount of money to the family or beneficiary of the individual in return for regular payments over some time. Life insurance assures a lump sum amount to be paid to the family if the policyholder passes away unexpectedly. The life insurance policy provides the much-needed cover against risk and offers you opportunities to grow your savings It is also an effective tool that enables you to save for future expenses that may occur, such as the higher education or marriage of children.

When it comes to life insurance companies, we cannot overlook TATA AIA Life and PNB MetLife, as both have been ruling the life insurance industry for a few years and gaining more popularity among customers due to their customer-friendly plans that can cater to the varied needs of the different individuals. Certain policies from both insurers provide the option of a loan and allow one to borrow a sum of money. To know more about the companies and their differences, have a look at the following mentions.

Understand Tata AIA Life Insurance

The company combines Tata Group’s unrivaled brand strength and leadership position in India and AIA’s expertise and presence in 18 markets across the Asia-Pacific region. As pre-eminent protection providers, the insurer offers customized solutions that enable consumers to protect the smiles of their loved family members in case of their absence. TATA AIA has launched a 4-hour express claim settlement for the benefit of the insured persons when need be.

Major Highlights of Tata AIA Life Insurance

The company has come up with a sack full of benefits. The important mentions are as follows. 

Excellent Customer Service:

TATA AIA Life Insurance Company is one of the leading life insurance providers of affordable policies and plans. The company values its customers and provides excellent customer service. Their customer care service is accessible 24×7 on their website and their customer care toll-free number is accessible 24×7.

Wide Range of Products:

Tata AIA provides a comprehensive range of Term, Unit-Linked, Savings, Investment, Retirement, Moneyback and Child plans. You can choose the plan that fits your needs and budget.

Online Facilities:

To keep pace with digitalization, the company has come up with a number of online facilities such as buying a policy, renewing, registering a claim, changing the policy, etc. 

Wealth Creation:

In the case of savings plans or Unit-Linked Insurance Plans, you can invest in the policy through your premium payment over the long term. This financial corpus is paid out as the maturity benefit if you outlive the policy term.

Long-term Coverage:

Some term insurance plans of TATA AIA offer long coverage, with some plans offering coverage up to 100 years of age. With this, you can ensure that you and your family are protected for your whole life.

Choice of Income Payout:

You can choose to get the sum assured paid in a lump sum or as monthly income or a combination of both as per your requirements. This makes it easier for your family to sustain on a day-to-day basis in your absence.

Additional Coverage With Riders:

Different riders cover different events such as critical illness, disability, accidental death, hospitalization, etc. are available with TATA AIA. Although buying them means paying an extra premium, they can be valuable in difficult times.

What is PNB Metlife Insurance?

PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the leading life insurance companies in India. PNB MetLife brings together the financial strength of a leading global life insurance provider, MetLife, Inc., and the credibility and reliability of PNB, one of India’s oldest and leading nationalized banks. The vast distribution reach of PNB, together with the global insurance expertise and product range of MetLife makes PNB MetLife a strong and trusted insurance provider. The company has come up with a wide range of life insurance plans to secure the insured person and their families.

Key Benefits of PNB Metlife Insurance

The major highlights of the company are as follows. 

Complete Expertise:

The company has created expert insurance solutions for many happy families and enjoys the support of Punjab National Bank, as well as MetLife Inc., a global leader in life insurance. 

Complete Transparency:

No more hidden clauses, obscure terms, and industry jargon.

Financial Security:

Life insurance plans of PNB MetLife ensure not only financial stability but can also help your family if in distress. It can provide for your children’s education and fulfill the health requirements of your spouse and parents. Even the marriage and day-to-day financial requirements of your family can be met with life insurance. During the need of the hour, financial worries can be kept at bay. Paying a life insurance premium is a small price to pay for your family’s future benefits.

Save on Taxes:

One of the critical reasons for investing in a life insurance plan is that you can also save on taxes. The premiums you pay are eligible for a maximum tax benefit of Rs. 1.5 lakhs under Section 80C and the proceeds after death/maturity are tax-free under Section 10D of the Income Tax Act, 1961.

Lower Premium Rate:

The premium price of PNB MetLife insurance can vary based on several factors, such as the type of policy, coverage amount, age, health condition, lifestyle, and other individual factors. However, the plans are pocket-friendly and can be availed of by all the groups of society.

Variety of Plans:

The company has presented a number of plans that can address the varied needs of individuals. 

End-to-end Guidance:

The company is always there for the customers, providing them with the best service and guiding them throughout the entire journey.

Table of comparison between Tata AIA Life Insurance and PNB Metlife Insurance

The following table gives a glimpse of these two life insurers. Have a look.

Parameters Tata AIA Life Insurance PNB Metlife Insurance
Number of plans4949
Type of life plans
  • Term Insurance Plans
  • Savings Plans
  • Unit Linked Plans
  • Term Plan with Market-Linked Returns
  • Retirement Plans
  • Health Plans
  • Group Plans
  • Combo Plans
  • Others
  • Family Protection Solutions
  • Long-Term Saving Solutions
  • Child Education Solutions
  • Retirement Solutions
  • Group Solutions
Tools and calculator
  • Term Insurance calculator
  • Savings Calculator
  • ULIP calculator
  • Retirement and pension calculator
  • Income tax calculator
  • Compound interest calculator
  • Human life value calculator
  • Travel cost calculator
  • Startup valuation calculator
  • Dream car calculator
  • BMI calculator
  • Healthcare cost calculator
  • Child expense calculator
  • Retirement calculator
  • Home budget calculator
  • Wedding budget calculator
  • Crorepati calculator
  • Investment budget calculator
  • EMI calculator
  • Cost of delay calculator
  • Term plan calculator
  • Online quote calculator
  • Child dream calculator
  • Retirement calculator
  • Retirement dream planner
  • income tax calculator
  • BMI calculator
  • protection calculator
Solvency ratio as of March 20221.962.09
Claim settlement ratio as per IRDAI Annual Report of 2020-202198.53%97.33%
Premium underwritten (2021-22)Rs. 14,445.03 croresRs. 7,348.26 crores
Equity share capital as of March 31, 2022Rs. 1953.50 croresRs. 2012.88 crores
SME Corner (Special insurance platform for small businesses)AvailableNot available
Online buying facilityOnly term plans can be bought onlineAvailable, but for specific plans
Connectivity400+ branchesPNB MetLife is present in 140 locations across the country, with access to customers in 16,500 locations through its strong bank partnerships with PNB, JKB, KBL, and other bank partners.
Number of riders available148
Awards and recognitions
  • Extraordinaire Award at the 5th edition of Brand Vision Summit 2019-20.
  • Two top industry awards for its PR campaign for creating awareness about the need for Life Insurance Protection in India.
  • Best Communication Strategist of the Year award, at the Corporate Communication & PR summit.
  • Best Direct-to-Consumer PR Campaign of the Year, at the 2020 Customer Fest Show
  • Abbott India Award
  • Insure Next 2023 Award.
  • Best Customer Service and Customer Experience Company of the Year, 2023
  • India’s Top Mind Award, 2022
  • Runners up Award for Best Customer Oriented Company
  • 4 years in a row as Best Brand by The Economic Times

Tata AIA Life Insurance or PNB Metlife Insurance, which one should you opt for?

Tata AIA Life Insurance and PNB Metlife Insurance have a variety of benefits that help customers pick the right one as per their needs. Both insurers have come up with some unique features that have made them popular among customers. While both companies are good enough to offer enough protection to the customers as per their needs, both of them have come up with certain general and unique exclusions for which they do not offer any benefit. It would be advisable to go through the exclusions carefully and read the policy document religiously to understand the life policies. One can compare the plans online or else can also take advice from an insurance lawyer for better convenience. So, while investing your hard-earned money, invest carefully.

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