PNB Metlife India Launches New Health Product Covering 35 Critical Illnesses for 10 Years

The PNB MetLife India Insurance Company has entered the health insurance segment with the launch of a unique product offering coverage for 35 critical illnesses for 10 years. Furthermore, the policyholder receives the accumulated premium if he/she does not fall ill during the policy tenure. 

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      Under ‘MetLife Major Illness Premium Back Cover (MMIPBC)’, insured will receive the complete insurance amount, upon diagnosis of the disease and does not solely take into account hospital bills, as in the case of indemnity-based products. The financial assistance can be used for paying hospital and medical bills, income loss for that period and travel bills. 

      With this winning product, PNB MetLife will foray into the online sales medium and create a tangible online presence.

      Mr. Tarun Chugh, Managing Director & CEO, PNB MetLife, said urban audience prefers to engage with companies on a digital platform, and the insurance sector is no different- rather it has tasted immense success, with thousands of customers purchasing term plans directly from the company websites or third-party portals. The online medium offers a cost-effective approach for companies to reach into large markets and also allows customers to conveniently compare and purchase. With the escalating internet penetration, insurance providers can leverage the technology to educate the youth on the benefits of obtaining insurance at an early stage of their careers.

      The health insurance segment is small, while the treatment costs are heavy. Usually, it is the treatment cost that puts the family’s financial health at risk, and that is where MMIPBC will play its part- offer comprehensive protection against 35 critical illnesses for 10 years.

      Mr. Chugh mentioned the National Sample Survey Organization report that indicated a staggering 40% population has either borrowed money or sold assets to cover their medical expenses. Thus, MMIPBC will be sold online for helping a large chunk of population at highly affordable premiums. He firmly believes that MMIPBC will show promising results in the near future, due to the colossal benefits the policy offers.  Additionally, application process is hassle-free and swift that enhances the advantages of this simple health insurance plan.

      Upon being quizzed, “How PNB MetLife India plans to popularize the online sales channel, when 50% health insurance buyers do not research online before buying the cover?” Mr. Chugh replied, studies indicate that buyers’ research online but purchase offline. Thus, we must popularize our product and boost awareness via the social media channels.  Initially, we will offer a 5% rebate on the annual premiums. And in the next phase, we will launch a 360-degree campaign to expan the market.

      For safer online transactions, PNB MetLife India has collaborated with RBI approved payment platform, as today customers are more confident in making online financial transactions with the explosion of e-commerce portals.

      Source: This news was published on May 6, 2015 in thehindubusinessline.com under the title: We see online health insurance sales changing with benefit-based products: PNB MetLife chief

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