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PNB MetLife Term Insurance Plans

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 Term Plans

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

MetlifeMera Term Plan

An online term insurance plan which provides coverage at affordable costs. The features and benefits of the plan are as follows:

  • Premiums under the plan are payable for the entire duration of the plan under the Regular Pay option of premium payment
  • The plan is available online thus reducing the unnecessary hassles of buying
  • The death benefit can be availed in four options. Under the first option a lump sum benefit equal to the Sum Assured is paid. Under the second option, 50% of the Sum Assured is paid as lump sum immediately on death and the rest is paid in equal monthly instalments @0.58% of the Sum Assured for 10 years.
  • Under the third option, 50% of the Sum Assured is paid as lump sum immediately on death and the rest is paid in increasing monthly instalments increasing at a simple rate of 12% per annum for 10 years. The fourth option is available for policyholder’s with a minor child aged less than 15 years. Under the option, 50% of the Sum Assured is paid as lump sum immediately on death and the rest is paid in equal monthly instalments for a period till which the policyholder’s child attains 21 years of age. The rate of payment depends on the age of the child at the time of the insured’s death.
  • The plan promises a Life Stage Benefit feature through which the policyholder can purchase another online term plan at important milestones in his life. in case of marriage, an amount up to 50% of the original Sum Assured can be bought subject to a maximum of Rs.50 lakhs and in case of birth of a child, 25% of the base Sum Assured can be bought subject to maximum of Rs.25 lakhs and for a maximum of 2 children. The plans can be bought without undergoing any additional medical examinations
  • Another feature is the Joint Life Cover where the policyholder and his spouse can be covered under the same plan with the spouse having 50% of the coverage granted to the policyholder.
  • Preferential rates of premiums for non-smokers
  • The policyholder can enjoy tax savings in the form of exemptions on premiums paid as per Section 80C and claims received as per Section 10(10D)

Eligibility Details

  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

Metlife Family Income Protector Plus Plan

A term insurance plan which promises monthly payouts after death. The features and benefits of the plan are as follows:

  • Premiums under the plan are payable for the entire duration of the plan under the Regular Pay option of premium payment
  • In case of death of the insured during the tenure of the plan, the death benefit payable will be higher of 10 times the annual premium or 105% of all premiums paid till death or the Maturity Sum Assured.
  • The death benefit is paid as monthly instalments over a period which depends on the plan tenure chosen. For a 10 year plan, the payouts are payable for 240 months, for a 15 year plan the payout is for 180 months and for a 20 year plan, payouts are made for 120 months.
  • There are two coverage options under the plan. One is Term Cover where no maturity benefit is payable and the other is Term with Return of Premium cover where in case of maturity, 110% of the total premiums paid are returned back to the policyholder if he survives till maturity.
  • The Income Tax Act makes the premiums non-taxable and also the claims non-taxable in the hands of the policyholder.

Eligibility Details

  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

Applying for a Term 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 Term Insurance through PolicyBazaar

  • On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
  • Click New Quotes to compare
  • 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.
  • Fill in your name, email address, city, country code, and mobile number. Click Continue.
  • 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.
  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  • 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.
  • This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

What is the earliest age at which a term plan can be bought?

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.

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For how long should a term plan be taken?

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.

PNB MetLife Term Insurance Plans - FAQ

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PNB MetLife Term Plans Reviews & Ratings

4.3 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Ganesh
Bhiwadi, March 02, 2021
Low premiums
I got my term insurance plan of pnb metlife insurance policy from the policybazaar. I got the premium rate too much low and into my budget instead. I am happy that policybazaar helped me in getting best plan.
Karuna
Anaparthi, February 19, 2021
Hassle free services
I have taken the pnb metlife term insurance policy from the policybazaar. It is hassle free to buy the term insurance plan from the website of the policybazaar and they provide with so much of details to me. Great work thanks a lot team.
Maninder
Chennai, October 18, 2016
PNB Term plan
PNB metlife life insurance is the company from which i bought term insurance policy. The policy coverage is high and premium is less. Claiming is simple and online renewals make so simple through online portal. The inbuilt benefits are awesome which makes policy perfectly for everybody.
Naman
Durgapur, September 26, 2016
Beneficial Policy
PNB metlife life insurance is my term insurance policy insurer. I got it in very low investment which facilitate me very big in return. Service is fabulous provided by the executives of the insurance company. Coverage and claims are huge and easily get.
Zara
Bhiwadi, August 25, 2016
Term plan
The term insurance policy i have purchased from pnb metlife insurance company. Service provided is fast and claims are even better. Online renewals are the best thing which makes more easier way to continue the plan. It reduces paperwork and documentation.
Abhishek
Shikarpur, April 14, 2016
Perfect Plan
I own pnb metlife term insurance policy plan which provide good facilities. The policy coverage is 94% and premium is ~Rs.21 K quarterly per year. Claims are easy to get due to rapid service provided by executives and staff members. Good tax saver and great future investments.
Hemant
Nilgiris, April 14, 2016
Awesome
I have term insurance policy plan like everyone else from pnb metlife life insurance. Really I personally feel this policy is the best with great benefits like best future security and it save tax also. Policy coverage is around 86%. I must say the service is really good which facilitate from executives and staff members. The claim are high and sanctioned easily.
Omesh
R.k.nagar, April 14, 2016
Fantastic
With friend advice got a term insurance policy plan with pnb metlife life insurance. The policy is good with good benefits. The policy coverage is 92%, service is good provided by the executives, claims are done in small period of time. Satisfied...
Bhavya
Ratangarh, April 14, 2016
Fair Deal
I purchase term insurance policy plan from pnb metlife life insurance. The policy coverage is good ~83%. The services are average but nice and on time. The claiming experience is nice, even the payback recovery is fast. The behaviour through executives is good. Nice plans, I like it.
Mankaran
Haldwani, April 14, 2016
Good Plan
I buy term policy plan from pnb metlife life insurance. My policy plan was an average one. Policy coverage is 77%, Claims are around 29 L and the service is bit slow that's why the claims take time to sanctioned. The behaviour of executives and staff members is nice.Good job.
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