PNB MetLife vs ICICI Life Insurance

DigiProtect Term Plan

Premium starts ₹927/month

Max Coverage Upto

85 yrs

Claim Settlement Ratio

99.8%

Average Claim Trend

99.53%

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iProtect Smart Plus

Premium starts ₹1,073/month

Max Coverage Upto

99 yrs

Claim Settlement Ratio

99.3%

Average Claim Trend

99.27%

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PNB MetLife vs ICICI Life Insurance

DigiProtect Term Plan

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ICICI Life iProtect Smart Plus

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Compare PNB MetLife vs ICICI Life Insurance to check which insurer offers the best term insurance plans in India 2026. This comprehensive comparison will include premium charges, claim settlement ratio, available plans, riders, solvency ratio, and suitability.

Which is Better-PNB MetLife or ICICI Life?

Both are IRDAI-approved and provide reliable term insurance solutions. It depends on your insurance requirements.

Choose PNB MetLife Insurance if you prefer term insurance plans that allow nominees to receive claim benefits in regular installments over a set period instead of a single payout.
Choose ICICI Life if you want a term plan that's easy-to-understand, has lower premiums, inclusive pricing for smokers and women, plus the benefit of premium break and critical illness riders.

PNB MetLife Insurance is known for reputation, physical presence, and flexible plans, while ICICI Life stands out due to a wide range of customisations. The final choice depends on your goals and requirements.

PNB MetLife vs. ICICI Life - Comparison Table

A comparison of PNB MetLife and ICICI Life Insurance along various features and eligibility criteria is given in the table below:

Features	PNB MetLife Insurance	ICICI Life Insurance
Claim Settlement Ratio (FY 2024–25)	99.57%	99.30%
Solvency Ratio (FY 2024–25)	1.71	2.00
Entry Age (Term Plans)	18 – 60 years	18 – 60 years
Maturity Age	Up to 99 years	Up to 99 years
Riders Available	Accidental Death Benefit Rider Accidental Disability Benefit Rider Critical Illness Rider	Accidental Death Rider, Critical Illness Plus Rider, Permanent & Partial Disability Rider, Income Benefit Rider, Waiver of Premium Rider
Premium Payment Options	Yearly / Half Yearly / Quarterly /Monthly	Yearly / Half Yearly / Quarterly /Monthly
Online Purchase	Yes	Yes

Note: Information based on publicly available insurer disclosures and IRDAI reports.

Term Insurance Plans Offered

The following section lists the kind of term insurance policies that PNB MetLife and ICICI Life Insurance offer:

PNB Met Life Term Insurance Plans

PNB MetLife Mera Term Plan Plus: Best for individuals who want coverage options that allow the sum assured to be enhanced at defined milestones during the policy term.
PNB MetLife DigiProtect: Ideal for individuals who want multiple benefit settlement options, allowing nominees to receive death benefits in flexible payout formats.
PNB MetLife Saral Jeevan Bima: Ideal for individuals who want a simple and standard term plan without any complex features. Ideal for first-time buyers looking for easy eligibility and basic life cover.
PNB MetLife Aajeevan Suraksha Plan: Suited for those seeking long-term coverage for extended financial protection and security for their family over a very long duration.

ICICI Life Term Insurance Plans

ICICI Life iProtect Smart Plus: Ideal for those who value adaptable premium payment schedules, varied payout methods, and optional riders to enhance overall protection.
ICICI Life iProtect Smart: Best for people who want a term plan with multiple rider options, high coverage, along with benefits such as income payout and critical illness options.
ICICI Life Saral Jeevan Bima: Ideal for people who prefer a standard term insurance plan, also ideal for first time buyers looking for easy eligibility and basic financial protection.

Premium Comparison (Illustrative Example)

On the basis of current online term insurance calculators, the following table presents an indicative picture of the premiums that would apply in the following sample customer profile:

Age: 23 years
Gender: Male
Smoker: No
Sum Assured: ₹1 Crore
Policy Term: 60 years (Coverage till age 83)
Occupation Type: Salaried
Education: Graduate

Insurer	Approx. Monthly Premium
PNB MetLife Digi Protect term plan	₹594
ICICI Life iProtect Smart Plus	₹669

*The real premium varies according to age, health status, policy duration, and chosen riders.

Information sourced from Policybazaar’s website

Claim Settlement Analysis

The claim settlement ratio is a metric that quantifies the proportion of claims that an insurance company resolves during a specific financial year.

PNB MetLife had an amazing Individual Death Claim Settlement Ratio of 99.57% for FY 2024-25, which shows that they put their customers first in their operation.
ICICI Life has reported a strong figure of 99.30% for the FY of 2024-25. Their new campaign, "Claim For Sure," ensures that the company settles death claims in 'just 1 day after the reception of all documents,' provided the policies are 3+ years' long.

Who Should Choose Which Insurer?

The following general factors may be helpful in determining which insurer best meets shifting desires for insurance coverage:

Choose PNB MetLife if:

You want flexible payout options (lump sum + monthly income) to support your family’s regular expenses
You prefer plans with long-term/whole life coverage, like Aajeevan Suraksha
You are looking for customisable protection plans with multiple riders and benefit options

Choose ICICI Life if:

You want a feature-rich term plan like iProtect Smart with critical illness and income benefits
You prefer competitive premiums with special pricing for women and smokers
You are looking for modern features like premium break and flexible claim payout options

Final Recommendation

In India, the ICICI Life Insurance Company is the "Mass Market Leader" with the best value for money and a trustworthy brand name. This is the de facto choice for the young and inexperienced buyers. PNB MetLife is the "Premium Reliability" choice, with the very best in claim statistics for those with the means to pay a little extra for the security of the bank behind them.

Explore the popular searches and stay informed

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

+On the basis of your profile

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 410/month (Rs.14/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age rounded off to nearest 10

+Rs. 245 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 15/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 504/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 494/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 636/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 918/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,286/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 453/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.582/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 786/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,592/month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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