Benefits of PNB Metlife Term Plans

Here is a list of the key benefits you can enjoy with a PNB MetLife term insurance plan:

• Death Benefits: PNB MetLife term plans ensure your family’s financial well-being in your absence by providing a lump sum benefit to your nominee. This amount can be used to cover daily expenses, education costs, and outstanding loans, ensuring your loved ones don’t face financial strain.

• Maturity Benefits: Various Punjab National Bank term insurance plans offer a Return of Premium feature, where all premiums paid during the policy term are returned to you if you survive the policy period. This helps you receive your premiums paid back while keeping your family’s financial protection intact.

• Whole Life Cover: PNB MetLife offers term plans with coverage extending up to 99 or 100 years of age, allowing you to safeguard your family’s financial future for life. You can also opt for limited pay options to complete premium payments early while enjoying lifelong protection.

• Rider Benefits: Enhance your coverage with important term insurance riders such as Accidental Death Benefit, Critical Illness Rider, Terminal Illness Benefit, and Accidental Total and Permanent Disability Rider. These riders provide additional protection against unforeseen events at affordable extra premiums.

• Tax Benefits: Premiums paid toward PNB MetLife term insurance plans qualify for term insurance tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961, as per prevailing tax laws.

Features of PNB Metlife Term Plans

The following are the features of Punjab National Bank MetLife term insurance plans:

• Affordable Premiums: PNB MetLife term insurance plans offer high life cover at cost-effective premiums, helping you protect your family’s financial future without straining your budget.

• Plan Options: Choose from multiple plan options such as level cover, increasing cover, or whole life cover to match your financial goals and life stage.

• Flexible Payout Options: You can choose the most suitable payout option for your family in your absence. You can also choose between lump sum, lump sum + regular income, or regular income for 10 years options as per your preference.

• Spouse and Family Protection: Many PNB MetLife term plans include options to cover your spouse under the same policy, ensuring dual protection and peace of mind for your entire family.

• Liability and Income Protection: The death benefit payout from your PNB MetLife term plan can help your family clear outstanding debts or replace your income, ensuring continuity in their lifestyle and financial goals.

• Easy Online Purchase: Most PNB MetLife term plans are available online, allowing you to compare, customize, and buy your policy conveniently from the comfort of your home.

Special Features of the PNB MetLife Term Insurance Plans

• Child Education Support Benefit

• Step-up Benefit Available

• Get Spouse Coverage

• Choose Benefit Payout Option

• Add Riders for Enhanced Cover

• Claim term plan tax benefits

PNB Metlife Term Plans Offered by the Company

PNB Metlife Life Insurance Company offers the following of term plans which have attractive features and benefits.

PNB MetLife Mera Term Plan Plus

It is family protection plan that provides comprehensive life cover at affordable premium rates. With this plan, you get the flexibility to get protection against death, accidental disability, citical illness, and terminal illnesses.

• Whole life cover till 99 years

• Get return of premium on survival option

• Cover your spouse under the same plan

• Choose to opt for the Child Education Benefit

Entry Age: 18 years

Maturity Age: 75/99 years

PNB MetLife Saral Jeevan Bima

This is a standard term insurance plan that is desgined to fit the needs of individuals of all walks of life, is easy to buy, and is simple to understand.

• Get financial protection for family

• Choose the suitable policy term

• Select the premium payment terms

Entry Age: 18 years

Maturity Age: 70 years

PNB MetLife Aajeevan Suraksha

This Punjab National Bank MetLife term insurance plan allows you to stay covered under the plan for as long as you want, i.e., fixed tenure or whole life (till 99 years). With this plan, you can also choose the PNB MetLife online premium payment mode as per your suitability.

• Receive a return of premiums on survival

• Select the cover tenure as fixed/whole life

• Get joint life cover within the same plan

• Choose to pay the premiums per requirement

Entry Age: 18 years

Maturity Age: 80/99 years

Who Should Buy PNB Metlife Term Plans?

The following individuals should buy PNB MetLife Term Insurance Plans:

• Working Professionals

• Self-Employed Individuals and Business Owners

• Newly Married Couples

• Parents with Dependents.

• Home Loan Borrowers

How to Buy PNB Term Insurance Plan from Policybazaar?

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

Documents Required to Buy PNB MetLife Term Plans

PNB Metlife Life Insurance Company offers two types of term plans which have attractive features and benefits.

• Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID, Driving License.

• Address Proof: Aadhaar Card, Passport, Voter ID, Driving License, Electricity/Telephone/Gas Bill, Rental Agreement.

• Age Proof: Birth Certificate, Educational Certificates, Passport

• Income Proof:

  • Salaried individuals: 3-6 months of salary slips and 3-6 months of bank statements.

  • Self-employed individuals: 3 years of Income Tax Returns (ITR) and business accounts.

Factors to Keep in Mind Before Buying PNB MetLife Term Plans

Before purchasing a PNB MetLife term insurance plan, it’s important to evaluate a few key factors to make a well-informed decision and ensure the plan aligns with your family’s financial goals.

• Claim Settlement Ratio (CSR): The Claim Settlement Ratio indicates how efficiently an insurer settles claims. A higher CSR, ideally above 95%, reflects reliability and ensures your family’s claim is likely to be settled without hassles in your absence. PNB MetLife has maintained a strong and consistent CSR, reflecting its credibility and customer-centric approach.

• Solvency Ratio: The solvency ratio shows an insurer’s financial strength and its ability to meet long-term commitments. According to IRDAI regulations, all insurers must maintain a minimum solvency ratio of 1.5 (150%). PNB MetLife consistently meets this requirement, highlighting its stability and trustworthiness.

• Customer Experience: Before you buy, review what other policyholders say about PNB MetLife’s customer service and claim assistance. Positive customer feedback reflects smooth servicing and transparent claim processes, both of which are essential when choosing a long-term protection plan.

• Policy Terms and Conditions: Always read the policy brochure and detailed T&Cs carefully. Understand the PNB MetLife policy details, inclusions, exclusions, waiting periods, and rider terms to avoid surprises later. Knowing exactly what your PNB term insurance covers will help your family make hassle-free claims if needed.

• Flexible Payout Options: PNB MetLife term plans offer multiple payout modes, lump sum, monthly income, or a combination of both. Assess your family’s financial needs and choose a payout structure that ensures steady support and long-term stability for your loved ones.

How to Purchase a PNB Term Insurance Plan from the Insurance Company?

• Online
  The PNB MetLife India Insurance Co. ltd 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 PNB MetLife online premium through credit card, debit card or net banking facilities, and the Met Life PNB policy will be issued.

• Intermediaries
  PNB term life insurance plans, which are not available online, can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

What is the PNB Metlife Term Plan Claim Process?

The claim process for PNB MetLife Term Insurance is designed to be simple and hassle-free, ensuring your loved ones can easily receive the financial support they deserve. Here’s how it works:

Step 1: Apply for Your Claim
Inform the insurance company about the claim by visiting the nearest PNB MetLife branch, calling customer care, or submitting the term insurance claim online through the official website. You’ll need to provide basic PNB MetLife policy details and the nature of the claim like a death claim, accidental claim, or critical illness claim.

Step 2: Submit Your Essential Documents
Provide all the required documents, such as the claim form, original policy document, death certificate, identity proofs, and medical or hospital records (if applicable). Make sure all details are accurate to avoid any delays in processing.

Step 3: Claim Your Payout
Once the verification is complete, the insurer processes the claim as per the Punjab National Bank Met life policy terms. If approved, the claim amount is directly credited to the nominee’s registered bank account.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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