PNB MetLife India Insurance Company Limited was founded in the year 2001. It is jointly owned by Punjab National Bank Limited, MetLife International Holdings LLC, Jammu & Kashmir Bank Limited, M. Pallonji and Company Private Limited as well as by other private investors. Though the company is owned by various investors, PNB and MetLife have the major shareholding and provide the company with their joint experiences. While PNB has rich experience of the banking and financial sector, MetLife is a leading international insurance company which brings in the necessary insurance expertise.
PNB MetLife is a leading life insurance company in India because of the following USPs of the company –
MetLife India offers different types of life insurance plans in different categories. These categories and the range of plans in each of them are described below –
Protection plans are term insurance plans which are designed to protect the loss of income in case of the breadwinner’s untimely death. Term plans offer coverage against premature death. If the insured dies during the policy tenure, term plans pay a death benefit to the family. This benefit ensures that the family is financially protected even when the bread-winner is not around to provide for them.
Protection plans offered by PNB MetLife India
This is a term insurance plan which offers you the benefit of customisation as per your coverage needs. The features of the plan are as follows –
Eligibility criteria of PNB MetLife Mera Term Plan:
Entry age | 18 years to 65 years |
Sum assured | INR 10 lakhs to INR 500 crores |
Policy term | 10 years to 81 years |
Premium | Depends on the plan option selected, sum assured, age and term |
This is a flexible term insurance plan which allows you various options to make your plan tailor-made for your needs. The features of the plan are as follows –
Eligibility criteria of PNB MetLife Mera Jeevan Suraksha Plan:
Entry age | 18 years to 65 years |
Sum assured | INR 25 lakhs onwards |
Policy term | 10 years to 40 years |
Premium | Minimum – INR 3885
Maximum – no limit |
This is a micro term insurance plan which is designed for the rural population of India. The features of the plan are as follows –
Eligibility criteria of MetLife Grameen Ashray Insurance Plan
Entry age | 18 years to 55 years |
Sum assured | Minimum – INR 5000
Maximum – INR 50,000 |
Policy term | 5 years |
Premium | Minimum – INR 61
Maximum – INR 1208 |
This term insurance plan allows you the flexibility of paying premiums at once or for a limited period while coverage is promised lifelong. The features of the plan are as follows –
Eligibility criteria of PNB MetLife Aajeevan Suraksha Plan
Entry age | 18 years to 65 years |
Sum assured | Minimum – INR 25 lakhs
Maximum – no limit |
Policy term | 10 years to entry age – 99 |
Premium | Minimum – INR 61
Maximum – INR 1208 |
This is a group term insurance plan which covers a group of individuals against the risk of premature death. The features of the plan are as follows –
Eligibility criteria of PNB MetLife Complete Care Plus Insurance Plan
Entry age | 18 years to 80 years |
Sum assured | Minimum – INR 5000/member
Maximum – INR 100 crores/member |
Policy term | 1 year |
Premium | Minimum – INR 2915/member
Maximum – INR 1000 crore per group |
This is a group micro insurance plan which offers term insurance coverage to a group of rural people. The features of the plan are as follows –
Eligibility criteria of PNB MetLife Bima Yojana Plan
Entry age | 18 years to 69 years |
Sum assured | Minimum – INR 1000/member
Maximum – INR 2 lakhs/member |
Policy term | 6 months to 84 months |
Premium | Depends on age, term, plan option and sum assured |
This is a simple group term plan which covers a group of individuals. The features of the plan are as follows –
Eligibility criteria of PNB MetLife Group Term Life Plus Plan
Entry age | 15 years to 80 years |
Sum assured | Minimum – INR 1000
Maximum – no limit |
Policy term | 1 year |
Premium | Depends on sum assured, age and group size |
This is a return of premium term plan which not only allows you coverage over the policy tenure, it also returns your premiums if you survive till maturity. The salient features include the following –
Eligibility criteria of PNB MetLife POS Suraksha Plan
Entry age | 18 years to 55 years |
Sum assured | Minimum – INR 50,000
Maximum – INR 15 lakhs |
Policy term | 10 years or 15 years |
Premium | Minimum – INR 2000
Maximum – depends on sum assured, term, age and death benefit option |
This plan is a term insurance plan which also promises a maturity benefit. The highlights of the plan are mentioned below –
Eligibility criteria of PNB MetLife Family Income Protector Plus Plan
Entry age | 25 years to 60 years |
Sum assured | Minimum – INR 5000
Maximum – INR 50,000 |
Monthly incomes | Minimum – INR 10,000
Maximum – INR 1 lakh |
Policy term | 10, 15 or 20 years |
Premium | Minimum – INR 9.10 lakhs
Maximum – INR 1.42 crores |
This is a group term insurance plan which is allowed for borrowers who avail loans. The plan’s features are as follows –
Eligibility criteria of PNB MetLife Loan and Life Suraksha Plan
Entry age | 15 years to 65 years |
Sum assured | Minimum – INR 5000/member
Maximum – no limit |
Policy term | 2 years to 30 years |
Premium | Depends on sum assured, coverage option and term |
This is also a group term plan which is designed for covering the outstanding balance of loans when borrowers die before repayment. The features include the following –
Eligibility criteria of PNB MetLife Complete Loan Protection Plan
Entry age | 14 years to 75 years |
Sum assured | Minimum – INR 5000
Maximum – INR no limit |
Policy term | 2 years to 40 years |
Premium | Depends on sum assured, term and coverage option |
Health plans are those which pay a specified benefit if you suffer from a covered health contingency. The plan benefit helps you meet the medical costs incurred on the contingency that you face. PNB MetLife India offers one type of health insurance plan which is described below –
This plan offers you fixed coverage benefits in case of cancer and heart related illnesses. The features of the plan are as follows-
Eligibility criteria of PNB MetLife Mera Heart and Cancer Care Plan
Entry age | 18 years to 65 years |
Sum assured | Minimum – INR 5 lakhs
Maximum – INR 80 lakhs |
Policy term | 10, 15 or 20 years |
Premium | Depends on sum insured, age, term and plan option selected |
Traditional savings plans are endowment or money back life insurance plans which help you create a guaranteed corpus for future. These plans promise either a death benefit or a maturity benefit and help in savings.
Traditional savings plans offered by PNB MetLife India
This is a participating endowment plan which promises you bonus additions to grow your savings. The plan has the following features –
Eligibility criteria of PNB MetLife Super Saver Plan
Entry age | 30 days to 60 years |
Sum assured | Minimum – INR 2.20 lakhs
Maximum – no limit |
Policy term | 10 years to 20 years |
Premium | Minimum – INR 20,000
Maximum – no limit |
This is a limited premium savings plan which promises you increasing annual incomes once the premium paying term is over. The plan’s benefits are as follows –
Eligibility criteria of PNB MetLife Guaranteed Increasing Income Plan:
Entry age | 30 days to 60 years |
Sum assured | Minimum – INR 1.50 lakhs
Maximum – no limit |
Policy term | 10 years to 24 years |
Premium | Minimum – INR 14,156
Maximum – no limit |
This is an endowment assurance plan wherein you get a guaranteed benefit on maturity or early death. The plan’s features include the following –
Eligibility criteria of PNB MetLife Guaranteed Savings Plan
Entry age | 3 years to 60 years |
Sum assured | Minimum – INR 1.50 lakhs
Maximum – no limit |
Policy term | 10, 15 or 20 years |
Premium | Minimum – INR 14,178
Maximum – no limit |
This is a participating endowment plan which offers the following benefits to policyholders –
Eligibility criteria of PNB MetLife Endowment Savings Plan Plus
Entry age | 8 years to 60 years |
Sum assured | Minimum – INR 2.20 lakhs
Maximum – no limit |
Policy term | 10 years to 25 years |
Premium | Minimum – INR 18,000
Maximum – no limit |
This is a non-participating endowment insurance plan which gives you guaranteed annual incomes to meet your liquidity needs. The features which the plan has are as follows –
Eligibility criteria of PNB MetLife Guaranteed Income Plan
Entry age | 3 years to 60 years |
Sum assured | Minimum – INR 1.50 lakhs
Maximum – no limit |
Policy term | 10, 15 or 20 years |
Premium | Minimum – INR 12,357
Maximum – no limit |
This is a traditional money back insurance plan wherein the sum assured is paid in instalments over the policy duration. Other features of the plan are as follows –
Eligibility criteria of PNB MetLife Money Back Plan
Entry age | 13 years to 55 years |
Sum assured | Minimum – INR 2.50 lakhs
Maximum – INR 5 crores |
Policy term | 10 years |
Premium | Depends on age and sum assured |
This is a simple endowment plan which can be taken for longer tenures to create a good corpus. The features of the plan are as follows –
Eligibility criteria of PNB MetLife Bachat Yojana
Entry age | 20 years to 60 years |
Sum assured | Minimum – INR 64,800
Maximum – INR 5 lakhs |
Policy term | 15 years |
Premium | Minimum – INR 6000
Maximum – INR 23,999 |
This is a micro insurance plan meant for the rural population of the country. The plan is a money back plan which offers an enhanced death benefit. Here are the plan’s features –
Eligibility criteria of PNB MetLife Bhavishya Plus Plan
Entry age | 20 years to 45 years |
Sum assured | Minimum – INR 92,320
Maximum – INR 5 lakhs |
Policy term | 12 years to 24 years |
Premium | Minimum – INR 8000
Maximum – INR 17,999 |
This is a child insurance plan which has been designed to provide for the education expenses of your child, whether or not you are around. The plan offers the following features –
Eligibility criteria of PNB MetLife College Plan
Entry age | 20 years to 45 years |
Sum assured | Minimum – INR 2,12,040
Maximum – INR 5 crores |
Policy term | 12 years to 24 years |
Premium | Minimum – INR 18,000
Maximum – INR 42,44,482 |
This is a savings plan which promises the maturity and death benefits that you would receive. The benefits of the plan are as follows –
Eligibility criteria of PNB MetLife Income Protection Plan
Entry age | 18 years to 55 years |
Sum assured | Minimum – depending on the minimum premium
Maximum – INR 10 lakhs |
Policy term | 5 years to 20 years |
Premium | Minimum – INR 5500
Maximum – depends on the sum assured |
This is a limited premium savings plan wherein you are required to pay premiums only for ten years. The benefits of the plan are as follows –
Eligibility criteria of PNB MetLife Monthly Income Plan – 10 Pay
Entry age | 18 years to 55 years |
Monthly income | Minimum – INR 1500
Maximum – INR 1 lakh |
Sum assured | Depends on the monthly income and age |
Policy term | 10 years |
Premium | Depends on monthly income, age and sum assured |
Unit Linked Insurance Plans are market linked insurance-cum-savings plans which offer life insurance coverage as well as returns linked to the capital market. These plans are ideal for savings as you can earn the best returns through them.
ULIPs offered by PNB MetLife India
This is a single premium unit linked plan wherein you are required to pay premiums only once while the plan continues for the chosen duration. The features of this plan are as follows –
Eligibility criteria of MetLife Dhan Samriddhi Plan
Entry age | 8 years to 65 years |
Sum assured | Minimum – 1.25 times the single premium
Maximum – 10 times the single premium |
Policy term | 10 years |
Premium | Minimum – INR 2 lakhs
Maximum – no limit |
As the name suggests, this plan is a unit linked plan which covers you for your entire life. The features of the plan are as follows –
Eligibility criteria of PNB MetLife Whole Life Wealth Plan
Entry age | 30 days to 65 years |
Sum assured | 7 to 40 times the annual premium |
Policy term | 99 – entry age |
Premium | Minimum – INR 48,000
Maximum – no limit |
This is also a whole life unit linked plan but it offers various flexible benefits which are described below –
Eligibility criteria of PNB MetLife Smart Platinum Plan
Entry age | 7 years to 70 years |
Sum assured | Depends on the premium paid and age |
Policy term | 10, 15 or 20 years |
Premium | Minimum – INR 30,000
Maximum – no limit |
This unit linked plan is designed for meeting the financial needs of your child. The benefits offered by the plan are as follows –
Eligibility criteria of MetLife Smart Child Plan
Entry age | 18 years to 55 years |
Sum assured | 10 times the annual premium |
Policy term | 10, 15 or 20 years |
Premium | Minimum – INR 18,000
Maximum – INR 2 lakhs |
This is a unit linked plan where only a single premium is required. The features of the plan are as follows –
Eligibility criteria of MetLife Smart One Plan
Entry age | 3 months to 65 years |
Sum assured | 1.25 times the single premium |
Policy term | 10 years to 20 years |
Premium | Minimum – INR 18,000
Maximum – INR 5 lakhs |
This is a unit linked plan which offers you flexibility in premium payments. The features of the plan are as follows –
Eligibility criteria of MetLife Mera Wealth Plan
Entry age | 30 days to 60 years |
Sum assured | Single premium – 1.25 times the single premium
Regular or limited premium – up to 10 times the annual premium |
Policy term | 10 years to 30 years |
Premium | Minimum – INR 24,000
Maximum – no limit |
Retirement plans are life insurance pension plans which promise you lifelong income after you retire. There are two types of retirement plans – deferred annuity and immediate annuity. Deferred annuity plans let you accumulate a retirement corpus and then get annuities. Immediate annuity plans, on the other hand, are suitable for retired individuals who already have a retirement corpus. These plans start paying annuity immediately after you have bought them. These annuities are paid for your entire lifetime. Thus, retirement plans create source of income even when you no longer work.
Retirement plans offered by PNB MetLife India
This is an immediate annuity plan which starts paying annuities as soon as you buy the policy. The salient features of the plan are as follows –
Eligibility criteria of PNB MetLife Immediate Annuity Plan
Entry age | 0 years to 90 years |
Annuity amount | Minimum – INR 1000/month
Maximum – no limit |
Policy term | 10 years to 20 years |
Premium | Minimum – INR 3 lakhs
Maximum – no limit |
This is a deferred annuity plan wherein you can save regularly to create your corpus. The features of the plan are as follows –
Eligibility criteria of MetLife Retirement Savings Plan
Entry age | 30 years to 65 years |
Sum assured | Minimum – INR 3 lakhs
Maximum – no limit |
Policy term | 5 years to 30 years |
Premium | Minimum – INR 7044
Maximum – no limit |
You can buy any life insurance policy offered by MetLife insurance offline or online. To buy offline you can choose the following two options –
Alternatively, you can buy the policy online which is much simpler and easier. To buy online too you have the following two options –
PNB MetLife has taken steps to ensure that your life insurance claim settlement process is as easy as possible. To make a claim under your life insurance policy, you have to take only three steps which are as follows –
You can also get your life insurance claims settled through Turtlemint. Turtlemint offers its customers the facility of claim settlement through its team of claim experts. All you would have to do is inform the company by calling their helpline number 1800 266 0101 or intimate through an email at claims@turtlemint.com. After intimation the claim department would coordinate with PNB MetLife and get your claims settled at the earliest.
For getting the settlement of your life insurance claims, you would have to submit a list of documents to the insurance company. These documents would depend on the type of claim that you face. The required documents are as follows –
For death claims:
For critical illness claims:
For premium waiver claims:
For maturity claims:
To buy the policy you would have to submit the identity proof of the life insured and the policyholder (if different), age proof of the insured, photographs of the insured and the policyholder (if different), income proof for high value policies, proposal form which should be filled and signed and any other documents required by PNB MetLife.
Premiums for PNB MetLife India life insurance plans can be paid through various means which are as follows –
PNB MetLife policy status can be checked online through the company’s website. You can log into your account and check the status of your policy. However, if you are not an existing customer and have applied for a policy, you can track the status of your policy on the company’s website by providing the application number.
Payment of premiums for PNB MetLife India life insurance plans depends on the premium payment frequencies allowed by respective plans. Usually, the plans allow you to pay premiums annually, half-yearly, quarterly or monthly as per your suitability. So, check the premium payment frequency of the policy that you are buying to know the available options.