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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The Policybazaar Advantage
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.
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.
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.
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.
Why buy from Policybazaar?
Lowest Price Guaranteed
Get an online discount of up to 10% when you buy online. You will not get a better price anywhere else.
Certified Expert
Policybazaar is regulated by IRDAI and will always act in the policyholder’s interest.
100% calls on Recorded Lines
Every call happens on recorded lines to ensure unbiased advice & No misselling. We believe in transparency & honest selling.
One Click Easy Refund
In case you aren’t happy with your purchase, you can cancel your policy from MyAccount hassle-free at the click of a button.
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.
Ans: 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.
Ans: 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.
Ans: 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.
A 1 crore term insurance plan provides financial security to your family by offering them a payout of 1 crore as
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PNB MetLife Term Plans Reviews & Ratings
4.1 / 5 (Based on 36 Reviews)
(Showing Newest 10 reviews)
Subhash
Uttar Pradesh, July 17, 2024
★★★★★
Professional Guidance
Policybazaar advisors provided professional guidance tailored to my specific insurance needs. They patiently answered all my questions and helped me understand the finer details of each plan.
Ramu
Madhya Pradesh, July 17, 2024
★★★★★
Educational Platform
Policybazaar platform is not just for buying insurance but also for learning about different types of policies. Their articles and guides helped me understand complex insurance terms and concepts better.
Sumit
Maharashtra, July 17, 2024
★★★★★
Responsive Team
The team at Policybazaar was responsive and proactive in addressing my queries about plans like PNB MetLife Mera Term Plan Plus and Aditya Birla Salaried Term Plan. Their support made the entire process hassle
Abhishek
Delhi, July 17, 2024
★★★★★
Detailed Comparison Tool
Policybazaar comparison tool was instrumental in comparing plans like Kotak eTerm Plan. It provided comprehensive details about coverage, premiums, and benefits, allowing me to make a well informed choice.
Samir
Chhattisgarh, July 17, 2024
★★★★★
PNB MetLife Mera Term Plan Plus Satisfied Customer
PNB MetLife Mera Term Plan Plus offered the right blend of coverage and affordability for me. Policybazaar customer support team was instrumental in helping me understand the plan's features, and their guidance was invaluable.
Mana
Uttar Pradesh, July 17, 2024
★★★★★
PNB MetLife Mera Term Plan Plus
PNB MetLife Mera Term Plan Plus met all my expectations. Policybazaar guidance made it easy for me to secure the right coverage.
Mukesh
Uttar Pradesh, July 16, 2024
★★★★★
Bajaj Life Insurance Plan
Policybazaar made my Bajaj Life insurance plan selection simple. The comparison tool is fantastic and the website is easy to navigate
Rajeev
Gujarat, July 16, 2024
★★★★★
HDFC Life Simplified
Policybazaar simplified my HDFC Life term insurance purchase. The website is easy to use and the comparison tool is fantastic
Surender
Jharkhand, July 16, 2024
★★★★★
SBI Life Saver
Policybazaar was my life saver. Choosing SBI Life insurance was stress free and fun. The support team was my guiding star. Grateful for this experience
Silender
Gujarat, July 16, 2024
★★★★★
Family Protection
Policybazaars term plan ensures my familys financial security. Transparent policies, affordable premiums. Delighted with the coverage provided.