life insurance company
PNB MetLife India Insurance Company

PNB MetLife India Insurance

PNB MetLife India Insurance Company Limited is one of the top insurance companies in India providing a wide range of life, health, and retirement insurance plans. The company was originally launched as MetLife India Insurance Company Limited in 2001. In 2013, PNB received full approval for acquiring a 30% stake in MetLife India Insurance. The group has since been re-branded as PNB MetLife India Limited and serves customers in over 7000 locations through its bank partnerships with Punjab National Bank, Jammu, Kashmir Bank Limited, and Karnataka Bank Limited.

Bajaj Allianz Life Insurance Company Limited Profile

CharacteristicsSpecification
Company NamePNB MetLife India Insurance Company Limited
HeadquartersMumbai
Year of Establishment2001
Company TypeSubsidiary
Parent CompanyPunjab National Bank, MetLife
Country ServedIndia
CEOAshish Kumar Srivastava
Claim settlement ratio (2020-21)98.17%
First Year Premium (Up to 31st March 2021)1996.20
No. of Policies (Up to 31st March 2021)247824
No. of lives covered (Up to 31st March 2021)2543723
Sum assured ((Up to 31st March 2021)185905.43 crores

Insurance Plans Offered By PNB MetLife India

1. PNB MetLife Term Insurance Plans

Family Protection Solutions by PNB MetLife are comprehensive term plans designed to protect you at every stage of your life. The various types of family protection plans available with PNB MetLife are listed below.

i. PNB MetLife Mera Term Plan Plus

PNB MetLife Mera Term Plan Plus is a protection plan that provides you and your family with comprehensive life coverage at a very nominal cost.

Key Features:

  • Spouse coverage – The option to protect your spouse under the same plan at a nominal extra cost
  • Return of premiums – By paying an additional premium, it is possible to get the payments towards your premium till maturity.
  • Cover Enhancement options – Secure your children’s higher education without any financial worries with Child Education Support Benet.
Age at entry

Minimum: 18 years

Maximum: 60 years (55 if Pay till 60 is chosen as PPT)

Age At maturity

Minimum: 28 Years

Maximum: Life, Life Plus : 99 years

Life plus Health: 75 years

Sum assured

Minimum: 25,00,000

Maximum: No limit

Premium Paying Term (PPT)

Single pay,

• Limited pay (5, 10, 15, 20, Pay till Age 60),

• Regular Pay

Policy Term

Minimum: 10 Years

Maximum:

Without RoP :

Life, Life Plus: 99-Age at entry

Life plus Health: 75 – Age at entry

With RoP: 40

Premium paying modeYearly / Half Yearly / Quarterly / Monthly

ii. PNB MetLife Mera Term Plan

Ensures your family’s security, financial independence, and makes certain that their standard of living isn’t affected in your absence.

Key Features:

  • Affordable premium – Pay premiums you are comfortable with so your loved ones can live comfortably even in your absence,
  • Long life cover – Get coverage till the age of 99 years and remain stress-free.
  • Max sum assured – Although you pay nominal premiums, you can get a sum assured of up to a maximum of Rs. 50 crore.
Age at entry

Minimum: 18 Years

Maximum: 65 Years

Age at maturity

99 years for all options

(except Joint Life cover option)

Joint Life Cover option: 75 years

(applicable for both primary and secondary life)

Sum assuredVaries depending on the pla option – Rs. 10,00,000 to Rs. 5,00,00,00,000
Coverage Period

10 years to 81 years for all options

(except Joint Life Cover option) and

10 years to 40 years for Joint Life Cover option

(applicable for both primary and secondary life), subject to maximum maturity age.

iii. PNB MetLife Saral Jeevan Bima

The plan aims to simplify the approach to buying term life insurance with the same offerings and same policy terms and conditions that you would expect.

Key Features:

  • Policy term – If you opt for this policy, you can ensure protection for a term that ranges from 5 years to 40 years.
  • Sum assured – You and your family can stay protected knowing that by the end of the policy you can get a sum assured of Rs.5 Lakhs to Rs.25 Lakhs.
  • Choice of premium payment – This plan gives you the flexibility to make payments in three different methods like throughout the policy term, one-time single payment, or for a limited period.
Age at entry

Minimum: 18 Years

Maximum: 65 Years

Age At maturity

Minimum: 23 Years

Maximum: 70 Years

Sum assured

Minimum: Rs. 5,00,000

Maximum: Rs. 25,00,000

Premium payment modeYearly, half-yearly, and monthly
Policy Term/Premium Paying Term

Minimum:

Single pay: 5 years

Limited 5 Pay: 6 years

Limited 10 pay: 11 years

Regular Pay: 5 years

Maximum: 40 years

iv. PNB MetLife Mera Mediclaim Plan

With your passing age, your goals in life change and so does your investment plan. With this plan, you get the benefits of growth and protection so you can plan for life in a disciplined and holistic manner.

Key Features: 

  • Fund booster – A certain perfect of your annual premium is added to the value of the fund at the time of maturity thereby boosting your overall amount of maturity.
  • Two portfolio strategies – One strategy is to pick from eight different fund options and in the other strategy, you can keep changing your investment in different funds on the basis of years to maturity. You can also change between strategies so as to keep up with your changing needs, the risk appetite of life stages.
Basic Sum Assured

Wealth Plus plan

Minimum: 7 times Annualized Premium

Maximum:

0 – 25 years – 40

26 – 35 years – 30

36 – 40 years – 20

41 – 44 years – 15

45 years and above – 10

Wealth Plus Care plan 

Minimum: 7 times Annualized Premium

Maximum: 10 times Annualized premium

Age at Entry (min and max)

Wealth Plus plan

0 to 65 years

Wealth Plus Care plan 

Minimum: 18 years

Maximum: 53 for Policy Term / Premium Payment Term Combination of 10 / 5 years

55 years for all other combinations

Age at Maturity (min and max)

Wealth Plus plan

18 years to 75 years

Wealth Plus Care plan

28 years to 70 years

Policy term Wealth Plus plan and Wealth Plus Care plan: 10, 15, 25 years
Premium payment terms 

Wealth Plus plan

10-year policy – 5, 7, and 10

15 to 25-year policy – 5, 7, 10, and 15

Premium payment frequency Yearly, Half-yearly, Quarterly, and Monthly
Premium 

Minimum monthly – Rs. 5,000

Minimum quarterly – Rs. 15,000

Minimum half-yearly – Rs. 30,000

Annual – Rs. 5,0000

v. PNB MetLife Aajeevan Suraksha

A comprehensive plan, which can give you lifelong protection. With modifications, you can add your spouse and also receive a return of your premium. This ensures you can live the way you want.

Key Features:

  • Return of Premium – When you choose this option you can get the premium you have paid until the time of maturity.
  • Choice of protection – You can pick if you would like protection for a fixed term or for your whole life until 99 years of age.
  • Customization – Enhance your coverage and make it better by picking different benefit options like increasing income, fixed income, life partner, and lump sum.
Cover options 

1) Fixed Term Cover

2) Whole Life Cover

Entry Age4 (Years)

Minimum: 18 years

Maximum: 65 years

Maximum Maturity Age (Years)

Fixed term cover – 80 years

Whole life cover – 99 years

Sum Assured (Rs.)

Minimum: Rs. 25,00,000

Maximum: No limit

Premium payment term (PPT) (Years)

Single pay: Single premium payment at the inception of the policy

Limited pay: 5 to 15

Regular pay (Regular Pay is only available with Fixed Term option)

Policy term (PT) (Years)

Single pay and regular pay: 10 years

Limited pay: Premium payment term plus 5

vi. PNB MetLife Mera Jeevan Suraksha Plan

When you are not around, you can give your family all the protection they need in the form of regular income as well as adding spouse and family into the plan.

Key Features:

  • Return of Premium – Get your money back on survival till maturity with the ‘return of premiums’ option
  • Enhance protection – Choose your protection against death or terminal Illness and enhance your cover.
  • Benefits on a higher sum assured – If you pick a higher sum assured, you will get special premium rates.
Plan options

Lump sum

Life partner

Fixed income

Increasing income

Age at entry (Years) &

Minimum: 18 years

Maximum: 65 years

Maximum age at maturity (Years)

Minimum: 28 years

Maximum: 80 years

Policy Term (Years)

Minimum: 10 years

Maximum: 40 years (30, if you pick return of premiums’ option)

Premium Paying Term (PPT) (Years)Regular pay
Premium Payment modesYearly, half-yearly, and monthly
Annualized Premium (Rs.)

Minimum: Rs. 3,885

Maximum: No limit

Basic Sum Assured (Rs.)

Minimum: 25,00,000

Maximum: No limit, subject to underwriting

vii. PNB MetLife Family Income Protector Plus

A flexible term plan that’s made to make sure your family is financially stable, even in your absence by providing regular income.

Key Features:

  • Return of premium – At the end of the policy term you can get 110% of your base premium back.
  • Monthly income – Your family can get a guaranteed monthly income for up to 20 years.
  • Tenure choice – The flexibility of this policy allows you to choose a suitable tenure.
Age at entry

Minimum: 25 years

Maximum: 60 years (55 for Policy term 20 years)

Max. age at maturity75 years
Policy term

10 years

15 years

20 years

Monthly Income Options

Rs.10,000/-

Rs.25,000/-

Rs.50,000/-

Rs.75,000/-

Rs.100,000/-

Plan optionsTerm cover and term with return of premium option (TROP)
Premium paying optionsYearly, half-yearly, monthly, and PSP modes
Sum assured

Minimum:

10 years – Rs. 14.20 lakhs

15 years – Rs. 12.00 lakhs

20 years – Rs. 9.10 lakhs

Maximum:

10 years – Rs. 1.42 crores

15 years – Rs. 1.24 crores

20 years – Rs. 0.95 crores

viii. PNB MetLife Income Protection Plan

A flexible life insurance plan that meets your savings as well as protection needs.

Key Features: 

  • Guaranteed payout – At the end of the policy term, you can get 100% to 150% of the total premiums paid.
  • Protection for your family – Get life cover for the entire policy term
  • Flexibility – You have the flexibility to pick the duration of the policy that is 5, 7, or 10 years as well as choose monthly income or lump sum as your death benefit.
Age at entry

Minimum: 18 years

Maximum: 55 years (150% RoP is 50 years)

Maximum age at maturity70 to 75 years, depending on plan option chosen
Sum Assured

Minimum: Based on minimum Premium

Maximum: Rs. 10,00,000

Policy Term05 years, 07 years, 10 years, 15 years, and 20 years
Premium Payment TermLimited pay: 5 years, 7 years, and 10 years
Premium Payment modesYearly, half-yearly, and monthly

ix. PNB MetLife POS Suraksha Plan

With this plan, you can get regular income which ensures your family is financially stable. Plus, the enrollment process is very easy.

Key Features:

  • Guaranteed Payout – At the end of the policy term you get a guaranteed payout which is equal to 100% of the total premiums you pay.
  • Guaranteed benefits – All your guaranteed features are explained to you initially, which makes sure you’ve understood everything from the get-go.
  • Flexibility – You have the convenience of picking the duration you want to make premium payments. It can be anywhere from 5 to 15 years.
Age at entry (Years)

Minimum: 18

Maximum:

For Policy term 10: 55

For Policy term 15: 50

Maximum age at maturity65 years
Premium Paying Term (PPT)5 years, 10 years and 15 years
Policy Term (Years)

For PPT 5: 10

For PPT 10: 10 or 15

For PPT 15: 15

Minimum Basic Sum Assured (Rs.)Rs. 50,000
Maximum Basic Sum Assured (Rs.)Rs. 25,00,000 (in multiples of 50,000)
Premium Payment modesYearly, half-yearly, and monthly

2. PNB MetLife Long Term Savings Solutions

Long Term Savings Solutions by PNB MetLife is created to help you secure your wealth and plan your future in advance. These plans serve as great investment opportunities and provide for complete protection and security.

i. PNB MetLife Guaranteed Future Plan

This plan enables systematic saving, guaranteed returns, and protection against unpredictable events in life.

Key Features: 

  • Payout Flexibility – You can pick from different payout options like single pay, or 5, 7, or up to 15 years.
  • Guaranteed Income – You have the opportunity to get 103% to 248% of the annualized premium as your guaranteed income.
  • Secure your life – You can get a life cover as well to ensure protection against serious illness or accidental death.
Minimum age at entry (Years)

Policy Term Minimum Entry

12 years 6 years last birthday

14 years 4 years last birthday

15 years 3 years last birthday

16 years 2 years last birthday

17 years 1 year last birthday

18 years 0 (30 days)

and above

Maximum age at entry (Years)

60 years

For policies purchased through POS channel, the maximum age at entry will be 55

Maximum age at Maturity (Years)

Single pay: 80

Limited pay: 75 Years

For policies purchased through POS channel, the maximum age at maturity for Limited pay will be 65 years;

Sum assured 

Minimum:

For Limited pay: 10 x Annualised premium

For Single pay: 1.25 x Annualised premium

Maximum:

Premium Payment modesSingle, yearly, half-yearly, and monthly

ii. PNB MetLife Century Plan

Secure your future with an income along with life long cover till age 100 years. In your retired years, you can ensure that you have a second income.

Key Features:

  • Protection of your family – Safeguard the future of your family plus secure life cover plus, if you opt for riders like serious illness or accidental death at a nominal cost you can further enhance protection.
  • Survival benefits – even after the untimely death of the insured, the family gets survival benefits without having to pay any premiums.
  •  Flexibility – Not only can you get to choose from different plan options but also get income payout as per your choice and pick how long you would like to pay your premiums.
ParticularsPremium Payment TermFamily Care OptionOption 1: Super IncomeOption 2: Smart IncomeOption 3: Future Income
Premium Payment TermWithout5 to 10, 12, 155 to 10, 12, 158, 10, 12, 15
With5 to 10, 12, 155 to 10, 12, 158, 10, 12, 15
Policy termAllWith/without

Maturity Option 1: 80 minus Age at entry:

Maturity Option 2: 100 minus Age at entry

Minimum Age at Entry (years)AllWithout0 (30 days)
Minimum Age at Entry (years)AllWith18 years

Maximum Age

at Entry

5 to 9Without55 years55 years55 years
Maximum Age at entry​​10, 12, & 1560 years65 years60 years
Maximum Age at entry5 to 10, 12, 15With50 years50 years50 years
Maturity AgeAllWith/without

Maturity Option 1:80 years:

Maturity Option 2: 100 years

Sum Assured5 to 9With/ Without

Minimum: Rs. 6,00,000

Maximum: Based on approval

Sum

Assured

10, 12, & 15

Rs. 2,40,000

Maximum: Based on approval​

iii. PNB MetLife Smart Platinum Plus

This plan provides solutions to achieve your goals, wealth creation even during critical illness.

Key Features:

  • Return of Fund Management Charges – When you reach the end of the 6th year of your policy, the total FMC charges that were reduced until the policy’s 5th year is added back.
  • Portfolio strategies – Pick from 11 diverse fund options as well as other beneficial strategies like life-stage strategy and systematic transfer strategy.
  • Enhance the value of your fund – At the end of the 10th year of the policy, you are rewarded with fund benefits.
Product SpecificationMinimumMaximum
Age at entryWealth Option0 (30 days)70 years
Wealth + Care Option18 years65 years
Maturity age

Maturity Option 1: 80 years

Maturity Option 2: 99 years

Policy Term (Years)

Maturity Option 1: 80 – age at entry

Maturity Option 2: 99 years – age at entry

Premium Payment ModeSingle, annual, semi-annual, and monthly

iv. PNB MetLife Mera Wealth Plan

A unit-linked wealth plan that includes savings too so you are able to ensure your financial goals are in place for different stages of your life. And the life cover option gives you ample security.

Key Features:

  • Wealth plan – Pick from the systematic transfer or self- managed investment option to create a plan that meets your financial goals.
  • Loyalty additions – From the end of the 6th policy year, you can get loyalty additions to add to your value.
  • Maturity benefit – Once your policy term is done, survivors can avail of your fund value.
Premium Payment TypeSingle Pay5 Pay10 PayRegular Pay
Premium Payment TermSingle premium5 years10 years10 to 30 years

Minimum Policy

Term

10 years10 years11 years10 years

Maximum Policy

Term

20 years20 years30 years30 years

Minimum Age

at entry

0 (30 days)0 (30 days)0 (30 days)0 (30 days)

Maximum Age

at entry (years)*

60 years54 years

60 (policy term<=25 years),

55 (policy term>25 years)

60 years

Minimum age

at maturity

18 years18 years18 years18 years

Maximum age

at maturity

80 years74 years80 years80 years
Premium Payment ModeAnnual, half-yearly and monthly (for 5 Pay, 10 Pay and Regular Pay
Sum assured multiple1.2510 or ( Policy term* 0.5), whichever is higher

v. PNB MetLife Super Saver Plan

With this plan, you can give your family long-term financial protection as well as accumulate savings. During the diagnosis of a critical illness or an untimely passing, you can waive premiums to ensure no compromises.

Key Features: 

  • Plan options – To save for your family’s future, you can pick and choose from multiple plan options such as savings + healthcare, family care, savings + or savings.
  • Bonus options – You can choose a liquidity or accumulation bonus option before starting the plan.
  • Life cover – Give your loved ones some security in the form of live cover so even during your untimely demise they have something to fallback on.
Product specification
Plan options

Option 1: Savings

Option 2: Savings + Family Care

Option 3: Savings + Health Care

Bonus options

Option 1: Accumulation

Option 2: Liquidity

Maximum age at entry

Option 1: Savings – 60 years (annual mode) 55 years (other modes)

Option 2: Savings + Family Care – 50 years (annual mode) 45 years (other modes)

Option 3: Savings + Health Care: For PPT: 5, 7, 10 and 12 Pay – 55 yrs. For PPT 15 and Regular Pay – 50 yrs (annual mode)

For PPT: 5, 7, 10 and 12 Pay – 50 yrs. For PPT: 15 and Regular Pay – 45 yrs (other modes)

Age at maturity

Option 1: Savings – 18 years to 80 years

Option 2: Savings + Family Care – 28 years to 70 years

Option 3: Savings + Health Care – 28 years to PPT: 5, 7, 10 and 12 Pay – 75 For PPT: 15 Pay and Regular pay – 70

Premium Payment Term5, 7, 10, 12, 15 and Regular pay
Policy term

PPT 5 and 7 – 10 to 20 years

PPT 10 – 11 to 20 years

PPT 12 – 13 to 20 years

PPT 15 – 16 to 20 years

Regular pay: 10, 12 and 15 years

Sum assured 

Minimum: Rs 2,20,000

Maximum: Based on approval

Premium payment mode Yearly, half-yearly, and monthly

vi. PNB MetLife Guaranteed Income Plan

Get an additional income along with a life cover

Features

  • Guaranteed maturity benefit – When your policy matures you can get 30% to 55% of Basic Sum Assured (BSA)
  • Guaranteed income benefit – Based on your premium payment term, you can get a 11% to 13% regular income of your Basic Sum Assured (BSA).
  • Pay as per your convenience – Pick from 5, 7, 10 or 12 years to make premiums based on your convenience and preference.
Premium Payment Type5 Pay5 Pay7 Pay10 Pay12 Pay
Premium Payment Term (years)5571012
Policy Term10 years15 years15 years20 years20 years
Minimum age of entry8 years3 years3 years3 years3 years
Maximum Age at entry60 Years
Minimum Sum Assured

5 pay: Rs. 4,00,000

7 Pay: Rs. 2,00,000

10 Pay: Rs. 1,50,000

12 Pay: Rs. 1,50,000

Maximum Sum AssuredAs per Board approved underwriting policy
Premium Payment modesYearly, half-yearly, and monthly

vii. PNB MetLife Guaranteed Savings Plan

This plan makes it possible to achieve your dreams financially by offering a lump sum benefit on maturity. Some other features that enhance your policy include guaranteed additions on cumulative premiums. Key Features: 
  • Life cover – Give your loved ones security in your absence with this plan that comes with a life cover that kicks in after you pass.
  • Sum assured on maturity – Depending on your premium payment option you pick, you can get a certain percent of your sum assured on maturity.
  • Guaranteed additions – At the time of the premium payment term, every year when the policy ends, a guaranteed addition is added to your policy.
Premium Payment Type 5 Pay 7 Pay 7 Pay 10 Pay
Premium Payment Term (years) 5 7 7 10
Policy Term (years) 10 12 15 20
Minimum Ageat entry (years) 8 For Term 12 years: 6 For Term 15 years: 3 3
Maximum Age at entry (years) 60 years
Maximum age at maturity (years) 70 For Term 12 years: 72 For Term 15 years: 75 80
Minimum Sum Assured (Rs) 4,00,000 2,00,000 2,00,000 1,50,000
Maximum Sum Assured (Rs) As per Board approved underwriting policy
Premium payment modes Yearly /half yearly/ monthly

vii. PNB MetLife Endowment Savings Plan Plus

With this endowment life insurance plan, it is possible to amass a corpus that you can use at different stages in life. You also get life cover and protection against critical illnesses.

Key Features:

  • Waiver of premium – If the policyholder is diagnosed from any of the listed 35 critical Illnesses, all future premiums are waived off for the leftover time.
  • Bonus – From year 1, there’s a bonus that one can add to their plan which becomes payable during surrender or death, whichever comes first.
  • Plan options – This plan comes with savings and savings plus options so you can pick one that suits your needs.
ParameterSavingsSavings plus
Minimum Age of entry8 years18 years
Maximum Age of entry45 to 60 years, varies based on PPT and payment mode.
Age of maturity80 years

Regular pay: 65 years

Limited pay: 80 years

Premium Payment Term

Regular pay: Same as policy term

Limited pay: 5, 7 & 10 years

Policy term10,15,25 years, varies based on PPT and the payment mode.
Minimum Sum Assured (Rs.)2,20,000
Maximum Sum AssuredAs per Board approved underwriting policy
Premium Payment modesYearly, half-yearly, and monthly.

viii. PNB MetLife Bachat Yojana

This plan makes sure you are in a situation to meet present as well as long-term financial goals by helping you build a savings portfolio that’s significant.

Key Features: 

  • Bonus – From the third until the end of the term of the plan, which will be paid to you when the policy ends or upon death.
  • Maturity benefit – If you survive the policy term, you get the base sum assured and bonuses, if any.
Minimum ages at entry20 years
Maximum ages at entry60 years
Max. age at maturity75 years
Premium Payment Term Options10 years Limited Pay
Policy Term15 years
Min. Sum AssuredRs. 64,800
Max. Sum AssuredRs. 5 Lakhs
Premium amount

Minimum:

Annual – Rs. 6,000

Semi-Annual – Rs. 10,000

Monthly/PSP – Rs. 15,000

Maximum: 23,999 per Life

Why To Buy Policy From PNB MetLife India Insurance?

The varied insurance plans by PNB MetLife offer a range of benefits that make them the perfect solution for every need.

  • A Legacy of Trust: PNB MetLife had a claim settlement ratio of 96.21% (FY18-19).
  • A Solution for Every Need: PNB MetLife has an insurance plan to cover you and your loved ones at every stage of your life.
  • Unparalleled Expertise: Our expert insurance solutions are ingredients to a happy family and are backed by Punjab National Bank and MetLife Inc.
  • Complete Transparency: PNB MetLife assures no hidden clauses, obscure terms, and industry jargon, thus promising a hassle-free experience.
  • End-to-End Guidance: Get complete guidance at every step of the way, right from selecting the right plan to payment of premiums.

Exclusions That Come with PNB MetLife Insurance Plans

Suicide Exclusions: If the Life Insured dies by suicide within 12 months from the Date of Commencement of Risk or from the Date of Revival of the policy, the nominee is entitled to receive 80% of the total premiums paid until the date of death or the Surrender Value (if applicable) on the date of death, whichever is higher. The Sum Assured shall not be payable in this case.

Exclusions for Accidental Death Benefit: The Accidental Death Benefit shall not be applicable in the following scenarios.

  • Attempted suicide or self-inflicted injury
  • Terrorism, war, mutiny, civil war, the act of a foreign enemy, revolution, rebellion, riot or civil commotion, strikes, hostilities, invasion, martial law, armed or unarmed truce, usurped power
  • Participation in military, naval, or air force operations during peacetime
  • Participation in professional sports or any hazardous pursuits such as racing, diving, riding, martial arts, hunting, underwater activity, mountaineering, parachuting, bungee jumping
  • Criminal offense, assault, illegal activity, or any breach of law with criminal intent
  • Substance abuse
  • Drunk driving or driving under the influence of narcotics
  • Nuclear contamination
  • Traveling to unsafe areas
  • Participation in any unauthorized flying activity

Exclusions for Critical Illness Benefit: The Critical Illness Benefit shall not be applicable in the following scenarios.

  • Any pre-existing disease, condition, ailment, or injury
  • Any of the listed Critical Illnesses caused or aggravated directly or indirectly by any of the acts mentioned in the Terms & Conditions of the policy unless they are beyond the Life Insured’s control
  • Any disease occurring within 90 days from the start of coverage or the date of reinstatement, whichever is later
  • Any external congenital condition

Waiting Period: If a claim for the Waiver of Premium (WOP) benefit occurs during the waiting period, the WOP cover shall be terminated and all the future premiums shall be reduced to the premiums payable under the Savings option for a similar contract.

Riders Offered With PNB MetLife Insurance Plans

PNB MetLife offers a range of riders that can be added to your insurance plan for an enhanced cover against unforeseen circumstances. The riders available with us are listed below.

  • PNB MetLife Accidental Death Benefit Rider Plus: If the Life Insured dies by accident, the nominee is entitled to an additional Death Benefit Sum Assured.
  • PNB MetLife Accidental Disability Benefit Rider: If the Life Insured meets with an accident that results in a disability, he/she is entitled to a pre-decided Accidental Disability Benefit.
  • PNB MetLife Serious Illness Rider: The Life Insured is entitled to the Serious Illness Benefit on the first diagnosis of any of the 10 covered serious illnesses.
  • PNB MetLife Critical Illness Rider: The Life Insured is entitled to the Critical Illness Benefit on the first diagnosis of any of the 2 critical illnesses namely cancer and heart attack.

Steps to Buy A PNB MetLife Insurance Policy Online

To buy an insurance policy by PNB MetLife online, follow the below steps.

  1. Visit the PNB MetLife website and browse through our available plans. You can use our specialized features such as ‘Tools and Calculators’ and ‘Compare Life Insurance Plans’ to determine the right plan for you. 
  2. Once you have finalized your plan, you can click on the buy now option. Select any riders you would like to add to your policy for enhanced protection and fill in all the required details.
  3. Subsequently, pay your premium online through a secure payment gateway. Upon successful payment, a confirmation mail is sent to your registered email ID.
  4. Fill the proposal form with the required details such as personal information, medical history, family history, nominee information, and existing cover details, if any.
  5. Submit the required documents such as identity proof, address proof, medical and health-related reports, etc online.
  6. Based on the plan selected, you may have to undergo a medical examination as directed by PNB MetLife.
  7. After a thorough examination of all the submitted documents and reports, PNB MetLife issues the policy and sends all the relevant documents through email and courier to the customer.

Renew PNB MetLife Insurance Policy

To renew your PNB MetLife insurance policy, follow the below steps.

  1. Visit the PNB MetLife website and log in.
  2. Select the plan you would like to renew. You can also enter your policy number in the search bar to locate the plan manually.
  3. Add/remove/modify any applicable riders as required.
  4. Pay your renewal premium online through a secure payment gateway.
  5. Submit any additional documents/reports as requested by PNB MetLife.
  6. After a thorough examination of all the submitted documents and reports, PNB MetLife dispatches the renewed policy document to your mailbox.

PNB MetLife India Insurance Claim Process

In case of an unfortunate incident, file a claim for your policy by following the below steps.

Apply for Your Claim: You can apply for a claim with PNB MetLife through one of the following mediums.

  • Visit the PNB MetLife website and file a claim online by clicking on ‘Our Services’ then ‘claim’. After this, just follow the steps.
  • Write to us about your claim request at claimshelpdesk@pnbmetlife.com
  • Intimate us about your claim request through a letter
  • File a claim on our self-service mobile app – Khushi
  • Visit our nearest branch to apply for a claim

Submit The Essential Documents: To initiate your claim, submit all the relevant documents as specified by PNB MetLife. In some cases, the company may request additional documents for further investigation.

Claim Your Payout: Upon receiving all the relevant documents, PNB MetLife initiates the claim decision process. A claim is usually processed within 30 days of the submission of the documents. In cases where an investigation is necessary, PNB MetLife completes the examination process within 90 days from the initiation of the claim and the final claim decision is made within 30 days of the completion of the investigation.

Documents Required to File A Claim

The following documents must be submitted to file a claim for your PNB MetLife insurance policy.

Death Claims:

  • Copy of Death Certificate issued by the local authority
  • Claimant’s Statement
  • Doctor’s Certificate from the family physician or treating doctor
  • Photo ID Proof and Address Proof of the nominee
  • Canceled cheque or bank passbook of the nominee/beneficiary
  • Authorization letter from the claimant in case the claim intimation is received through the third party

Accidental Death Claims:

  • Copy of Death Certificate issued by the local authority
  • Doctor’s Certificate from the family physician or treating doctor
  • Photo ID Proof and Address Proof of the nominee
  • Attested copy of FIR/Panchnama/Inquest report
  • Attested copy of the Post Mortem Report/Viscera Report
  • Canceled cheque or bank passbook of the nominee/beneficiary
  • Copy of newspaper cutting (if any)
  • Authorization letter from the claimant in case the claim intimation is received through the third party

Critical Illness Claims:

  • Claimant’s Statement
  • Doctor’s Certificate (in the specified format)
  • Discharge summary from the hospital or attested copies of other hospital records
  • Canceled cheque or bank passbook of the Life Insured
  • Authorization letter from the claimant in case the claim intimation is received through the third party

Waiver of Premium Claims:

  • Claimant’s Statement
  • Copy of Death Certificate issued by the local authority
  • Original/attested copy of all treatment and diagnosis reports
  • Attested copies of other hospital records
  • Disability Certificate issued by the Civil Surgeon/competent specialist
  • Certificate of the current status of health
  • First Information Report
  • Canceled cheque or bank passbook of the nominee/beneficiary
  • Authorization letter from the claimant in case the claim intimation is received through the third party.

Frequently Asked Questions

1. How do I determine which life insurance policy by PNB MetLife is right for me?

Before you buy a life insurance policy, you must assess your own needs. Once you are relatively sure about your needs and preferences, you can use the ‘Find The Right Plan’ feature on our website to determine the right plan for you. Alternatively, you can also use the ‘Get a Callback’ feature on the website to have an advisor call and guide you.

2. What is the difference between Long Term Savings Solutions and Retirement Solutions by PNB MetLife?

Both Long Term Savings Solutions and Retirement Solutions by PNB MetLife are crafted to offer you a better and worry-free future. Long Term Savings Solutions enable you to save for your future and fulfill your dreams without compromising with your existing financial responsibilities. Retirement Solutions, on the other hand, are designed to ensure you a guaranteed income in the second innings of your life so that you lead a happy post-retirement life.

3. Does the Mera Mediclaim plan cover only serious and critical illnesses?

The Mera Mediclaim plan offers cover for more than 540 day-care treatments in addition to comprehensive life cover, in-patient hospitalization, ambulance charges, organ donation, and much more.

4. How are Family Protection Solutions and Child Education Solutions different from each other?

Family Protection Solutions by PNB MetLife are life insurance policies that provide life and health cover to the policyholder and his/her family. Child Education Solutions, on the other hand, are crafted specifically for parenting individuals who wish to secure the future of their children and fulfill their dreams.

5. What is the difference between Maturity Benefit and Survival Benefit in PNB MetLife retirement plans?

Some retirement plans by PNB MetLife offer Maturity Benefits to the policyholder, while some others provide Survival benefits. Maturity Benefit is the sum PNB MetLife pays to the policyholder at the end of the policy term if he/she survives till maturity. Survival Benefit, on the other hand, is the sum PNB MetLife pays to the policyholder at the end of the premium payment term if he/she survives the term.

6. What are the impairments covered under the Accidental Disability Benefit Rider?

The PNB MetLife Accidental Disability Benefit Rider covers the following impairments.

  • Total and irrevocable loss of sight of both eyes
  • Amputation or loss of use of both hands above the wrists
  • Amputation or loss of use of both feet above the ankles
  • Amputation or loss of use of one hand at or above the wrist and one foot at or above the ankle.

7. What are the illnesses covered under the MetLife Group Serious Illness Rider?

The PNB MetLife Group Serious Illness Rider covers 15 serious illnesses as listed below.

  1. Cancer
  2. First heart attack
  3. Open Chest CABG
  4. Open heart replacement or repair of heart valves
  5. Coma
  6. Kidney failure requiring regular dialysis
  7. Stroke resulting in permanent symptoms
  8. Major organ/bone marrow transplant
  9. Permanent paralysis of limbs
  10. Aorta surgery
  11. Multiple sclerosis with persisting symptoms
  12. Blindness
  13. Parkinson’s Disease
  14. Benign brain tumor
  15. Major burns

8. What are the documents required to file a claim for natural calamities under the PNB MetLife Traditional Employee Benefits Plan?

To file a claim for natural calamities like cyclones and floods, submit the following documents.

  • Simplified Claimant Statement or written information from claimant mentioning the policy details and the date of death of the Life Insured
  • Death Certificate issued by Municipal Corporation / local authorities (In case of absence of Death Certificate, Report issued by Police authorities or Report issued by Armed Forces needs to be submitted)
  • ID and Address Proof of nominee
  • Account Details / Bank Certificate of the nominee

9. Does the Mera Mediclaim Plan also cover COVID-19 deaths?

Yes. The life insurance policies by PNB MetLife cover COVID-19 claims. In order to learn more about this or raise a claim, call our toll-free number 1800-425-6969.

10.What are the documents required for the COVID-19 death claim under the Mera Mediclaim Plan?

To raise a claim for COVID-19 death under the Mera Mediclaim Plan, the following documents need to be furnished.

  • Claim Intimation Letter mentioning the policy number, brief of the insured event, and other claim documents
  • Copy of Death Certificate issued by the local municipal authority
  • Policy document
  • Bank account proof and KYC documents of the claimant

11. Does the premium payment term for my PNB MetLife Guaranteed Future Plan affect my policy term?

Yes. The PNB MetLife Guaranteed Future Plan provides the Limited Pay option for premium payment. Therefore, in this case, the policy term depends on the premium payment term selected by the policyholder.

12. What happens if the nominee/beneficiary for my PNB MetLife Mera Term Plan has also died?

If the nominee/beneficiary for a life insurance policy by PNB MetLife has also died, the family members of the Life Insured can file a claim after submitting relevant relationship proofs.

13. What are the factors affecting the premium calculation for a PNB MetLife life insurance plan?

Some of the factors affecting premium calculation for a life insurance plan by PNB MetLife are age, gender, lifestyle, medical history, BMI index, and geographic location of the policyholder.

14. What should I do if my life insurance claim is rejected by PNB MetLife?

If your life insurance claim is rejected by PNB MetLife, you can write to us appealing to reconsider the decision. You can also raise another claim in this regard.

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