About PNB Metlife Insurance

PNB Metlife Insurance Company is a joint venture between the well-known nationalized bank Punjab National Bank and globally known insurance company Metlife. Besides this, Jammu and Kashmir Bank is also a shareholder in this venture. As one of the well-known insurance company in India, PNB Metlife started its operation in the year 2001 and has made a strong foothold since them. As a leading insurance provider in India, PNB Metlife Insurance offers a wide range of life insurance products to cater the requirements of the insurance seekers.

The company offers its services across 7,000 locations in the country and has agency sales team of approximately 10,000 financial advisors. PNB Metlife Insurance offers an array of insurance products ranging from protection plans, ULI plans, child insurance plans, retirement plans, saving plans, investment plans, money back plans, etc. The company has a claim settlement ratio of 87.14% and offered 98.41% grievances settled in the year 2016-2017.

 Eligibility Criteria of PNB Metlife Insurance

  1. The minimum age eligibility of the plans offered by PNB Metlife Insurance is minimum 18 years. Whereas, the maximum eligibility criteria of the plans offered by PNB Metlife is maximum 65 years.
  2. An individual should be either a self-employed, salaried, businessmen or a professional in order to avail the policy.
  3. The maximum policy tenure of the plans is 40 years.

Types of PNB Metlife Insurance Plans

  1. Protection Plan
  2. Investment and Savings Plan
  3. Rural Plan
  4. Child Plan
  5. Wealth Plan
  6. Retirement Plan
  7. Group Plan

PNB Metlife Insurance Protection Plans

The protection plans are term plans offered by PNB Metlife Insurance are pure protection plan that provides life protection to the family of the insured in case of demise of the insured person. PNB Metlife protection plan provides coverage at an affordable rate and can be availed easily online and offline. Protection plans offered PNB Metlife are:

Plans Entry Age Premium Paying Term Policy Term Sum Assured Tax benefit
PNB Metlife Mera Term Plan Minimum-18 years

Maximum-65 years

Equal to policy term 10-40 years Minimum- Rs.10,00,000 Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife family Income Protector Plan Minimum-25 years

Maximum-60 years

Equal to policy term 10,15 and 20 years Minimum-

10 years- Rs.14,20,000

15 years –

Rs.12,00,000

20 years-

Rs.9,10,000

 

Maximum-

10 years- 1.42 Crs

15 years- 1.24 Crs.

20 years-0.95 Crs.

Tax benefit under section 80C of Income Tax Act.

PNB Metlife Insurance Savings Plans

PNB Metlife Insurance Savings Plans are specifically designed plans with an objective to provide the dual benefit of insurance cum savings. These plans are most beneficial for those individuals who want to create a financial cushion in a long-term along with a life protection. PNB Metlife savings plans help individual to create corpus along with providing financial security to the family in case of any eventuality or sudden demise.  Saving plans offered by PNB Metlife Insurance are:

Plans Entry Age Premium Paying Term Policy Term Sum Assured Tax Benefit
Metlife Money Back Plan Minimum- 13 years

Maximum-55 years

Regular 10 years Minimum-Rs2,50,000

Maximum-Rs.50,00,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act 1961
MetLife Bachat Yojana Minimum-20 years

Maximum- 60 years

10 years(Limited Pay) 15 years Minimum- Rs.64,800

Maximum-Rs5,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act 1961
Metlife Guaranteed Savings Plans Minimum- 8,3,3 years

Maximum-60 years

5

7

10

10years

15 years

20 years

Minimum- 5 Pay- Rs.4,00,000

7 pay- Rs.2,00,000

10 pay- Rs1,50,000

Maximum- No upper Limit

Tax benefit under section 80C and 10(10D) of Income Tax Act 1961
Metlife Guaranteed Income Plans Minimum-8,3,3,3 years

Maximum- 60 years

5

5

7

10

12

10 years

15 years

15 years

20 years

20 years

Minimum- 5 pay- Rs.4,00,000

7 pay- Rs2,00,000

10 pay- Rs1,50,000

12 pay- Rs.1,50,000

Maximum- No upper Limit

 

 

Tax benefit under section 80C and 10(10D) of Income Tax Act 1961
MetLife Bhavishya Plus Minimum- 20 years

Maximum-45 years

Regular 12 years Minimum- Rs.92,320

Maximum-Rs.5,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act 1961

PNB Metlife Insurance Rural Plans

PNB Metlife Insurance Rural Plans are specifically designed for people living in rural areas in the country. These are affordable savings plans that protect the family of the insured financially in case of demise of the breadwinner of the family. Rural plans offered by PNB Metlife are:

Plans Entry Age Premium Paying Term Policy Term Sum Assured Tax Benefit
PNB Metlife Gramin Ashraya Plan Minimum- 18 years

Maximum-55 years

Regular 5 years Minimum-Rs.5,000

Maximum-Rs.50,000

Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife Bhavishya Plus Minimum- 20 years

Maximum-45 years

Regular 12-24 years Minimum-Rs.92,320

Maximum-Rs.5,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife Bachat Yojana Minimum- 20 years

Maximum-60 years

 10 years (Limited Pay)  15 years  Minimum-Rs.64,800

Maximum-Rs.5,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act

PNB Metlife Insurance Child Plans

PNB Metlife Insurance child plans are investment plans that secure the future of the child financially and help to create a financial cushion so that all their future financial need can be taken care of even in the absence of the parents.  Child plans offered by PNB Metlife are:

Plans Entry Age Premium Paying Term Policy Term Sum Assured Tax Benefit
PNB Metlife Money Back Plan Minimum-13 years

Maximum-55 years

Regular 10 years Minimum-Rs.2,50,000

Maximum-Rs.5,00,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife Smart Platinum Minimum-  7 years

Maximum-70 years

5 pay, 10 pay, whole life 1-5, 6-10, Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife College Plan Minimum- 20 years

Maximum-45 years

Regular 12-24 years Minimum- Rs.2,12,040

Maximum-Rs.5,00,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife Bhavishya Plus Minimum-20 years

Maximum-45 years

Regular 12-24 years Minimum- Rs.92,320

Maximum-Rs.5,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlfie Smart Child Life Insured -Minimum – 18 years

Nominee- 90 days

Maximum-

Life Insured-55years

Nominee-17 years

Equal to policy tenure 10,15,20 years 10*Annualized Premium Tax benefit under section 80C and 10(10D) of Income Tax Act

PNB Metlife Insurance Wealth Plans

The wealth plans offered by PNB Metlife Insurance ensures that the savings of the insured are secured by making the investment in the right investment instrument so that they can get good returns on investment over a long period of time and their long and short-term financial goals can be achieved. Wealth plans offered by PNB Metlife are:

Plans Entry Age Premium Paying Term Policy Term Sum Assured Tax Benefit
PNB Metlife Mera Wealth Plan Minimum- 30 days

Maximum-60 years

Single pay

Regular pay

5 pay

10 pay

10-20 years

10-30 years

10-20 years

11-30 years

Single pay- Rs.1,25,000

Other pay- 10 times of the annualized premium or policy term X 0.5 (whichever is higher)

Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife Smart Platinum Minimum- 7 years

Maximum -70 years

5 pay

10 pay

Entire tenure of the policy

5 pay

10 pay

Whole life

—- Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife Smart One Minimum- 3 months

Maximum-65 years

Single 10-20 years 5 times the single premium in the first policy year & 1.25 times the single premium for the remaining tenure of the policy Tax benefit under section 80C and 10(10D) of Income Tax Act

PNB Metlife Retirement Plans

These plans are specifically designed for those individuals who want to create a financial egg nest and secure their life after retirement. Retirement plans provide a regular flow of income to the insured so that they can maintain a good lifestyle after retirement and can deal with any type of emergency situation. Retirement plans offered by PNB Metlife Insurance are:

Plans Entry Age Premium Paying Term Policy Term Sum Assured Tax Benefit
PNB Metlife Mera Wealth Plan Minimum- 30 days

Maximum-60 years

Single pay

Regular pay

5 pay

10 pay

10-20 years

10-30 years

10-20 years

11-30 years

Single pay- Rs.1,25,000

Other pay- 10 times of the annualized premium or policy term X 0.5 (whichever is higher)

Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife Smart Platinum Minimum- 7 years

Maximum -70 years

5 pay

10 pay

Entire tenure of the policy

5 pay

10 pay

Whole life

—- Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife Easy Super Minimum- 18 years

Maximum- 60 years

55 years

Entire tenure of the policy  

 

15 years

20 years

10 times of the selected annualized premium Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife Money Back Plan Minimum-13 years

Maximum-55 years

Regular 10 years Minimum-Rs.2,50,000

Maximum-Rs.5,00,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife Immediate Annuity Plan Standalone Annuity Tied Annuity Lifetime Yearly, half-yearly, quarterly and monthly Annuity payout
Minimum-  Single life option- 30 years

Joint life option-40 years

Maximum- 75 years

Minimum-

Single life option- 0 years

Joint life option-18  years

Maximum-90 years

PNB Metlife Bachat Yojana Minimum-20 years

Mximum-60 years

10 years (Limited Pay) 15 years Minimum- Rs.64,800

Maximum-Rs.5,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife Retirement Savings Plans Minimum- 30 years

Maximum-64 years

Single pay, 5 pay, 10 pay, equal to policy tenure Minimum-10 years (Limited &regular pay 5 years)

11 years ( Limited pay 10 years)

5 years(Single Pay)

Maximum-

Single pay- 20 years

Other pay- 30 years

 

Minimum-

Regular & Limited pay 10 years-Rs.3,00,000

Limited pay 5 years & single pay-Rs.5,00,000

Maximum- No upper Limit

Tax benefit under section 80C and 10(10D) of Income Tax Act
PNB Metlife Monthly Income Plan-10 pay- Minimum -18 Years

Maximum- 55 years

10 years 10 years Minimum Monthly income- Rs.1,500

Maximum Monthly Income-Rs.1,00,000

PNB Metlife Dhan Samriddhi Plan Minimum- 8 years

Maximum-65 years

Equal to policy term 10 years Option to choose 10 or 1.25 times the single premium Tax benefit under section 80C and 10(10D) of Income Tax Act

PNB Metlife Insurance Group Plans

PNB Metlife Insurance Group Plan is a type of life insurance policy that provides coverage for the entire group of people within a single contract. In group plans, the policyholder is the employers whereas the beneficiary of the policy are employees. Group life insurance plans provide life protection to a large segment of people under single contract and provide financial securities to those who can’t afford to have a life insurance.

Plans Entry Age Premium Paying Term Policy Term Sum Assured Tax Benefit
PNB Metlife Employee Benefit Fund Minimum-18 years

Maximum-74 years

One year renewal
PNB Metlife Traditional Employee Benefit Plan Minimum- 18 years

Maximum-1 years less than normal retirement age

Yearly renewal —-
PNB Metlife Superannuation Minimum- 18 years

Maximum-as per the policy rules

Yearly renewal —- —-
PNB Metlife Loan and Life Suraksha Minimum-15 years

Maximum-65 years

Single pay, limited pay 5 years & limited pay 10 years 2 years for single pay

5 years for 5 pay

10 years for 10 pay

Minimum-Rs.5,000/per member

Maximum-No upper limit

—-
PNB Metlife Complete Care Plus Minimum- 18 years

Maximum-80 years

Yearly renewal —- —-
PNB Metlife Group Term Life Plus Minimum- Employer-employee- 18 years

Non- employer-employee- 15 years

Maximum-

Employer-employee- 80 years

Non-employer employee- 60 years

Regular Yearly renewal Minimum-Rs.1000

Maximum- as defined  terms and conditions of the policy

—-

The Process to File Claim for PNB Metlife Insurance

PNB Metlife Insurance has a simple and hassle-free process to file a claim. The insured can make claim easily either online or offline. The insured just need to follow few simple steps in order to file a claim.

  1. In order to file a claim the beneficiary of the policy will have to inform the insurer and fill the claim form.
  2. Once the beneficiary of the policy fills the claims form thoroughly he/she will be required to submit the form along with the important documents such as policyholder name, policy number, address proof, identity proof, etc.
  3. Once the form is submitted along with the required documents the insurer verifies the form and based on the rejection and acceptance of the policy the payout is provided to the beneficiary of the policy.

Documentation Required For PNB Metlife Insurance

  1. Address Proof
  2. Identity Proof
  3. Income Proof
  4. Age Proof
  5. Pan Number

The Process to Check the Policy Status of PNB Metlife Insurance

Keeping an eye on the policy status regularly is as important as purchasing a life insurance policy. PNB Metlife Insurance provides a very simple and easy process to know the status of the policy. The insured can either call the toll free number or can check the status of the policy online in a simple and hassle-free way. Moreover, one can also know the status of the policy through the process of e-mail. Checking the policy status from time to time helps the insured to pay the premiums on times and continue to avail the benefits offered by the policy without any hindrances.

PNB Metlife Insurance FAQ’s

What are the premium payment modes available for PNB Metlife India Insurance?

Ans- The premium payment modes available for PNB Metlife India Insurance are:

  • Online mode include:
  1. Debit Card
  2. Net Banking
  3. Credit Card
  4. Payment Through Standing Instructions
  • Offline mode includes:
  1. Through ECS facility
  2. Money Order
  3. Cheque /Cash/DD
  4. IVRS
  5. Visit the nearest branch to your location.

How to check the policy status of PNB Metlife India Insurance?

Ans- There is various different methods to check the status of the policy. The insured can check the policy status through online method, by visiting the website of the company or through offline method. In offline method, the insured can send SMS and Email to the company and know the status of the policy. Moreover, the policyholder can also call to the toll free number of the company and know the status of the policy.

What is Free-look period?

Ans- In case, the policyholder is dissatisfied with the terms and conditions of the policy then a free-look period of 15 days is provided by the company during which the policyholder can cancel the policy.

What is a Grace Period?

Ans- If the insured fails to pay the premium of the policy within the due date, then a grace period of 30 days is offered by the company during which they can clear the entire due amount and continue with the benefits of the plan.

What are the tax benefits offered by PNB Metlife India Insurance?

Ans- PNB Metlife India Insurance offered tax benefit on the premium amount and maturity proceeds under section 80C and 10(10D) of Income Tax Act 1961.

What is the claim settlement process of PNB Metlife India Insurance?

Ans- To settle the claim of the policy, the beneficiary of the policy will be required to submit the document of the policy along with the thoroughly filled claim form to the nearest branch office of the company. Once the submission of the claim form and document is done, it is verified by the insurance company. After the completion of the verification process, the claim amount is paid to the beneficiary of the policy within 30 days.

What are the documents required to apply for PNB Metlife India Insurance?

Ans- The documents required to apply for PNB Metlife India Insurance are:

  • Age proof
  • Identity proof
  • PAN number
  • Address proof
  • Income Proof
  • Passport size photograph.

How to cancel the existing policy of PNB Metlife India Insurance?

Ans- In order to cancel the policy of HDFC Standard Life Insuranc, the insured will have to fill the surrender form thoroughly and submit it to the branch office. The insured will also have to pay the cancellation charge while submitting the surrender form.

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