PNB MetLife Term Insurance
PNB MetLife offers well-crafted and comprehensive term insurance plans that cater to customers’ varied needs and assure financial security in the event of an untoward incident. If you are the sole earning member of your family, it may be the right time for you to invest in a PNB MetLife term insurance policy.
| Characteristics | Specification |
| Company Name | PNB MetLife India Insurance Company Limited |
| Headquarters | Mumbai |
| Year of Establishment | 2001 |
| Company Type | Private |
| Parent Company | Punjab National Bank, MetLife |
| CEO | Ashish Kumar Srivastava |
| Number of Branches | 107+ |
| Number of Employees | 10,444+ |
Benefits of PNB MetLife Term Plans
The term insurance plans by PNB MetLife have been crafted to suit the diverse needs of customers and provide maximum cover and financial security for your family. Some of the key benefits of our term plans include:
- Affordable premiums: PNB MetLife term plans are available at affordable premium rates so that you can secure the future of your family without a hassle. We also provide special premium rates for non-smokers and female policyholders.
- Policy tenure: The term plans by PNB MetLife provide for flexible policy tenures so that you can choose what suits you best.
- Riders: Term insurance policies come with the option to add riders for extra cover at nominal costs. Riders often cover scenarios such as accidental death, critical illness, disability, etc.
- Online policies: One of the greatest advantages of PNB MetLife term plans is that they are available online and can be bought conveniently from the company’s website.
- Tax benefit: All term life insurance plans by PNB MetLife are eligible for tax benefits on the premium paid under Section 80C of the Income Tax Act, 1961. The deduction covers premium for self, spouse and dependent children.
- Life Stage Benefit: The policyholder shall have the option to purchase an extra Online term policy based on the age and premium table in effect at the time, without undergoing a medical exam.
Types of PNB MetLife Term Insurance Plans
PNB MetLife offers a term plan for every need and provides maximum benefits at reasonable prices. The various term plans available with us are as listed below.
1. PNB MetLife Mera Term Plan
Your loved ones deserve a future that is free from financial worries and uncertainty. Make this dream a reality with PNB MetLife Mera Term plan.
Key Benefits:
- Multiple riders: Get additional cover above the Sum Assured with riders. The available riders are:
- Accidental Death Benefit
- Accidental Disability Benefit
- Serious Illness Cover
- Critical Illness Cover
- Increasing cover option: Increase your cover with life’s changing needs as you get married or have children
- Enhancement Options: The PNB MetLife Mera Term Plan provides for the following enhancement options suited to your needs,
| Term Plan | Eligibility Criteria |
| Entry Age | Minimum: 18 yearsMaximum: 65 years |
| Sum Assured (subject to the option chosen): | Minimum: ₹10,00,000, Maximum: No Limit |
| Policy Term | 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. |
| Maturity Age | 99 years for all options (except Joint Life cover option) Joint Life Cover option: 75 years (applicable for both primary and secondary life) |
2. PNB MetLife Mera Term Plan Plus
Avail long life coverage for you and your family with this plan, designed to safeguard the financial future of your loved ones. If you’re looking for affordable, all-encompassing life insurance for yourself and your loved ones, go no further than the PNB MetLife Mera Term Plan Plus.
Key Benefits:
- Step up facility: Increase coverage at key life stages.
- Tax Benefits: Avail tax benefits under prevailing income tax laws.
- Death Benefits: Payable upon demise of the insured.
- Ward’s Education Benefits: The policyholder can pay for their children’s college education without concern.
- Spouse cover: The policy holder can get their spouse covered under the same policy.
| Term Plan | Eligibility Criteria |
| Entry Age | Minimum: 18 years, Maximum: 60 years |
| Policy Term | Minimum: 10 years Maximum (Subject to RoP and policy option chosen): 40 years or up to the age of 99 |
| Sum Assured | Minimum: ₹25,00,000, Maximum: No Limit |
| Maturity Age | Minimum: 28 years Maximum: With Return of Premium (RoP): 75 years Without RoP – Life,Life Plus 99 years, Health: 75 Years |
3. PNB MetLife Mera Mediclaim Plan
Looking to buy health insurance and life insurance too? Then why not get both in one with this 2-in-1 plan that provides both health and life cover at an excellent price.
Key Benefits:
- Wide Range of coverage: Avail numerous types of benefits under each coverage feature such as long life cover, reimbursement for alternative treatments, automatic recharge cover and more.
- Tax Benefits: Avail tax benefits under prevailing income tax laws.
- Death Benefits: Payable upon demise of the insured.
- Discount on Premiums: The holder can avail 7,5 percent discount on the premium.
- Hospitalization benefits: 30 days of pre hospitalization and up till 60 days of post hospitalization benefits are available for the policy holders
- Automatic Recharge of Sum Insured: When a policyholder’s Sum Insured is depleted as a result of a claim, they have the option of having their whole Sum Insured reestablished (to an infinite extent, if they choose the “Unlimited Automatic Recharge” rider).
| Term Plan | Eligibility Criteria |
| Age Criteria | Life Insurance Component: Minimum: 18 years, Maximum: 65 years Health Insurance Component: Individual : 5 years Floater : 91 Days with at least 1 Insured Person of age 18 years or above |
| Maturity Age: | Minimum: 28 years, Maximum: 80 years Health Insurance Component: Lifelong (upon continuous renewal) |
| Policy Term: | Policy Term:Minimum: 10 years, Maximum: 40 years Health Insurance Component: 1 / 2 / 3 years |
| Sum Assured | Minimum: Rs. 25,00,000, Maximum: No limit Health option: Minimum: 3 lakhs, Maximum: 600 lakhs |
4. PNB MetLife Aajeevan Suraksha Plan
With this insurance plan, you will have the convenience to pay premiums over a shorter span of time while also staying protected up to age 99.
Key Benefits:
- Premium Payments: Select the premium payment term that suits your needs.
- Tax Benefits: Avail tax benefits under prevailing income tax laws.
- Death Benefits: Payable upon demise of the insured.
- Premium paid on survival: If the policyholder lives to plan maturity, they can take advantage of the plan’s return of premium features to get their money back.
- Inclusion of Spouse: The spouse can be included in the joined cover plan at a small cost.
| Term Plan | Eligibility Criteria |
| Age Criteria | Minimum: 18 years, Maximum: 65 years |
| Maximum Maturity Age | Fixed Term Cover: 80 years, Whole Life Cover: 99 years |
| Sum Assured: | Minimum: ₹25,00,000, Maximum: No Limit |
| Policy Term | 10-40 years |
| Premium frequency Options | Yearly, Half Yearly, Quarter Yearly, Monthly |
5. PNB MetLife Mera Jeevan Suraksha Plan
PNB MetLife Mera Jeevan Suraksha gives you and your loved ones peace of mind knowing that they will be taken care of financially in the event of your untimely demise by covering your spouse and giving you the option to receive a refund of premium on survival.
Key Benefits:
- Discounts: Avail attractive rates for female lives and higher sum assured.
- Tax Benefits: Avail tax benefits under prevailing income tax laws.
- Death Benefits: Payable upon demise of the insured.
| Term Plan | Eligibility Criteria |
| Age Criteria | Minimum: 18 years, Maximum: 65 years |
| Maturity Age: | Minimum: 28 years, Maximum: 80 years |
| Policy Term: | Minimum: 10 years, Maximum: 40 years (30, with RoP) |
| Sum Assured: | Minimum: ₹25,00,000, Maximum: No Limit |
| Premium Frequency Options | Yearly, Half Yearly, Monthly |
6. PNB MetLife Family Income Protector Plus
Your family’s financial future will always remain stable when you opt for this pla, designed to provide a regular monthly income at an economical price.
Key Benefits:
- Customizable Features: Select various plan features such as payout options, return of premium, tenure and more.
- Tax Benefits: Avail tax benefits under prevailing income tax laws.
- Death Benefits: Payable upon demise of the insured.
- 10 Percent extra Premium: The maturity benefit for an insurance policy is equal to 110% of the total premiums paid during the policy’s duration.
| Term Plan | Eligibility Criteria |
| Age Criteria | Minimum: 25 years, Maximum: 60 years |
| Maximum Maturity Age: | 75 years |
| Policy Term | 10-20 years |
| Sum Assured | Min: Rs. 9.10 lakhs, Max: Rs. 1.4 Crore |
7. PNB MetLife Income Protection Plan
Safeguard your family’s needs in the event of your absence. This plan will look after their financial concerns by providing a regular income to meet their needs.
Plan Benefits:
- Choice of Features: Choose your tenure and payout options.
- Tax Benefits: Avail tax benefits under prevailing income tax laws.
- Death Benefits: 10 times the amount of the yearly premium is payable upon demise of the insured.
- Guaranteed Payouts: This policy offers the policy holder with guaranteed payouts to replace the value of salary in their lives in older age specially
| Term Plan | Eligibility Criteria |
| Age Criteria | Minimum: 18 years Maximum (Subject to the RoP option chosen): 55 years |
| Maturity Age | (Subject to the RoP option chosen): 75 years |
| Policy Term | (Subject to the RoP plan chosen): 15 or 20 years |
| Sum Assured | Min. Depends on premium Max. Rs. 10,00,000 |
| Options for monthly income | INR 10000; INR 25000; INR 50000; INR 75000; INR 100000 |
| Plan Option | Term Cover & Term with Return of Premium Option(TROP) |
8. PNB MetLife POS Suraksha
With this plan, any worries about your family’s financial future will be a thing of the past. In the event of your demise, your family will receive a regular income to meet all their needs and requirements.
Plan Benefits:
- Various Features: Select your choice of tenure and payout options.
- Tax Benefits: Avail tax benefits under prevailing income tax laws.
- Death Benefits: Payable upon demise of the insured.
- Maturity Benefits: On Maturity, you will receive the Sum Assured on Maturity, which is equal to 100% /110% / 130% /150% of your total premiums, depending on the plan type you choose.
| Term Plan | Eligibility Criteria |
| Age Criteria | Minimum: 18 years, Maximum: 55 years, For Policy term 15: 50 |
| Maximum Maturity Age: | 65 years |
| Policy Term: | 5, 10, or 15 years |
| Basic Sum Assured: | Minimum: ₹50,000, Maximum: ₹25,00,000 (in multiples of 50,000) |
| Payment Frequency Options | Monthly, Half yearly, Yearly |
| Death Benefit Option | Monthly Income: Payments will be made over a period of 120 months (10 years) The death benefit will be paid in a lump payment. |
What’s Not Included In The PNB MetLife Term Plans
The term plans by PNB MetLife exclude the following scenarios.
Suicide Exclusion:
In case of the death of the Life Insured due to 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 80% of the total premiums paid until the date of death or the Surrender Value (if available) on the date of death, whichever is higher. In this case, the Sum Assured shall not be payable.
Exclusions under Accidental Death Benefit:
Accidental Death benefits shall not be applicable in the following situations.
- Death due to self-inflicted injury or attempted suicide
- War, terrorism, invasion, hostilities, the act of a foreign enemy, civil war, martial law, revolution, rebellion, mutiny, armed or unarmed truce, military or usurped power, riot or civil commotion, strikes
- Participation in naval, military, or air force operations during peacetime
- Assault, criminal offense, illegal activity, or any breach of law with criminal intent
- Participation in professional sports or any hazardous pursuits such as diving, riding, racing, underwater activities, martial arts, hunting, parachuting, mountaineering, bungee jumping
- Drunk driving or driving under the influence of narcotics
- Substance abuse such as consumption of alcohol, drugs, narcotics, or psychotropic substances unless taken in accordance with the prescription or lawful directions of a registered medical practitioner
- Participation in any flying activity, except as a fare-paying passenger and cabin crew of a recognized airline
- Nuclear contamination
Exclusions under Critical Illness Benefit:
Critical Illness benefits shall not be applicable in the following situations.
- Pre-existing disease, condition, injury, or ailment
- Any disease occurring within 90 days of the start of coverage or date of reinstatement, whichever is later
- Any external congenital condition
Riders Offered With PNB MetLife Term Insurance
- PNB MetLife Accidental Death Benefit Rider Plus: The nominee is paid an additional Death Benefit Sum Assured in case the Life Insured dies by accident.
- PNB MetLife Accidental Disability Benefit Rider: The Life Insured is paid a pre-decided Accidental Disability Benefit in case he/she meets with an accident that results in disability.
- PNB MetLife Serious Illness Rider: The Life Assured is paid the Serious Illness Benefit on the first diagnosis of the 10 covered serious illnesses.
- PNB MetLife Critical Illness Rider: The Life Assured is paid the Critical Illness Benefit on the first diagnosis of the 2 critical illnesses that include cancer and heart attack.
Steps To Buy PNB MetLife Term Plans
The PNB MetLife term insurance plans can be bought easily in just 3 steps.
- Visit the PNB MetLife website and click on ‘Buy Insurance’. Select ‘Family Protection Solutions’ and choose the plan that best matches your requirements.
- Click on ‘Buy Online’ to calculate your premium and enter all the required details. Ensure to disclose the complete truth while filling in this information.
- Click on ‘Get Quote’ to obtain an approximate value of the term insurance coverage you are eligible for, along with the value of the premiums payable. Thereon, add any riders or additional benefits you would like to opt for. Once the selection is done, choose your preferred mode of payment and make the payment online to get your policy.
Documents Required to Buy PNB MetLife Plans
Age Proof: Any of the below documents can be submitted as age proof
- PAN Card
- Passport
- Driving License
- School Leaving Certificate
Address Proof: Any of the below documents can be submitted as address proof
- Aadhar Card
- Voter ID
- Passport
- Driving License
- Ration Card
- Electricity / Telephone / Gas Bill
Identity Proof: Any of the below documents can be submitted as identity proof.
- Aadhar Card
- PAN Card
- Passport
- Driving License
- Voter ID
Passport size photographs
Income Proof: Any of the below documents can be submitted as income proof.
- Salary slips
- ITR-V for the past 3 years
PAN / Form 16 (Compulsory)
Renewal Process For PNB MetLife Term Plans
- Visit the PNB MetLife website and log in.
- Select the term plan you would like to renew. Alternatively, enter the policy number in the search bar to locate the policy manually.
- Add/remove/modify any riders as applicable.
- Make the payment for the renewal premium and get the renewed policy document in your mailbox.
Claims Process For Term Insurance Plans by PNB MetLife
In case of an unfortunate incident, follow the below steps to file a claim for your term policy.
- Intimation: The first step while filing an insurance claim for your PNB MetLife term policy is to intimate the company about the death of the Life Insured. This should be done within 90 days of the death of the insured. The claimant needs to submit a duly filled claims form and relevant documents to initiate a claim.
- Processing: Upon receiving the claims form, PNB MetLife verifies all the information and documents submitted. In some cases, the company can ask for additional documents as applicable.
- Payout: The claim is processed within 30 days of the submission of relevant 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 decision is taken within 30 days of the completion of the investigation.
Documents Required to File a Claim
The following documents must be furnished to file a claim for your PNB MetLife term insurance policy.
Death Claims:
- Original policy document
- Duly completed claims form
- Copy of the photo identity proof and address proof of the claimant/nominee
- Copy of Death Certificate showing the circumstances and the cause and date of death, if applicable
- Canceled cheque or copy of bank passbook
- Proof of title to the policy, wherever applicable
- Medical records and/or FIR, police inquest, final police report, Post Mortem report, Viscera report, if applicable
- Any other documentation or information requested by PNB MetLife
Terminal Illness/Critical Illness/ATPD Claims:
- Duly completed claims form
- Copy of the photo identity proof and address proof of the claimant/nominee
- Canceled cheque or copy of bank passbook
- A medical report confirming the occurrence of Critical Illness/Terminal Illness as acceptable to PNB MetLife
- Attending consultant’s statement confirming the diagnosis and occurrence of the Critical Illness/Terminal Illness
- Complete medical records for the diagnosis and treatment of the illness. This includes discharge summary, indoor case papers, all test or investigation reports like Histopathology reports, Dialysis records, blood test reports, angiography reports, surgery or operation notes
- First consultation and follow-up consultation notes
- FIR, police inquest, final police report, if applicable
- Any other documentation or information requested by PNB MetLife
Frequently Asked Questions
Both the policies, PNB MetLife Mera Term Plan and PNB MetLife Mera Term Plan Plus, are crafted to provide comprehensive cover for you and your family. However, there are several factors that distinguish them from one another. Some of them are listed below.
- Payout options
- Return of premium upon survival
- Increasing cover options
- Cover for spouse and children
The PNB MetLife Mera Term Plan offers four rider options, including the Serious Illness Cover and Critical Illness Cover. The Serious Illness Cover provides coverage for 10 serious illnesses, while the Critical Illness Cover provides coverage for only cancer and heart attack.
The Serious Illness Cover rider offers coverage for the following listed illnesses.
- Myocardial infarction (First heart attack – of specified severity)
- Stroke resulting in permanent symptoms
- Cancer of specified severity
- Open chest CABG
- Kidney failure requiring regular dialysis
- Major organ/bone marrow transplant
- Aorta surgery
- Total blindness
- Open heart replacement or repair of heart valves
- Permanent paralysis of limbs
The PNB MetLife Aajeevan Suraksha plan can be enhanced with the following riders.
- PNB MetLife Accidental Death Benefit Rider Plus
- PNB MetLife Serious Illness Rider
The PNB MetLife Aajeevan Suraksha Plan does offer surrender benefits if the following conditions are met.
- For Single Pay: The policy acquires surrender value upon the payment of the single premium
- For Limited Pay: The policy acquires surrender value upon the payment of the due premiums for at least two consecutive years
- For Regular Pay: If ‘Without Return of Premiums’ option is chosen, the policy does not offer a surrender value.
The Mera Mediclaim Plan is divided into two components, the Life Insurance component and the Health Insurance component. The policy provides cover for your entire family only under the Health Insurance component.
The initial waiting period for the Mera Mediclaim Plan is 30 days for any illness, except injury. In the case of pre-existing diseases, a waiting period of four years of continuous coverage is applicable.
All PNB MetLife term insurance plans get lapsed upon non-payment of premium beyond the grace period. The PNB MetLife Mera Jeevan Suraksha Plan offers a revival period of 5 years. The policy is terminated at the end of the revival period.
The PNB MetLife Family Income Protector Plus plan provides for tax benefits for both premiums paid and benefits received as per the Income Tax Act, 1961.
The PNB MetLife Mera Term Plan Plus provides an option to add Spouse Coverage to your plan at an additional premium. Adding Spouse Coverage to your plan impacts the value of the Sum Assured.
PNB MetLife understands that with increasing responsibilities, the need for additional cover and security becomes imperative. The life stage protection option provides for additional cover at vital stages of your life such as marriage and birth of children.
For any claim-related queries, please write to us at indiaservice@pnbmetlife.com.
PNB MetLife can reject a claim on the following grounds.
- Wrong information
- Concealment of critical information
- Incorrect/insufficient/absence of nominee details
- Policy lapse due to non-payment of premiums
- Non-disclosure of medical history
All term insurance plans by PNB MetLife come with a free 15-day look period. During this period, you may return a policy if you do not agree with its terms and conditions.
PNB MetLife advises policyholders to undergo medical tests while buying a term policy as it helps us better understand your medical history for better coverage. If you opt for the PNB MetLife POS Suraksha plan, you do not need to undergo any medical tests.
Nomination is the right granted to a life insurance policyholder to appoint a person or persons to receive the policy money if the policy becomes a claim due to death. A nomination can be made by any policyholder who is a major and the Life Insured under a policy. A nominee is the person named by the policyholder to receive the proceeds of an insurance policy if the insured dies.
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