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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.
An online term insurance plan which provides coverage at affordable costs. The features and benefits of the plan are as follows:
| Minimum | Maximum | |
| Entry Age | 18 years | 65 years |
| Maturity Age | - | 75 years |
| Policy Term | 10 years | 40 years |
| Sum Assured | Rs.10 lakhs | Rs.500 crores |
| Annual Premium Amount | Depends on the coverage, age and tenure | |
| Premium Payment Term | Equal to policy term | |
| Premium Payment Frequency | Yearly or monthly | |
A term insurance plan which promises monthly payouts after death. The features and benefits of the plan are as follows:
| 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 | |
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.
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.
For online premium payment, login to your account with Client ID and password, and click on the ‘Pay Premium’ tab for completing the process.
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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