PNB MetLife Term Insurance for NRI

Note: Know more about what is term insurance first before reading this article.

PNB MetLife Term Insurance Plans for NRI

The term insurance market in India has emerged importantly and allows even Non-Resident Indians to be eligible and purchase term insurance. PNB MetLife Term insurance for NRIs can be provided to them, based on their requirements. Some of the points to keep in mind when you purchase term insurance are specified below:

• Tele/Video Medicals: Now, geographical boundaries are not a barrier for NRIs who are thinking of buying term insurance plans in India. NRIs can easily opt for term plans in India that allow them to schedule a video or tele or video medical check-up from their residential country. 

• Pre-approved Cover: Get a 2 Crore life cover pre-approved for term insurance for NRI on Policybazaar. 

• Worldwide Cover with 24/7 Claim Assistance: PNB term insurance for NRIs provides worldwide cover with claim assistance that can be accessed 24/7.

• Covered Medical Cost: The cost of medical tests required before buying term insurance for NRIs will be covered by the insurer.

• GST Waiver and Discounts: You can claim a GST waiver of 18% on the premiums paid through NRE (Non-residential External) bank accounts in freely convertible currency. You can also avail a 5% additional discount on the premiums by choosing to pay premiums in annual mode.

PNB MetLife Term Insurance Plans for NRI

Here is a list of PNB MetLife Term Insurance Plans for NRIs

PNB MetLife Mera Term Plan Plus

It is a non-linked, individual, non-par, pure risk life insurance plan which is specifically designed protection policy that offers life coverage till 99 years of age even as you select to pay a premium amount for a limited time. You can also protect your partner under the same term plan.

Key Features of PNB MetLife Mera Term Plan Plus

• Return of premium option

• Child education support benefit

• Cover up to 99 years

• Joint life option

Benefits of PNB MetLife Term Insurance for NRI

1. Long term protection

   Insurance plans offer protection for a long time to the policyholder and their loved ones. You can select a term that covers up to 100 years.

2. Financial Stability

   Term insurance plans help Non-Resident Indians to protect the future of their family by offering financial stability even when the breadwinner is not around.

3. Rider Benefits

   • You can opt for various riders to increase the base coverage of the plan.

   • You can add terminal illness, accidental death benefits, waiver of premiums on accidental disability cover, and critical illness benefits.

4. Mind Peace

   Term plans provide comprehensive security to family members which helps in leading life happily without worrying about future needs.

5. Tax Benefit

   Non-Resident Indians are eligible to save tax on the premium amount paid u/s 80C of the ITA. Moreover, the death benefit payouts received under the plan are also exempt from tax u/s 10(10D) of the Income Tax Act, 1961.

Who Can Buy PNB MetLife Term Insurance for NRIs?

The following people are eligible to buy PNB term insurance for NRIs in India:

1. Non-resident Indians

   People who are Indian citizens but are temporarily living in a different country

2. Person of Indian Origin or Overseas Citizenship of India cardholders

   People who have grandparents, parents, or spouse who are Indian citizens or people who have held an Indian passport in the past.

3. Foreign Nationals

   People who are nationals of other countries but are living in India

Factors To Consider Before Purchasing PNB MetLife Term Insurance for NRI

Here is a list of factors you need to consider before buying PNB MetLife Term Insurance for NRI online:

1. Lower Premium Rates

   Level term insurance for NRIs in India is up to 50 to 60% more affordable than international term life insurance plans. Therefore, you can save on your premiums by comparing the available plans using the term insurance for NRI premium calculator online and selecting the most suitable term plan for NRI.

2. Right Insurance Company

   There are a number of insurers available in India. Therefore, before purchasing the first plan, you should carefully look through the available list of insurers and purchase the plan from the most suitable company. For example, PNB MetLife Insurance is an insurance provider that offers plans to fit the needs of its NRI customers.

3. Easy Claim Processing

   The claim settlement process is much smoother in India than in any other country. For example, if you purchase a plan in your residential country, your family living in India may have to travel all the way to your current country of residence just to get their claims settled. This can not only be a hassle for your already grieving family but also increase the time and energy spent on getting the claim settled.

4. Special Exit Options

   With the no-cost term insurance, you can exit the plan early and receive all the premiums paid during the policy tenure. This option is free of cost and is especially suitable for people who are unsure about their retirement age. 

5. Claim Settlement Ratio (CSR)

   CSR value indicates how many claims have been settled by the insurer against the number of filed claims. Higher the CSR, the higher the reliability of the insurance company. PNB MetLife has a CSR ratio of 97.33%, showing the quick settling of claims. So it is always advisable to check the CSR of the insurer along with the time they take to settle the claim.

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