Life Insurance

Best PNB MetLife Insurance Plans

pnb metlife insurance plans

Someone from somewhere correctly said, “Religion is insurance in this world against fire in the next.” Losing a loved one due to illness or a sudden death creates a void in the family. Life Insurance helps everyone to help the family financially while they pick themselves out of that void. Insurance is one of the best financial decisions for anyone and everyone.

Right now, there are a plethora of insurers in the market out there. For that matter, there are many kinds of life insurance available. If we look among the foremost insurance firms in our country, PNB MetLife offers quite some categories among life insurance.

We can narrow it down to five best PNB MetLife insurance policies. However, it is better to learn more about the firm and take a sneak peek into the options available.

PNB MetLife India Insurance Co. Ltd.

  • PNB MetLife insurance firm is one of the prominent insurance firms in India.
  • It is a joint venture between MetLife International Holdings Inc., Punjab National Bank Limited, Jammu and Kashmir Bank Limited, M. Pallonji and Company Private Limited along with several private investors. PNB, i.e., Punjab National bank is one of the oldest nationalized banks in India and is trusted for its credibility. With MetLife Inc., and PNB as its majority shareholders, the insurance firm serves its customers across 7000 locations.
  • Founded in 2001 in India, PNB MetLife Insurance offers a wide range of insurance and retirement policies.
  • Along with multiple bank partners, PNB MetLife has more than 15,000 financial advisors and is growing steadily.

PNB MetLife Insurance:

  • PNB MetLife Insurance offers a wide variety of life insurance policies.
  • Unlike the usual life insurance policies, the firm offers life insurance policies of various categories catering to the growing needs of the customers.
  • The motto of PNB MetLife insurance goes like, “live your life. Leave your legacy.”

Types of PNB MetLife Insurance Plans

Under life insurance products, the firm offers the following policies:

PNB MetLife Insurance Protection Plans:

a. PNB MetLife Mera Term Plan

    • PNB MetLife Mera Term Plan is a protection term plan with various customized
    • This protection life insurance plan offers coverage for the spouse of the policyholder. Given that the sum assured to the policyholder is more than 50 lacs, the spouse will receive 50% of sum assured as coverage.
    • After choosing the sum assured and period of the policy, the insurer provides other additional protection features. They are accidental death cover, accidental disability cover, cancer, and heart attack cover and illness cover.
    • Also, the required life cover increased with growing responsibilities which is called life stage protection. This allows the policyholder to purchase an additional cover without having to undergo any medical examination. As of this plan, on marriage, one can increase original coverage to a maximum of Rs. 5,000,000. On the first and second child, the policyholder can increase the coverage to a maximum of Rs. 2,500,000 for each child.
    • The minimum and maximum entry ages for this plan are 18 years and 65 years respectively.
    • Over the coverage period of 10-40 years, the PNB MetLife Mera Term Plan offers flexibility to choose from 4 pay-out options.
    • Policyholders can avail tax benefits in accordance to Section 80C and 10(10D) under the Income Tax Act.

b. MetLife Family Income Protector Plus

  • MetLife Family Income Protector Plus is a term plan which ensures that your family is covered with monthly income in case of unfortunate death. The policyholder can choose the premium, and monthly income and the plan provides cover during the stipulated term.
  • This policy is for those who need a monthly income for their family in their absence. It has flexible monthly income options of Rs.10,000, Rs.25,000, Rs.50,000, Rs.75,000 & Rs.100,000.
  • The policyholder can opt for the TROP (Term Cover & Term with Return of Premium) plan while purchasing this policy. Then, up to 110% premium amount will be returned upon maturity.
  • The minimum and maximum entry ages for this plan are 25 years and 60 years respectively.
  • The premiums can be paid in yearly, half-yearly, monthly and PSP modes for this policy.
  • Policyholders can avail tax benefits in accordance to Section 80C and 10(10D) under the Income Tax Act.

PNB MetLife Health Insurance Plans

a. PBN MetLife Mera Heart and Cancer Care

    • Among other health insurance plans in India, PNB MetLife Mera Heart and Cancer Care stand out as it is a very good critical illness insurance plan. It provides the policyholder with ample coverage for every stage of cancer and heart diseases.
    • Also, this health insurance plan has an inbuilt life cover.
    • The coverage is provided to the policyholder in lump sum payouts at mild, moderate and severe stages of illness. That is, 25% of the sum assured is paid in the mild stage, 50% in moderate stage and 100% in the severe stage.
    • If one opts for Platinum Plan, they’ll receive additional monthly income in case of severe stage claim. Following the claim of severe stage illness, 1.5% of the sum insured is paid, for five years, from the date of claim.
    • With ‘Return of balance premium’ option, premiums can be returned back on maturity.
    • Further, this plan covers female-specific cancers.
    • In case of death, a death benefit is payable.
    • The minimum and maximum entry ages for this plan are 18 years and 65 years respectively.
    • The minimum and maximum maturity ages for this plan are 25 years and 75 years respectively.
    • Policyholders can avail tax benefits in accordance to Section 80C and 10(10D) under the Income Tax Act.

b. MetLife Critical Illness Rider

  • Everyone should be prepared for a critical illness both financially and emotionally. PNB MetLife has customized life insurance policies and tailored Critical Illness Rider.
  • This health insurance policy offers additional payments on the diagnosis of as many as 10 critical conditions. The critical insured conditions under this policy are:
  1. Heart attack.
  2. Stroke.
  3. Cancer.
  4. Surgery to coronary arteries.
  5. Kidney failure.
  6. Major organ transplant.
  7. Aorta surgery.
  8. Blindness.
  9. Heart valve replacement.
  10. Paraplegia.
  • The policy has a waiting period. No amount will be paid as a benefit if the policyholder is diagnosed with a critical illness within a period of 90 days. Also, the coverage is provided only if the policyholder survives for at least 30 days from the date of diagnosis.
  • The minimum and maximum entry ages for this plan are 18 years and 65 years respectively.
  • The maturity age of the policy is 75 years.

PNB MetLife Insurance Child Plans

a. PNB MetLife Insurance Money Back Plan

    • PNB MetLife Money Back Plan is just what you need for the financial planning of your children. It is a systematic savings plan which offers payouts at regular intervals. Also, the policy provides protection from unexpected events.
    • This child insurance policy ensures that the policyholder receives survival benefits of 10% of Base Sum Assured from the fifth to the ninth policy year.
    • While 60% of the base sum assured is provided upon the maturity of the policy, 110% is returned over the lifetime of the policy term.
    • Unlike other life insurance policies, the policyholder receives full death benefits regardless of paid survival benefits.
    • The minimum and maximum entry ages for this plan are 13 years and 55 years respectively.
    • The maturity age of the policy is 65 years.

b. PNB MetLife Insurance Smart Child Plan

  • PNB MetLife Smart Child Plan is a market-linked child plan which offers maximum return on investments. Along with an option to invest in 6 different funds, the policy allows a systematic transfer.
  • The policy provides death benefits to secure the child’s future. Also, partial withdrawals of Rs. 5000 to meet urgent expenses and loyalty additions of 2% or 3% are offered in the plan.
  • The following are 6 funds in which the policyholder can invest in and is offered 4 free annual switches:
  • Protector II
  • Preserver II
  • Balancer II
  • Flexi Cap
  • Virtue II
  • Multiplier II
  • The investment made in high-risk equity funds is shifted to Balancer II fund to uphold the investments from market volatility. Fund value shall be paid to the nominee once the policy term ends.
  • The minimum and maximum entry ages for this plan are 20 years and 45 years respectively.
  • The maturity age of the policy is 69 years. The policy term ranges from a minimum of 12 years to a maximum of 24 years.
  • With a regular premium payment term, the maximum coverage this policy can offer is Rs. 5,00,000.

PNB MetLife Insurance Savings plans:

a. MetLife Guaranteed Savings Plan

    • PNB MetLife Insurance Guaranteed Savings Plan is a savings life insurance plan which guarantees lump sum benefit on maturity and additions on cumulative premiums. This life insurance policy helps the policyholder to create corpus while securing the family’s future.
    • With the guaranteed benefits on the maturity of the policy, children’s higher education will no longer become difficult.
    • In case of death of the policyholder, death benefits are payable for the policy.
    • Given that provided all due premiums have been received for that policy year, additional benefits of 5%, 6% or 7% of cumulative premiums are provided to the policyholder.
    • While the minimum entry age is 8 years, the maximum age limit stretches to 60 years.

b. MetLife Endowment Savings Plan Plus

  • PNB MetLife Insurance Endowment Savings Plan Plus an endowment life insurance plan plays a dual role. While safeguarding the policyholder against critical illnesses, the policy ensures savings for financial needs at every stage of life.
  • On the survival of the policyholder till maturity of the policy, simple and terminal bonuses are paid along with sum assured on maturity.
  • Simple Reversionary Bonus & Terminal Bonus are added to the policy from the first year of the policy which is paid on maturity or death.
  • Along with cover for critical illnesses, this savings life insurance plan helps in paying home loans, children’s education and
  • For both savings and savings plus plans, the minimum entry age would be 18 years.

Also Read: Bharti AXA Life Insurance Income Protection Plan

PNB MetLife Insurance Wealth Plans

a. MetLife Mera Wealth Plan

    • MetLife Mera Wealth Plan is a unit- linked wealth and savings plan allows space for both life cover and financial savings.
    • The duration of the premium payment and plan options of the policy are quite flexible. While the premium can be paid as single pay, 5 pay, 10 pay or regular pay, premier and online are the plan options.
    • In case of death of the policyholder, death benefits are payable.
    • From the end of 6th policy year till maturity for both premier and online options, loyalty additions are paid every year.
    • There are two investment options under this wealth plan. They are the self-managed option and systematic transfer option.

b. MetLife Smart One

  • MetLife Smart One is a ULIP and one-time investment plan which speeds up the growth of wealth while providing life cover.
  • The stop-loss option of the plan defends the investment when the market is down. There is also an auto-balancing option available which helps the policyholder during market lows.
  • The minimum and maximum entry ages for this plan are 3 months and 65 years respectively.
  • The maturity age of the policy is 75 years.

PNB MetLife Insurance Rural Plans

MetLife Grameen Ashray

  • MetLife Grameen Ashray is a micro life insurance plan which aims to improve rural planning by providing life cover at a nominal cost.
  • Also, this policy doesn’t require much documentation and has a simplified process.
  • In case of death of the policyholder, a death benefit is paid to the nominee.
  • The minimum and maximum entry ages for this plan are 18 years and 55 years respectively.
  • The maturity age of the policy is 60 years.

Points to note:

  • Remember that one should be clear on the amount of coverage and premium before choosing any life insurance policy.
  • Tax benefits can be availed by the policyholder, provided that he/she pays premium regularly.
  • The nominee of any policy will have to complete the claiming and documentation process following the death of the policyholder.

With life insurance being customized for all financial needs of the customer, one doesn’t have to worry about other savings or wealth plans. PNB MetLife offers the most reliable life insurance policies. 85% of the claims made at this firm are settled correctly. Choose wisely from the above top life insurance policies under various categories in 2018 and kick-start the journey of both your protection and financial goals.

About Ajeet Sharma

My Name is Ajeet Sharma Financial Blogger & Founder of Financegab.com. We are a personal finance blog dedicated to personal finance & financial planners. The main aim of this blog is to help people to informed financial decisions.
View all posts by Ajeet Sharma →

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