PNB MetLife Traditional Plans

4.2 / 5 based on 24 User Reviews
*Please note that the quotes shown will be from our partners

PNB MetLife , a venture between MetLife International Holdings and Punjab National Bank, has other important stake holders the list of which includes Jammu and Kashmir Bank Limited and M. Pallonji and Company Limited among others. The company has a vast experience in the financial and insurance sector through its venture companies. There are more than 8000 locations where the company is present apart from its own branches in the form of banks and other financial institutions. The insurance company sells all types of insurance plans and their plans come with great features.

What are Traditional / Investment Plans?

The investment plans aim to fulfill the savings need of the individuals with a stress on long term saving perspective. The plans come in tow variants of Endowment and Money-Back, both of which aim to secure a saving corpus and provide life insurance coverage to individuals. Premiums are to be paid as per the feature of the plans and if the customer does not pay the required premiums, the plans become paid-up in nature. In such a scenario, the Sum Assured under the plan gets reduced and this value is paid either on maturity or death as the case may be. Moreover, the plans can also earn bonuses if they are offered as Participating plans which increase the benefits payable to the policyholder.

PNB MetLife Traditional / Investment Plans

The plans offered by PNB MetLife Insurance Company are varied in nature but all of the given plans have a single aim to provide life insurance coverage to the policyholders along with an avenue to create savings through a traditional savings method. The plans are outlined below in details:

MetLife Money Back Plan

A traditional Money back plan which provides regular cash flows. Other features include:

  • Premiums under the plan are payable for the entire tenure of the plan under the Regular Pay option of premium payment
  • Money back benefits are paid from the 5th year till the 9th year @10% of Sum Assured
  • On maturity, 60% of Sum Assured is paid to the policyholder
  • On death of the insured a benefit higher of the chosen Sum Assured or annualized premium multiplied by 10 or 105% of aggregate premiums paid is payable to the nominee
  • Rebates in premiums for choosing yearly and half-yearly mode of payment @3% and 1.5% respectively
  • Discount in premiums for choosing higher levels of Sum Assured of Rs.10 lakhs or above
  • Loansare available under the plan @90% of the Special Surrender Value
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

13 years

55 years

Maturity Age

-

65 years

Policy Term

10 years

Premium amount

Rs.23, 119

Rs.51, 63, 875

Sum Assured

Rs.2.5 lakhs

Rs.5 crores

Premium Payment Term

5 years or Single Pay

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

MetLife Endowment Savings Plan

The plan comes as an Endowment plan with the following aspects:

  • Bonuses accrue on the plan as it is issued as a participating plan
  • Premium payment can be limited or regular depending on the policyholder’s choice
  • In case of plan maturity, the Sum Assured on maturity and the vested simple reversionary bonuses with any Terminal Bonus is payable
  • The insured being deceased during the plan, Sum Assured on death is payable which is higher of the applicable Sum Assured or 10 multiplied by the annualized premium or 105% of all premiums paid till the date of death with the vested reversionary bonuses and any Terminal Bonus
  • Loan can be availed @90% of the Special Surrender Value
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

20 years

60 years

Maturity Age

-

75 years

Policy Term

10 years

30 years

Premium amount

Depends on the coverage, age and tenure

Sum Assured

Rs.145, 000

Rs.5 crores

Premium Payment Term

Equal to plan tenure or 5 or 10 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

MetLife BachatYojana

A traditional Endowment plan with the following notable aspects:

  • Being offered as a plan which participates in the company’s profits, bonus is earned
  • Limited Premium is payable under the plan
  • On maturity date, the Sum Assured on maturity plus the vested simple reversionary bonuses including any Terminal Bonus is payable
  • If death occurs, the Sum Assured on death is payable which is higher of the Sum Assured or 10 times the annual premium or 105% of all premiums paid till the date of death and the vested reversionary bonuses with any Terminal Bonus
  • @90% of the Special Surrender Value can be taken as loan
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

20 years

60 years

Maturity Age

-

75 years

Policy Term

15 years

Premium amount

Rs.6000

Rs.23, 999

Sum Assured

Rs.64, 800

Rs.5 lakhs

Premium Payment Term

10 years

Premium Paying Frequency

Yearly, half-yearly or monthly

 

MetLife Bhavishya Plus Plan

A money back insurance plan which provides cash flows in the last three years of the policy. Other important points are mentioned below:

  • The plan earns bonuses through profit particpation
  • Money back benefits are payable in the last 3 years of the plan @20% of Sum Assured
  • On maturity, 40% of the Sum Assured and the accrued vested bonuses with any Terminal Bonus is payable
  • When death happens, a benefit higher of the chosen Sum Assured payable on maturity or 10 times the premium or 105% of total premiums paid is payable to the nominee including the vested reversionary bonuses and any Terminal Bonus
  • A value of 90% of the Special Surrender Value is available as loan
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

20 years

45 years

Maturity Age

-

69 years

Policy Term

12 years

24 years

Premium amount

Rs.8000

Rs.17, 999

Sum Assured

Rs.92, 320

Rs.5 lakhs

Premium Payment Term

Equal to plan term

Premium Paying Frequency

Yearly, half-yearly or monthly

 

MetLife College Plan

A traditional money back child insurance plan to safeguard the child’s future. 20% of Sum Assured is paid as survival benefits in the last 3 years of the policy. Simple reversionary bonuses accrue from the 3rd policy year and thereafter till the end of the term. In case of death, a benefit higher of 10 times the annual premium or base Sum Assured or minimum guaranteed Maturity Sum Assured or 105% of all premiums paid till the date of death is payable with the vested reversionary bonuses. All future premiums will be waived off but the plan continues. Survival benefits accrue in the last three years of the plan as and when they accrue. When the term expires, i.e. on maturity, the Maturity Sum Assured including the reversionary bonuses accrued post death and any Terminal Bonus is paid to the nominee. On maturity, the Maturity Sum Assured including the reversionary bonuses accrued and any Terminal Bonus is paid to the nominee

Applying for a Traditional / Investment Plan from the company:

Online

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

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Traditional Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

What are the other factors to consider before buying an endowment plan?

An endowment plan provides cover as well as savings. However, it is more expensive than a term plan. Also, the entire amount of money you put in doesn’t get invested in your fund. An amount is deducted for your insurance fund. So if you purely want to invest the money, you should look at the pure saving platforms such as PPF or mutual funds. Similarly, if you want pure life cover, you could opt for a term plan. However, if you have particular financial goals to meet in the future and want to assure that your family isn’t left in a challenging spot in your absence, buy an endowment plan as it will take care of these issues very effectively.

How Does an Endowment Plan Work?

An endowment plan is one of the easiest insurance plans to understand. It is a traditional insurance policy which combines insurance and savings. So you basically keep paying the premium till a particular period of time and after that, when the policy matures, you get a lump sum amount of money. If during the policy period you happen to die, your beneficiary gets the death benefit. In this way it is similar to a basic term plan. However, unlike a basic term plan, an endowment plan has the return component, i.e. it pays an endowment to the policyholder.

To know about Term Insurance  check at  PNB Metlife Term Insurance

PNB MetLife Traditional Plans - FAQ

1. How to pay premium? What are the modes of payment available?

PNB Metlife provides the following modes for paying premium:

  • Online mode
  • Cash or 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.

2. How can I check policy status for PNB MetLife traditional plans?

You can check your policy status by login in with your User ID and password on the e-portal. There is a policy details tab, wherein the status of the policy can also be checked.

3. What is the policy renewal process for PNB MetLife traditional plans?

You need to submit the required documents along with renewal form at any of the nearest PNB Metlife branches in your city.

4. What is the company’s process to settle claim for PNB MetLife traditional plans?

The company’s claim policy requires you to intimate the company about the claim policy by letter, fax, or email.

  • 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.

5. What is the policy cancellation process for PNB MetLife traditional plans?

The company’s cancellation process requires you to duly fill and submit a surrender form along with policy documents to any of the PNB Metlife branches in your city. After receiving the documents and the necessary amount for cancellation, the policy will be cancelled on record for the particular policyholder.

PNB MetLife Traditional Plans Reviews

TOTAL REVIEWS (24)
Jayant
Kurukshetra
September 26, 2016

Worth It

I invested my savings with pnb metlife life insurance by purchasing traditional insurance policy plan. Policy coverage is good and the premiums are less. Service provided is nice and on time. Claims are easy to get by executives help and the online renewals are the best.

Bejoy
Anjuna
July 26, 2016

Investment plan

I have traditional insurance policy, it has low premium but the returns are high. Service is fantastic provided by the executives. Updates are mailed to my email address regularly regarding policy plan. Good job metlife life insurance, i really like your services.

Nirman
Durgapur
July 11, 2016

Traditional Policy

My traditional insurance plan is good with maximum recovery, refund and reimbursed by the insurance company. Service is good and on time. Claiming become easy to this, Premium is less and policy coverage is high.

Vishal
Chandigarh
June 29, 2016

Good

Super traditional insurance plan i have which i buy in low premiums. The policy coverage is high and claims are good. Service provided by your company staff is fantastic. Updates regarding policy is mailed regularly to me. Internet service is also nice and easy to access.

Prem
Aligarh
April 14, 2016

Marvelous

The policy i have is pnb metlife traditional policy plan which is very good and the premiums are low with high in policy coverage 95%. The claiming part is very easy because the service is very fast with good response from the staff members. Nice future investment with tax savings.

Swaraaj
Bengaluru
April 14, 2016

Nice Services

I finally buy pnb metlife life insurance traditional policy plan. Policy covers almost all cases and the amount of returns is around 34 L. Service provided is fast and on time. Good future investment which save taxes. Nice job by executives and staff members.

Om
Patiala
April 14, 2016

Best Policy Plan

My pnb metlife life traditional policy plan is good in services. The policy coverage is good ~90% and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.39 L. I like the terms and conditons.

Gautam
Palani
April 14, 2016

Totally Safe

Policy has all benefits and the investments are also low. Around Rs.45 L is payback amount. PNB metlife life insurance provide me traditional plan which has good facilities and the service is very quick. The up gradation details in policy is mailed to me time to time. Good work.

Chavi
Zahirabad
April 14, 2016

Quality Investment

PNB metlife life insurance traditional policy plan which have 94% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to may email id and cell number. Good work.

Bhavya
Manesar
April 14, 2016

Just Go For It

I have traditional policy plan from pnb metlife life insurance. The policy provides good coverage with low premiums. Claims are around Rs.38 L. Service always on time. The executives and staff members are facilitate great services. Satisfactory policy plan, nice work.

Abhishek
Chittaurgarh
April 14, 2016

Wonderful

I own pnb metlife insurance traditional plan. Plan is good and premium is low. Policy coverage is high and payback returns too. Claiming amount is Rs.37 L. Service is fast like super sonic. The daily updates are mailed to me time to time. Overall, perfect policy plan. I like it.

Lokesh
Varanasi
April 14, 2016

Super Policy

PNB metlife life insurance is one of the best insurance company. I took traditional insurance policy plan which provide me best service and good returns. The premiums are low and the policy coverage is 84% with high claims. The behaviour is good from executives and staff members. Nice insurance plan. I like my policy plan.

Japendra
Navi_mumbai
April 14, 2016

Satisfactory Plan

Superb policy by pnb metlife traditional insurance policy plan. The returns are good ~Rs.41 L in very low premiums ~Rs.33 K quarterly per year. Service is fast which facilitate by executives and all company members with nice behaviour and quick response. I like it.

Amit
Panipat
April 14, 2016

Great

I invest my money in pnb metlife traditional insurance policy plan. The policy coverage is good ~91% and the claims are high. The premiums are low ~36 K quarterly per year. Paybacks are really very good Rs.51 L. Good investment and tax saver policy plan.

Tanmay
Delhi
April 14, 2016

Fair Enough

The traditional policy plan i have is below average. The premium is good and the returns are less. PNB metlife life insurance your services are bit slow and the waiting is normal. Web services are better. Good future investment which save my taxes too.

Raghav
Ranikhet
April 14, 2016

Powerful Policy Plan

My traditional policy plan is with pnb metlife life insurance. The policy is great with maximum benefits. The policy coverage is high ~91%. The investment is low approx. Rs.35 K quarterly per year. The claims are good and easily cleared without waiting. Payback amount is nice ~rs.44 L. Good policy plan.

Varun
Ahmedabad
April 14, 2016

Trustworthy

I finally buy pnb metlife life insurance traditional policy plan. Policy covers almost all cases and the amount of returns is around 41 K. Service provided by executives and staff members is fast and on time. Fantastic future investment which save taxes too. Good work guys, I like my policy plan.

Chirag
Udaipur
April 14, 2016

Excellent Work

Policy has all benefits and the investments are also low. Around Rs.38 L is payback amount. PNB metlife life insurance provide me traditional plan which has nice facilities and the service is very quick. The service provided by the executives and staff members are really very good. The investment is good for future and it saves taxes also.

David
Manipal
April 14, 2016

Perfect

I bought pnb metlife traditional policy plan. Policy coverage is 96% and the premium is low. Claims are ~Rs.39 L. Service is quick and even the web services are also nice and the behaviour of the staff is perfect even after buying policy. I like the policy plan.

Abhinav
Kolkata
April 14, 2016

Average

I have traditional plan from pnb metlife life insurance. Policy coverage is 83% and the claims are Rs.37 L. Service is good and quick provided by the executives and staff members. But please improve your online services. Good future investment which saves taxes too. Nice work.

Gaurav
Hoshiarpur
April 14, 2016

Fair Policy

Buy traditional plans from pnb metlife life insurance. The policy coverage is around 85%. Services provided by executives is awesome. Claims are good and done without any interruption. Overall fine life insurance which have low premiums. Nice future investment and it saves taxes also.

Harish
Mysore
April 14, 2016

Normal Plan

I Bought pnb metlife life insurance and took traditional insurance policy plan. The policy is average and the coverage is 70%. The claims are normal but the premiums are low. The service is okay which provided by the staff members. Good future investment and tax cutter also. Satisfied.

Karan
Kota
April 14, 2016

Nice

I have the best policy plan from pnb metlife life insurance. The benefits are many with low premiums. Policy coverage is 91%. Claims approx. Rs.39 L with easy procedure to get it. Good future investment. I'm happy with it.

Prashant
Udyapur
April 14, 2016

Good

I gifted life traditional plan to my wife. The policy coverage is 95% and the claims are Rs.41 L. Services provided by the executives is really very good and online facility also there which have easy interface. My wife is happy with this policy, so m i. Good Job.