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PNB Metlife Life Insurance Company comprises of numerous stakeholders some of which include Metlife International Holdings LLC, Punjab National Bank Limited, Jammu and Kashmir Bank Limited and M. Pallonji and Company Limited among others. The company being the major alliance between Metlife International Holdings, one of the pioneer insurance companies of the world and Punjab National Bank boasts of expertise in both the insurance sector and financial sector. The company caters to the customer’s needs through a presence across 8000 locations including banks and other financial institutions besides the insurer’s own branches.
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PNB Metlife Life Insurance Company offers two types of term plans which have attractive features and benefits.
This PNB term insurance plans is available online and provides coverage at affordable costs. The features and benefits of the plan are as follows:
The plan offers 3 benefit options: Life, Life Plus, Life Plus Health
Under this PNB term insurance plan, you can choose to cover your spouse within the same plan or choose the return on premium options
You can enhance the base sum assured under this plan with the Step-up benefit, Life Stage benefit, or Child Education Support Benefit
Choose to receive the benefit payout as a lumpsum, monthly, income, and lump sum plus monthly income
The policyholder can enjoy tax savings in the form of exemptions on premiums paid as per Section 80C and claims received as per Section 10(10D)
| Minimum | Maximum | |
| Entry Age | 18 years | 60 years |
| Maturity Age | 28 years | 99 years |
| Policy Term | 10 years | 40 years |
| Sum Assured | Rs.25 lakhs | No Limits |
| Premium Payment Term | Single, Limited (5, 10, 15, 20, pay till 60 years), Regula | |
| Premium Payment Frequency | Monthly, Quarterly, Half-yearly, Yearly |
This PNB term insurance plan promises monthly payouts after death and has the following features and benefits:
Premiums under the plan are payable for the entire duration of the plan under the Regular Pay option of premium payment
In case of death of the insured during the tenure of the plan, the death benefit payable will be higher of 10 times the annual premium or 105% of all premiums paid till death or the Maturity Sum Assured.
The death benefit is paid as monthly instalments over a period which depends on the plan tenure chosen. For a 10 year plan, the payouts are payable for 240 months, for a 15 year plan the payout is for 180 months and for a 20 year plan, payouts are made for 120 months.
There are two coverage options under this PNB term insurance plan. One is Term Cover where no maturity benefit is payable and the other is Term with Return of Premium cover where in case of maturity, 110% of the total premiums paid are returned back to the policyholder if he survives till maturity.
The Income Tax Act makes the premiums non-taxable and also the claims non-taxable in the hands of the policyholder.
| Minimum | Maximum | |
| Entry Age | 25 years | 60 years |
| Maturity Age | - | 75 years |
| Policy Term | 10, 15 or 20 years | |
| Sum Assured | Rs.9.10 lakhs | Rs.1.42 crores |
| Monthly Income | Rs.10, 000 | Rs.1 lakh |
| Annual Premium Amount | Rs.2920 | Rs.629, 670 |
| Premium Payment Term | Equal to policy term | |
| Premium Payment Frequency | Yearly, half-yearly or monthly |
This PNB term insurance plan offers substantial coverage for low income individuals and has the following features and benefits:
Provide financial protection for your family in the event of your unfortunate demise
Choose the most suitable policy term from 5 to 40 years to fit your needs
You can select the most suitable premium payment option from limited term pay, regular premium pay, and one time premium pay
This PNB term insurance plan has a waiting period of 45 days from the date of commencement of policy cover
This PNB term insurance plan offers tax benefits under section 80C and 80D as per the prevailing tax laws
Eligibility Details
| Minimum | Maximum | |
| Entry Age | 18 years | 65 years |
| Maturity Age | 23 years | 70 years |
| Policy Term | 5 – 40 years | |
| Sum Assured | Rs. 5 lakhs | Rs. 50 crores |
| Premium Payment Term | Single, Limited for 5 years, Limited for 10 years, Regular | |
| Premium Payment Frequency | Yearly, half-yearly or monthly | |
Note: You can use the term insurance calculator to check the premiums applicable for your PNB term insurance plans.
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Here is how you can buy a PNB term insurance plan online from Policybazaar:
Step 1: Visit the term insurance page of Policybazaar
Step 2: Fill in your name, gender, date of birth, and other required information
Step 3: Select the right smoking habit, occupation type, educational qualifications, and annual income
Step 4: Choose the best PNB term insurance plan from the list of available plans and proceed to pay
Most term plans can be bought as soon as the person reaches 18 years of age. So as soon as a person becomes financially independent, which sometimes happens as early as age 21, the person should buy a term plan.
A term life insurance should ideally be taken till the time the policyholder has financial responsibilities. Thus, it can again be seen that buying a term plan early on in life makes sense. Let us take a look at the example below.
25-year-old banker Kumar buys a term plan. He has a wife and a 1 year old son. He buys the term plan for 25 years as by then he expects his son to become economically independent and his financial responsibilities to end. His brother, Suresh, who is 35 years old, buys the same plan. However it doesn’t make much sense for Suresh to buy such a plan as his only daughter is already 12 years old and his financial responsibilities are expected to end in the next 15 years.
So as we can see from the example above, a term plan should be bought till the time the policyholder has dependent family members. Since the term plan doesn’t have a return component, it makes no sense to continue with the policy for a longer than required time period.
Online mode
cheque deposit at branch office
Through courier
Drop Box facility
ECS or Auto Debit facility
For online premium payment, login to your account with Client ID and password, and click on the ‘Pay Premium’ tab for completing the process.
Directly through any of the PNB Metlife branch offices
Through Advisors
Through claims department in the head office
Through regional service team
Once all the required documents are submitted (list of documents can be found on the website) and the same is verified the claims are settled within 30 days of receipt of the same.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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