PNB MetLife Credit Life Insurance

PNB MetLife Credit Life Insurance is designed to protect your loan in the event of an unexpected event in your life. The policy helps settle the outstanding amount directly with the lender if the borrower dies during the loan term. This makes things easier on the borrower's family. This kind of insurance is usually connected to home loans, personal loans, or other types of credit and is sold as a group policy.

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₹1 Crore loan cover starting from 361/month+

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It only protects loans, so loved ones don't have to worry about debts for a long time while they are already going through a hard time.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

PNB MetLife Credit Life Insurance- An Overview

PNB MetLife Credit Life Insurance protects your unpaid loan in case the borrower dies while the loan is still in effect. The policy amount is used to repay the lender the remaining loan balance. It makes sure that your family doesn't have to worry about paying back money when things are hard for them financially and emotionally. PNB MetLife's group insurance plans linked to credit accounts offer this protection. It's not a separate retail life insurance policy like a regular term plan. Instead, it's linked to your loan and will pay off what you owe if something happens to the insured person.

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Key Features and Benefits of PNB MetLife Credit Life Insurance

Even though products can vary across lenders, the typical features of a PNB MetLife credit life policy include:

Keeping Your Family's Finances Safe
The policy pays off the rest of the loan if you die while it is still in effect, so your family doesn't have to worry about money.
Different kinds of coverage that can be changed
Lenders can choose between level cover and reducing cover based on the type of loan and what the customer needs.
How well group insurance works
A group, like all of a bank's loan customers, is often given these plans. This can make them easier to use and less expensive than policies with only one term.
Joint Life Option (If It's Available)
Some kinds of credit life insurance let you cover both of your lives. This is useful for people who are co-borrowers on a business or home loan.
Lenders Have Less Risk
From the lender's point of view, loan protection insurance makes it less likely that the borrower won't pay back the loan because they died.

How PNB MetLife Credit Life Insurance Works?

PNB MetLife Life Insurance offers group insurance plans, such as the Loan and Life Suraksha Plan, that protect the credit life of borrowers. These plans don't cover your life on their own. They are linked directly to your loan account and are turned on as part of the loan agreement with partner banks and other financial institutions. This is how the structure works:

Attached directly to your loan
The cover is linked to your loan. If the borrower dies during the policy term, the lender gets the claim amount to pay off the remaining balance.
Options for flexible coverage
Depending on how the loan is set up, coverage can be:
- Reducing cover means the amount of money you are guaranteed to get back decreases as the loan amount decreases.
- Level cover means that the coverage stays the same for the entire loan period.
Works for all types of loans
You can use the plan for home loans, personal loans, business loans, education loans, and vehicle loans.
Issuing in groups
Because it is issued as a group insurance policy through the lender, the rules for underwriting may be less strict than they would be for buying an individual term insurance policy.

Who Should Consider It?

Credit life insurance makes sense when:

You have a sizeable loan that would be hard for your family to manage alone.
You want assurance that your debt doesn’t become a burden if you pass away.
You need protection specifically tied to a loan liability rather than broader financial goals.

Even in these cases, it’s wise to pair credit life with a standalone term insurance plan if long-term financial security for loved ones is a priority.

What is Not Covered?

It isn’t a replacement for term insurance. It only clears the loan but doesn’t provide a payout for your family’s financial goals like education or future income.
No maturity or survival benefits. These group loan products usually don’t pay any benefit if you survive the term – you only get a claim amount if the insured event happens.
The lender is paid first. You may not have flexibility over how the payout is distributed, since the beneficiary is often the lending institution.

Wrapping It Up:

Credit life insurance from a company like PNB MetLife isn't glamorous, but it serves a clear purpose: protecting your loans. It's a useful addition for anyone taking on a lot of credit debt to ensure that debt doesn't become a burden for future generations. If your family's long-term stability is important to you, think of credit life as a specific tool for a specific job and combine it with a broader life insurance plan.

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FAQs

Q: Is PNB MetLife Credit Life Insurance mandatory when taking a loan?

Ans: No, it is usually not legally mandatory. However, some lenders strongly recommend it as part of the loan package. You can ask the lender whether it’s optional and compare it with buying a separate term plan for coverage.
Q: How is credit life insurance different from a regular term insurance plan?

Ans: Credit life insurance only clears the outstanding loan if the borrower dies during the loan term. The payout goes directly to the lender. A regular term plan pays the full sum assured to your nominee, who can use the money for any financial need—loans, living expenses, education, or future goals.
Q: What happens if I repay my loan early?

Ans: If the loan is closed before schedule, the credit life cover may end as well since it is linked to the loan account. In some cases, you may be eligible for a partial premium refund, depending on the policy terms and lender agreement. Always check the specific conditions before signing up.

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˜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 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

Rs. 400/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. 400/month (Rs.13/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.

+Rs. 230 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. 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. 12/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. 497/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. 487/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. 626/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. 905/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. ₹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

+Rs. 1,267/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.

*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. 447/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.679/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. 910/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. 1,924month 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.

Women

+Rs. 400/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, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

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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