Insurance Plans 2183 views November 27, 2019

PNB MetLife Term Plan

PNB MetLife is one of the leading insurance companies in India today. Launched in the year 2001, it is headquartered in Mumbai and is spread across 7000 different locations in the nation. Their insurance products and services range from health to life and retirement etc. and have been consistently providing beneficial plans to their strong base of customers over the years.

Term Insurance

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PNB MetLife Term Plan is one of the best ways to financially secure yourself and your family from an untoward scenario. These insurances are commonly referred to as “pure life insurances” and are curated to provide adequate monetary coverage for a timeframe. Term Life insurances are bound to the time periods they are purchased for, with a premium, to provide the policyholder’s nominee(s) a death benefit in case of the holder’s death within that time period. The premium is used to protect the risk of insuring the policyholder therefore one should ideally opt for policies with higher sum assured but at affordable premiums. Furthermore, the policies are age bound and initiate from when it is purchased going up to the age mentioned in the policy. Purchasing term policies at a young age will help in lowering the premiums considerably. You can also opt for riders on the primary policy if necessary as it will provide additional coverages aside the term benefits.

PNB MetLife insurances are one of the best term plans in India and all necessary details regarding it are elaborated below.

Benefits and features of PNB MetLife Term Insurance Plan-

  1. They have long policy tenures: of about 50 years and above, which is helpful to purchase plans at a young age for nominal premiums and high sum assured.
  2. The affordability of these plans is a major benefit. A cover for Rs. 1 crore can be accessed for cheap premiums.
  3. PNB MetLife term plan has enough additional coverage along with the term plans at reasonable additional premiums for added benefits. But for this, the required criteria have to be met with. For example critical illness rider.
  4. The tax benefit is another great advantage as they are exempted from the deduction for premiums with less than 10% of the sum assured. It is also exempt from section 10 (10D) of the Income Tax Act.
  5. The death benefit is a feature that ensures that the sum assured to the benefactors in case of untoward happening.
  6. A grace period of about 15 to 30 days is allowed for the late payment of premium. Within this period the premium should be paid to avoid charges or policy lapsing.
  7. A mandatory medical test is required by the company before issuing any policies.

How to buy PNB MetLifeTerm Plan online?

You can purchase a policy online through the company’s website. The steps are fairly simple and quick.

  1. Visit their registered website and click on the types of insurance option.
  2. On this page, you will find all the different policies available, take your pick.
  3. You will have to type in your basic information: name, age, income, phone number etc. and certain other necessary questions asked should also be duly answered to check for your eligibility.
  4. All different insurances and their quotes will be visible on the screen, compare these insurance plans. Any required riders of your choice can be added after this step.
  5. Proceed to the payments gateway and fill in the necessary details and complete the payment.

The different Term Insurances by PNB MetLife –

  1. PNB MetLife Term Insurance Plans
  2. PNB MetLife Mera plan
  3. PNB MetLife Mera Heart and Cancer Care
  4. PNB MetLife Mera Jeevan Suraksha Plan
  5. PNB MetLife Grameen Ashray
  6. PNB MetLife Critical Illness Rider
  7. PNB MetLife Accidental Disability Benefit Rider
  8. PNB MetLife Accidental Death Benefit Rider Plus
  9. PNB MetLife Serious Illness Rider
  10. PNB MetLife Aajeevan Suraksha Plan
  11. PNB MetLife Complete Care Plus
  12. PNB MetLife Bima Yojana
  13. PNB MetLife Group Term Life Plus
  14. PNB MetLife POS Suraksha
  15. PNB MetLife Family Income Protector
  16. PNB MetLife Loan and Life Suraksha
  17. PNB MetLife Pradhan Mantri Jeevan Bima Yojana

These are Term insurances offered by the company.

Questions to Know Before Applying for PNB MetLife Term Plan –

Here are some of the common questions that help understand different facets of buying a term insurance plan:

1. How to find the best insurance plan in India?

There is no thumb rule for that. If an insurance cover matches your lifestyle, budget and requirements then it the best insurance plan. The highlighted factors however are the sum assured, policy tenure, and premium. Be sure to compare and then pick the best available option on the basis of your budget and coverage requirement. Note that purchasing online saves on the premium.

2. Why choose PNB MetLife for Term Insurance?

You can choose the company because it has held a reputable position in the market for years and can be trusted. It is tied up with known banks like PNB etc. They have a high claim settlement ratio and are hassle-free. Moreover, the policy can be customized as per need.

3. How Buying Term Insurance Plan Will Make Family Safe? What are the pros and cons of Term Life Insurance Policy?

Family Term Insurances can also be purchased, including joint term insurance for partners. It covers for your family members and spouse respectively. Irrespective of the death of either the holder or the spouse the policy continues till the death of the other. It is an excellent choice for a family as it is interconnected and ensures a high coverage. It keeps the family protected monetarily from an unforeseen occurrence. The pro is the financial security it provides and the con is that if the holder survives the maturity of the policy then the premium paid will not be returned unless otherwise.

To summarize, PNB MetLife insurances are an excellent choice to provide one’s family with financial security in case of untoward happening. There are different types of term insurance plans available to pick from and can be easily purchased online from some of the top life insurance companies in India like PNB MaxLife, Aegon, HDFC, Max Life insurance companies etc.

The premiums for the term insurance plan can either be incremental: sum assured increases every year by a specified amount upon the commencement or decreasing term plan: the premium might remain the same or reduce with passing years.


What to consider before buying term insurance?

Here are some factors to consider:

  1. The coverage provided is a crucial factor
  2. Take into account all your liabilities and include them in the sum assured
  3. Claim settlement and Solvency ratios are a big factor to consider
  4. In case of a history of illness in the family then a critical illness cover should be considered
  5. The terms and conditions of the policy, transparency of the charges and fees
  6. Make sure to think in terms of benefits in the long term.

Why buy Term Insurance online?

Purchasing term insurance online is convenient, handy and efficient. Moreover, the premiums would be cheaper in the absence of intermediaries and commissions.

What are the required documents to buy term insurance?

The required documents are:

  1. Passport/driving license/Aadhaar Card/Voter ID etc. for age and address proof
  2. PAN card for Identity proof and Salary slips etc. for income proof.

How to choose the perfect Term Life Insurance policy?

The perfect insurance should cover your entire familial income requirement; those with riders must provide the maximum benefit to you personally. Be sure to compare different choices and pick an investment that not only allows you to cut on the premium costs but also does not compromise with the coverage and sum assured.

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