PNB MetLife Term Insurance Plans

4.2 / 5 based on 23 User Reviews
*Please note that the quotes shown will be from our partners

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.

What are Term Insurance Plans?

A basic insurance plan is what defines a term insurance plan. The plan covers against death of the policyholder only without covering the payment of any benefit up on maturity. The policyholder is supposed to service the plan by paying the low amount of designated premiums while the company promises payment of the Sum Assured in the event of death which is the covered eventuality.

PNB Metlife Term Plans

PNB Metlife Life Insurance Company offers two types of term plan s 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

  1. On the PolicyBazaar homepage, click on Term 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. 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.

For how long should a term plan be taken?

A term plan 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

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 term insurance 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 term insurance 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 term insurance 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 term insurance 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 Term Insurance Plans Reviews

TOTAL REVIEWS (23)
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.

ARVIND
Bhopal
February 19, 2016

nice plan...

My term plan is with pnb metlife insurance policy plan. The policy coverage is high ~80%. Claims are easily sanctioned because of the services. The amount of payback is Rs.23 lakhs. I'm satisfied with it.
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BEW00148

A
Kanpur
February 19, 2016

"Average Policy"

I found very interesting policy plan which provide me many benefits with low premiums. PNB metlife insurance have good services that's why claiming process is easily done. Policy coverage is around 80%. Nice policy.
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BBE05159

Vivek
Gurgaon
February 19, 2016

"Superb"

I purchase pnb metlife insurance term plan. Claim is easily sanctioned due fast service provided by executives and staff. Policy coverage is high and investment is low. Nice policy, I like it.
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BBE05159

PRASHANT
Pune
February 19, 2016

"Normal Policy Plan"

I got term policy plan of pnb metlife insurance. The service is good and fast. Policy coverage and claims are also high but the premiums are low. Approx. eighteen lakh rupees is payback amount. Nice policy with good services.
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BBE05159

Vikas
Delhi
February 18, 2016

Good Service.

I have a policy by pnb metlife insurance. My Term policy plan give really good services and the Policy coverage is approx. 80% with low investments. Claims are easy to get and huge amount is sanctioned. Really good plan.
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BPW00065

Snigdha
Pune
February 18, 2016

Good Insurance Policy.

Policy has good service and fast response. Claim are high and premium is low. Policy coverage is ~90%, I made good decision to buy pnb metlife term insurance plan. I'm really happy with the policy.
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BEW00148

Shashi
Rewari
February 18, 2016

above average.

I have pnb metlife insurance term plan which has good policy coverage and the claim is around Rs.18 lakhs. Service is also good and the investment is low ~Rs.3330. I suggest to improve your web facilities also.
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BBE06282

Surjit
Delhi
February 16, 2016

nice plan.

I purchase pnb metlife life insurance term plan. Policy has low premiums and the returns are high. Policy coverage is good and the claims are easy to get because th service you provide is very quick.
Plan Name: Mera Term plan-Payout till child turns 21
Agent Code: BPW00065

Jimit
Mumbai
February 16, 2016

Poor Policy Coverage...

I own PNB Metlife insurance term plan. The premium is low and the returns is high. Claim is around Rs.19 lakh. But the policy coverage is very poor. Please improve it.
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BEW00148

Abhishek
Ghaziabad
February 06, 2016

"Important For Life"

In today's living the insurance is really very important. I had policy through metlife. Great coverage and around Rs.23 lakh in payback. Service is good and update are mailed or texted.
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BPW01312

Karthik
Bengaluru
February 06, 2016

"Very Good"

I have my life insurance with pnb metlife. The policy really good and the services are good and fast. The policy coverage is high and the claims are approx. 19 lakh. The policy have daily updates on cellphone by text messages. Really good.
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BPW01312

Noopur
Bengaluru
February 05, 2016

"Average & Affordable"

I have life insurance with pnb metlife. Policy is average on all basis. Policy coverage, claims are low but the premiums is also low. The service is slow but sometimes it done on time. Okay okay policy...
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BBE06765

Rakesh
Churu
February 05, 2016

"Below Average"

Got life insurance by PNB. The is okay types. It covers around 70% policy coverage, service is slow improve it, claims are normal 50% to 60%. Even your cashless garages are few. Need's some upgradations.
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BBE06765

Mohit
Noida
February 04, 2016

"Average"

Recently got the life insurance from PNB MetLife Life Insurance. The plan is good but the service slow. The coverage is okay okay and the claim experience is not bad. The is claim is done with some patience. Give you four star.
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BBE06002

Omprakash
Mumbai
February 04, 2016

"Average Policy"

Recently have life insurance from PNB MetLife Life Insurance. The benefits are more and the problems are less. Services is great and the coverage is pretty much high. Satisfied with policy and enjoying it...
Plan Name: Mera Term Plan-Full Lumpsum payout
Agent Code: BBE03914