Term Insurance 5811 views November 27, 2019

PNB Metlife Term insurance

PNB MetLife is one of the leading insurance companies in India today. The Mumbai-headquartered life insurance company was launched in 2001 and is spread across 7000 locations in India. Its insurance products and services range from health to life and retirement and have been the favourite 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 provide the nominee(s) a death benefit in case of the policyholder’s death within that time period. The premium is used to protect the risk of insuring the policyholder, so 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 beside 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 under section 10 (10D) of the Income Tax Act.
  5. The death benefit is a feature that ensures that the sum assured to the beneficiaries in case of death.
  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 it issues any policies to you.

How to Buy PNB MetLife Term Insurance Plan online?

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

  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, so take your pick.
  3. You will have to type in your basic information: name, age, income, phone number and answer certain other necessary questions to check 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.

Different Types of PNB MetLife Term Insurances Plans

  1. PNB MetLife Mera Term plan
  2. PNB MetLife Mera Term Plan Plus
  3. PNB MetLife Mera Jeevan Suraksha Plan
  4. PNB MetLife Mera Saral Jeevan Bima
  5. PNB MetLife Aajeevan Suraksha Plan
  6. PNB MetLife Income Protection Plan
  7. PNB MetLife Family Income Protector Plus
  8. PNB MetLife POS Suraksha

These are the term insurance plans offered by the company. Let’s talk about them one after another.

PNB MetLife Mera Term Plan

The plan covers policyholders till the time they attain the age of 99 years, except the joint life cover option where the maximum age at maturity can’t exceed 75 years. It comes with both regular and limited pay options. A regular pay option means the premium payment for the whole term. Whereas a limited pay will have a premium paying term lower than the policy term. So, with limited pay, you can pay for less time but continue to get covered throughout the policy term. In this plan, the premium for limited pay will go on for 10 years.

PNB MetLife Mera Term Plan Plus

The plan comes with options of Life, Life Plus and Life Plus Health. Life option covers against death. Whereas Life Plus covers against death and terminal illness and all future premiums get waived upon accidental permanent disability or diagnosis of any specified critical illness. Life Plus Health Option remains the same as Life Plus, except that it provides an accelerated lump sum on diagnosis of listed critical illness.

Like PNB MetLife Mera Term Plan, this also offers cover till the age of 99 years. But if you choose a Life Plus Health and return of premium options, the maximum age at maturity will be 75 years.

This is one comprehensive plan that helps meet all your key milestones such as your children’s higher education along with the usual life cover to your family members in case you die during the policy term. The step-up benefit of the plan will ensure the life cover increases by 10% every year for the next 10 years. The plan comes with options of Lumpsum Payout, Monthly Payout and Lumpsum + Monthly Payout. On payingan additional premium, you can also cover your spouse with this plan.

You can choose to pay the premium once, throughout the policy, or a limited term of 5,10,15 or 20 years. The plan also offers you the option to pay the premium till you attain 60 years of age.

PNB MetLife Mera Jeevan Suraksha Plan

The plan offers financial protection to the nominees in the event of a policyholder’s death or terminal illness. You can also opt for a return of premium, so if you survive till maturity, the policy will return you the paid premiums. On choosing higher sum assured, you will get special premium rates. The benefit options under this plan are as follows –

  1. Benefit Option 1 – Lump Sum
  2. Benefit Option 2 – Life Partner
  3. Benefit Option 3 – Fixed Income
  4. Benefit Option 4 – Increasing Income

PNB MetLife Mera Saral Jeevan Bima

It’s a standard term plan that offers your family members the financial cover in your absence with a sum assured ranging from INR 5 lakh to INR 25 lakh. With this plan, you could pay the premium once, for a limited period, or throughout the policy term. The limited premium paying terms are 5 and 10 years. The policy term for this plan ranges from 5-11 years depending on the premium payment type you choose. For single and regular premium payments, the policy term will be 5 years. Whereas for a 5-year limited premium payment term, the policy term will be 6 years. The policy term will rise to 11 years for a 10-year limited premium payment term.

PNB MetLife Aajeevan Suraksha Plan

The plan comes with a life cover option for whole life or fixed term with coverage up to 99 years of age or for a policy term ranging from 10 to 40 years. You have four benefit options – Lump Sum, Life Partner, Fixed Income and Increasing Income. The ‘Return of Premium’ option is also available, so if you choose it and survive until maturity, you will get back all your paid premiums. All three – Single, Limited and Regular Premium Payment options – are available for you. Limited premium payment terms can range from 5-15 years.

PNB MetLife Family Income Protection Plan

It comes with two death benefit options – Lump Sum and Monthly Income. Choose between the two according to your requirements. In case you survive till maturity, a guaranteed sum of 100-150% of the total premium paid will be returned to you. You can choose to pay the premium for 5, 7 or 10 years.

PNB MetLife Family Income Protector Plus

It’s a plan that comes with monthly income for your family members if you die during the policy term. The monthly income will continue for up to 20 years. You can choose from monthly income options – INR 10,000, INR 25,000, INR 50,000, INR 75,000 and INR 1,00,000. In case you opt for ‘Return of Premium’, you will receive up to 110% of the premium amount should you survive till maturity.

PNB MetLife POS Suraksha

It provides life cover throughout the policy term and offers you the flexibility to choose premium payment terms between 5 and 10 years. In case you choose a 5-year premium payment term, the policy term will be 10 years. For a 10-year payment term, the policy term will rise to 15 years. Those choosing ‘Return of Premium’ will get back their paid premiums at maturity should they survive the policy term.

How to File a PNB MetLife Insurance Claim?

In case of death of the policyholder during the policy term, nominees will need to intimate a claim by mentioning the following details online or offline. In case of online intimation, you need to visit the official website of LIC and follow a few simple steps afterward. Check out the same below. 

  • Go to the official website of LIC and scroll to the ‘Services’ tab
  • Click on ‘File a Claim’ and get redirected to a page asking you to mention the policy number, the name and date of birth of the insured person, and your relationship with the insured
  • Upon adding these details, PNB MetLife will get to know the intimation.

Claim Intimation via email

You can also download the Claim Intimation Form on the official website of PNB MetLife. Fill the details asked in the form and send an attached copy of it to claimshelpdesk@pnbmetlife.com.

Intimate via KhUshi App

Download the KhUshi App and intimate PNB MetLife about the claim.

Intimate via Letter

Intimation can also be made by filling the form at the branch of PNB MetLife and sending it to the claims department of the insurer via post.

Documents to be Submitted for PNB MetLife Term Insurance Claims

Claiming PNB MetLife insurance also requires submitting the required documents. Also, the list of documents would vary based on the type of casualties – death, accidental death, critical illness and waiver of premium – for which the claim is to be made. Let’s check below the documents required under each of these claims.

Death Claim

  • Death certificate issued by the local authority
  • Statement of the claimant
  • Certificate from the treating doctor or family physician
  • Nominee’s Photo ID and Address Proof
  • Beneficiary’s cancelled cheque or bank passbook
  • Authorization letter from the claimant if the intimation is made through any third party

Accidental Death

In addition to the documents required under natural death, the following evidence would also need to be submitted.

  • Attested copy of Viscera Report/Post Mortem Report
  • Attested copy of Inquest Report/Panchnama/FIR
  • Copy of Newspaper Cutting (If Any)

Critical Illness

One needs to submit the following documents while claiming for critical illness, which is provided as a rider to the base plan.

  • A certificate from the doctor
  • Statement of the claimant
  • Discharge summary and other medical records issued by the hospital, such as admission sheet, bed tickets, etc.
  • Bank passbook or cancelled cheque of the life assured
  • Authorization Letter from the claimant if the third party claims

Note – Critical illness rider claim is possible only upon the completion of the survival period.

Waiver of Premium

The following documents are required when filing a claim for waiver of premium.

  • Statement of the claimant
  • Death certificate issued by the local authority
  • Original/attested copies of treatment and diagnosis reports
  • Attested copies of Admission Sheet, Bed Head Ticket, Discharge Summary and other hospital records
  • Disability certificate provided by the civil surgeon or competent specialist six months after getting injured
  • FIR
  • Bank passbook or cancelled cheque of the nominee under the policy
  • Authorization letter from the claimant for claims made by the third party

How Does PNB MetLife Process the Claim?

Upon receiving the intimation, PNB MetLife scrutinizes the details submitted and processes the claim within 30 days in case documentation is fine and no investigation is required. In case of investigation, the insurer might take up to 90 days to process your claim from the date of receiving the documents. The insurer will release the payment upon successful approval of the claim.

Questions to Know Before Applying for PNB MetLife Term Insurance Plan

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

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.

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.

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.

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