Online Premium Payment 186 views June 26, 2021

PNB MetLife Insurance Premium Payment

One of the necessary things related to the PNB MetLife Insurance Policy is the premium payment on time else your policy may get lapsed. On this page, we will talk about different methods to pay the same along, its grace period and the process to revive the lapsed insurance policy. Keep reading to know more about it.

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How to Make PNB MetLife Insurance Premium Payment?

PNB MetLife Insurance Premium is an amount that you need to pay at a predetermined interval to keep your life insurance policy active. You or your family will not receive any payout during the policy term on having due premiums. PNB MetLife offers several methods by which you can pay the premium. We are showing them below. Please check!

Credit Card

Credit cards are considered one of the safest options to make the PNB MetLife Insurance Premium Payment as it requires a CVV number, and you will need to enter a unique OTP at the time of payment. With your credit card, you can protect your loved ones in a few steps. PNB MetLife accepts different types of credit cards – Visa, Mastercard, American Express or Diners Card.

Payment Gateway

You can visit the official website of PNB MetLife to pay the renewal premium via an online transaction facility. On reaching the home page, you will see the option of ‘Pay Premium Online’. Click on this option, enter your policy number and premium amount to make the payment via net banking, debit or credit card.

Prepaid Cards

You can also use prepaid cards to make the PNB MetLife Insurance Premium Payment – Oxicash, ItzCash, Zip Cash Done Cash.

NEFT Payment

PNB MetLife also gives you an option to pay the renewal premium payment from your bank account via the NEFT facility. For this, you will need to use your net banking or visit your branch. This option provides you the comfort to pay from anywhere. While making the premium payment via NEFT, you will need to have the following details.

Beneficiary Account Number – 6969<8-digit policy number> and 7070 <9-digit policy number> for renewal and new policy premium

Beneficiary Name – PNB MetLife India Insurance Company Limited

Bank Name – Citibank, Bangalore

IFSC Code – CITI0000004

Auto Debit Option – Standing Instructions

With this automated facility, you can make payments by setting up standing instructions on your bank account or credit card. To start this facility, you will need to submit the duly-filled ECS with your bank account’s canceled cheque or credit card SI mandate along with a copy of the front face of your card. You can opt for the direct debit facility at Bank of Baroda, Citibank, ICICI, IDBI and Union Bank of India.

eNACH Registration

You can also set up an eNACH mandate online that allows you to make PNB MetLife Insurance Premium Payment online via net banking or debit card. On the premium due date, a specific premium amount will be debited from your bank account.

Offline Methods

PNB MetLife Branches

If you don’t want to pay online, you can visit the nearest PNB MetLife branch to make the premium payment. You can do the same via a cheque, demand draft, cash or credit card (up to INR 1,99,999 only) or credit card (VISA and Mastercard only) Monday to Saturday.

Note: Visit the official website of the PNB MetLife to find the nearest branch.

Suvidhaa Outlets 

You can also pay your renewal premium via cash at one of the many Suvidhaa outlets across India. Do remember that premium payment in cash cannot exceed INR 50,000 in a calendar month.

PNB MetLife Bank Partners

PNB MetLife also gives the option to pay the renewal premium at the branches of the bank partners – Punjab National Bank, KBL, JKB and HDFC Bank.

What is the Grace Period of the PNB MetLife Insurance Policy?

PNB MetLife gives a grace period of 30 days after the due date for payment of your renewal premium. So, if you do not make PNB Metlife Insurance Premium Payment within this period, the policy will lapse and all the benefits will get nullified. However, if an insured person dies during the grace period of your policy, the nominee will still get death benefits.

How to Revive Your PNB MetLife Insurance Policy?

If your policy gets lapsed, you can revive your life insurance policy from PNB MetLife by following the steps mentioned below.

  1. Contact the life insurance company and fill the required documents
  2. Pay the outstanding premium amount – Outstanding premiums plus interest amount in case of lesser than six months, and interest + premiums + late fee or penalty if the payment is made after six months
  3. Medical Test (Declaration of good health)

Note: If you don’t want to revive your policy, you can get a surrender amount to obtain the fund value of your life insurance policy.

What Happens if You Pay the Excess Premium Amount?

The excess premium will be adjusted against the future premiums. In such a case, the policyholder does not earn any interest on the excess premium paid.

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