PNB MetLife ULIP Plans

4.4 / 5 based on 24 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. The range of products offered by PNB Metlife include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

What are ULIPs?

Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIP are as follows:

  • The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund.
  • Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc.
  • Insurance coverage depends on the amount of premium paid
  • The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value
  • Switching option is available which enables the policyholder to switch his investment between funds

PNB Metlife Unit Linked Insurance Plans

PNB Metlife Life Insurance Company offers different types of unit linked insurance plans to its customers. Let us take a look at the different plans offered by the company and the features and benefits of each plan in details

Metlife Smart Platinum Plan

A unit linked plan which covers the individual for up to 99 years of age. The features and benefits of the plan are as follows:

  • The premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure.
  • The Sum Assured can be increased or decreased subject to certain terms and conditions
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • On maturity, when the policyholder reaches 99 years of age, the Fund Value is payable
  • The premiums net of charges can be either invested in a choice of 6 funds or invested under the Automatic Asset Rebalancing Strategy
  • Under the strategy, the net premium is invested in a specified ratio in the Flexi Cap Fund and Protector II Fund at a specified chosen ratio. The ratio rebalances itself if the fund value exceeds the prescribed ratio.
  • Under the Self-Managed Option, the policyholder manages his investments himself and he has a choice of 6 investment funds to choose from namely Protector II, Preserver II, Balancer II, Flexi Cap, Virtue II, Multiplier II.
  • Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000
  • 4 free annual switches are available and also the feature of premium redirection is available to redirect future premiums to a new fund than the actual chosen one
  • 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

7 years

70 years

Policy Term

100-age at entry

Premium amount

Rs.30, 000

No limit

Sum Assured

Depends on the age of the policyholder

Premium Payment Term

Equal to policy term or 5 or 10 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Metlife Easy Super

A unit linked insurance plan which has the following features and benefits:

  • On maturity, the Fund Value is payable which can either be taken in lump sum or in instalments post maturity under the Settlement Option feature
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • The premiums net of charges can be either invested in a choice of 6 funds or invested under the Automatic Asset Rebalancing Strategy
  • Under the strategy, the net premium is invested in a specified ratio in the Flexi Cap Fund and Protector II Fund at a specified chosen ratio. The ratio rebalances itself if the fund value exceeds the prescribed ratio.
  • Under the Self-Managed Option, the policyholder manages his investments himself and he has a choice of 6 investment funds to choose from namely Protector II, Preserver II, Balancer II, Flexi Cap, Virtue II, Multiplier II.
  • Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000
  • 4 free annual switches are available and also the feature of premium redirection is available to redirect future premiums to a new fund than the actual chosen one
  • 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

18 years

60 years

Policy Term

15 and 20 years

Premium amount

Rs.12, 000

Rs.120, 000

Sum Assured

10 times the annual premium

Premium Payment Term

Equal to policy term

Premium Paying Frequency

Yearly

 

MetlifeDhanSamriddhi

A unit linked plan with single pay option. The features and benefits of the plan are as follows:

  • Premium under the plan is payable once at the commencement of the plan under the Single Pay option of premium payment.
  • Premium paid net of charges is invested in a choice of 6 funds namely Protector II, Preserver II, Balancer II, Flexi Cap, Virtue II, Multiplier II.
  • Loyalty Additions are paid at the policy maturity @0.5% of the fund value if the premium is equal to and above Rs.10 lakhs
  • On maturity, the Fund Value is payable which can either be taken in lump sum or in instalments post maturity under the Settlement Option feature
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000
  • 4 free annual switches are available
  • 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

8 years

70 years

Policy Term

10 years

Premium amount

Rs.5 lakhs

No limit

Sum Assured

5 times the single premium in the first year and thereafter 1.25 times the single premium paid

Premium Payment Term

Single Pay 

 

Metlife Smart One Plan

A unit linked plan with single pay option. The features and benefits of the plan are as follows:

  • Premium under the plan is payable once at the commencement of the plan under the Single Pay option of premium payment.
  • The premiums net of charges can be either invested in a choice of 6 funds or invested under the Automatic Asset Rebalancing Strategy
  • Under the strategy, the net premium is invested in a specified ratio in the Flexi Cap Fund and Protector II Fund at a specified chosen ratio. The ratio rebalances itself if the fund value exceeds the prescribed ratio.
  • Under the Self-Managed Option, the policyholder manages his investments himself and he has a choice of 6 investment funds to choose from namely Protector II, Preserver II, Balancer II, Flexi Cap, Virtue II, Multiplier II.
  • Loyalty Additions are added from the 6th policy year to the 10th policy year @0.4% to 1% of the fund value depending on the amount of premium paid
  • On maturity, the Fund Value is payable which can either be taken in lump sum or in instalments post maturity under the Settlement Option feature
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000
  • 4 free annual switches are available
  • 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

3 months

65 years

Maturity Age

18 years

75 years

Policy Term

10 years

20 years

Premium amount

Rs.18, 000

Rs.5 lakhs

Sum Assured

5 times the single premium in the first year and thereafter 1.25 times the single premium paid

Premium Payment Term

Single Pay 

 

MetLife Smart Child Plan

A unit linked child plan which provides for the welfare of the child in the event of the death of the insured. The premiums paid net of charges are invested in a choice of 6 funds namely Protector II, Preserver II, Balancer II, Flexi Cap, Virtue II, and Multiplier II.In case of death of the insured during the plan tenure, higher of the Sum Assured or 105% of all premiums paid till death is paid immediately. All future premiums are waived off and paid for by the company under the inbuilt Premium Waiver Benefit. The amount lying in equity oriented funds gets transferred to the Balancer II Fund to protect against market volatility. When the term of the plan expires, the fund value is paid to the nominee. On maturity, the Fund Value is payable which can either be taken in lump sum or in instalments post maturity under the Settlement Option feature. The benefit can also be availed in a combination of lump sum and instalment option.

Applying for a Unit Linked 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 ULIPs through PolicyBazaar

  1. On the PolicyBazaar homepage, click on ULIPs 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.

To know about Term Insurance  check at  PNB Metlife Term Insurance

PNB MetLife ULIP 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 ULIP 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 ULIP 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 ULIP 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 ULIP 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 ULIP Plans Reviews

TOTAL REVIEWS (24)
Umang
Amritsar
September 26, 2016

Quality Product

First i thought the insurance is not very important like many other think but then my colleague introduce me a insurance policy which is not good for me but for my whole family. I buy it instantly without a second thought. I really am happy to have a pnb metlife ulip insurance policy.

Vishal
Dwarakanagar
July 26, 2016

Metlife ulip plan

Ulip insurance plan which i have is fabulous with great services provided by the company members. Great work you do pnb metlife and I'm fully satisfied with my insurance plan. The service of online renewals are very good which reduces the waiting time in the long queues.

Neetu
Madhuban
July 11, 2016

ULIP Plan

My ulip plan is nice with low investments. The service is good and claiming become easy. Policy coverage is high and premiums are less. Online portal services are easy to access and anyone can operate it easily.

Dixit
Almora
June 29, 2016

Good

The ulip insurance plan i have is good with some good benefits. Premium of the policy is low. Policy coverage is high. Service you provided is fantastic which always on time. The upgradations are mailed to my email address regularly.

Kunal
Bengaluru
April 14, 2016

High Returns In Low Premium

I purchase ulip policy plan from pnb metlife life insurance. The policy coverage is high around 97% and the claims are huge. The policy premiums are low ~45 K and the recovery returning amount is 49 L. Services are good and on time too. Executives are doing there jobs very well and with nice behaviour too. And the web services are also fantastic. Superb future investment which reduces taxes.

Akash
Delhi
April 14, 2016

Power Plan

I buy ULIP insurance policy plan with pnb metlife life insurance and the policy provides better service then others. The large team are working with the company for good performance and provides great outcomes with good care. The policy coverage is 93% and claims are high as compared to premium which is low. Good work done by executives and staff members.

Ishant
Mumbai
April 14, 2016

Marvelous Plan

I got ULIP policy plan with pnb metlife life insurance. The policy is good with hidden benefits like it save taxes and great future investment. Policy coverage is 89%. The Claims are about Rs.45 L which can be easily done with the help of executives. This is best services provided. I have to say guys, great work.

Zakhir
Yamunanagar
April 14, 2016

Excellent Policy

Recently find the great policy plan that is ulip insurance policy plan and buy one from pnb metlife Life Insurance. The policy coverage is high ~88% with very low premium. The service of your company is great with nice response provided by the executives and staff members. The return payback amount is around Rs 42 L at end of the policy.

Firoz
Ranikhet
April 14, 2016

Very Good

PNB metlife life insurance provides me ulip policy plan. I have to say this that the policy is very good and the terms and conditions are very reliable and flexible. Policy coverage is 95% and the service is okay with good behaviour from executives and staff members. I like it.

Eshu
Coimbatore
April 14, 2016

Wonderful

I have the life insurance ulip policy plan with the pnb metlife life insurance and with them from the last few years. Premium is around 27 K Twice per year which am paying. Death coverage will be around 40 L. Services are fast and the executives and the staff members are providing fast services and always on time. Good work.

Vikram
Vadodara
April 14, 2016

Policy Coverage Is Good

One of the most convenient insurance policies provider is the pnb metlife ulip policy plan so our investments will be safe. As far as I seen this company is coming generation to generation. Everybody is been benefited with its benefits. Customer service need to be improved but yes the behaviour through executives and staff members is very nice..

Arjun
Hyderabad
April 14, 2016

Just Go For It

Policy premiums are low and the claims are high. PNB metlife ulip policy plan respond the people promptly and smoothly. One of my friend introduced this company for insurance. Getting reminders regularly and sum assured is double. Accidental and risk coverage is there. Good service by executives.

Chirag
Nainital
April 14, 2016

Damn Good

I have less idea about the life insurance policies of pnb metlife ulip policy plan. Premium for my plan is 31 K thrice per year and at the time of maturity the sum assured might be 49 L. They have send daily update so i get numbers of mails from them. Good policy

Nilesh
Bilaspur
April 14, 2016

slow service issue

The pnb metlife ulip plan policy i have and happy to own it. The policy coverage is 72% and the claims are normal. Services are little bit slow provided by the staff members. Good future investment which saves tax also. Just improve the services and even the web services are better. Manageable.

Divya
Roorkee
April 14, 2016

Best Plan

I have ulip policy plan which i bought from pnb metlife life insurance. The policy is totally beneficial because of its positive outcomes like the policy coverage is high ~95% and the claims are easily sanctioned. Services provided by the executives are fantastic. Best policy.

Tarun
Porbandar
April 14, 2016

Great Policy

PNB metlife ulip policy plan is good and the policy coverage is 89% with low premiums. The policy claims are easily sanctioned with good interest. Services provided by executives and the staff members are good. There is an inbuilt Accidental Death Benefit feature. I really like my policy.

Sumeet
Mysore
April 14, 2016

Simple ULIP Plan

My ulip policy plan is from pnb metlife life insurance and the policy is the best because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high 93% and the premiums are low. Claims are 1.25 times of the investment. The service is fast and very quick. Great job guys.

Abhinav
Babhleshwar
April 14, 2016

Super Policy

The policy coverage is 87%, The claims are high and the claiming is easy because of the executives and the staff members of the company. The services provided by you guys is very fast and on time. Good pnb metlife life ulip plan which i own. The premiums are less ~39 K and the returns are ~Rs.41 L.

Jiten
Chennai
April 14, 2016

Satisfactory

I had ulip policy plan which i buy from pnb metlife life insurance. The policy coverage is high 82% and the claims are good. The premiums are normal as the returns are huge with respect to investment. Policy plan which has fast service facilitate by company members. Responsive staff members on working hours. Fully satisfied.

Gautam
Pathankot
April 14, 2016

Trustworthy

PNB metlife ulip plans are the fantastic in terms and conditions. The premiums are low, the policy coverage is high 91% and the claims are easily sanctioned. The services are really fast and the staff members are responding with good behaviour. There is an inbuilt accidental death benefit feature. I like my policy plan.

Yogesh
Dwarakanagar
April 14, 2016

Fantastic plan

I purchase ulip policy plan from pnb metlife life insurance. The policy coverage is high around 91% and the claims are huge. The policy premiums are low ~39 K and the recovery returning amount is 51 L. Services are good and on time too. Executives are doing there jobs very nicely. And the web services are also fantastic.

Naveen
Kishangarh
April 14, 2016

Good

My pnb metlife ulip policy plan is nice which have low premiums and the paybacks are high. The policy coverage is good ~84% and the claims are approx. 1.25 times the amount invested. The services is good and on time till date provided by the members. Good future investment which save taxes too. Nice policy, I love it.

Lakshay
Bareilly
April 14, 2016

Nice ULIP Plan

I buy pnb metlife ulip policy plan. The policy premium is good low and the paybacks are high. The policy coverage is 81% and the claims are high. Investment is 41 K per year and the returns are 1.25 times the sum assured. Services you provided by the executives and staff members is good. This policy plan work's for me.

Prashant
Ahmedpur
April 14, 2016

Good Plan

My ulip plan is good but the only thing is the service is bit slow rest all things are good. Like, policy coverage is 84% and claims are high but the investments are low. Service facilitate from executives and staff members are nice. Good future investment and saves tax too.