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PNB Metlife Life Insurance
PNB Metlife Life Insurance

About PNB Metlife Life Insurance Life Insurance

PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the foremost life insurance companies in India. It is a joint venture between MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHI and PNB being the major shareholders. Earlier known as MetLife India, PNB MetLife is present in India since 2001. PNB MetLife blends the financial strength of MetLife, Inc., a leading life insurance company and credibility of PNB, one of India's oldest nationalized banks. The vast distribution reach of PNB along with the global life insurance expertise and product range of MetLife makes PNB MetLife a trusted insurance company. At present, PNB MetLife is present in more than 120 locations throughout the country and serving customers across 7,000 locations through its partnerships with PNB, JKB and Karnataka Bank Limited. PNB MetLife offers a wide array of protection and retirement products through its Agency sales of more than 15,000 financial advisors and multiple bank partners. With its corporate office in Gurgaon and headquarter in Bangalore, PNB MetLife is recognized as one of the fastest growing life insurance companies in India.

Types of insurance plans

  • PNB MetLife Protection Plan
  • PNB MetLife Monthly Income Plans
  • PNB MetLife Money Back Plans
  • PNB MetLife ULIP Plans:
  • PNB MetLife Child Plan Plans
  • PNB Metlife Endowment Plans
  • PNB MetLife Rural Plans
  • PNB MetLife Corporate Solutions
  • PNB MetLife Health Plans

PNB MetLife Life Insurance Plans Details

1. PNB MetLife Protection plans:

This is a pure protection plan that provides cover in the event of the death of policyholder.

  • MetLife Family Income Protector Plus This term plan offers policyholders the maturity benefit of getting 110% of the premiums back once the policy matures and a death benefit of a monthly income for the beneficiary. The monthly income benefits range from Rs. 10,000 to Rs. 100,000.
2. PNB MetLife Monthly Income Plans:

Monthly income plans are policies that are meant to ensure that even if you are not around, your family will have a steady source of income to provide for their needs. The plan offered by PNB MetLife are:

  • MetLife Monthly Income Plan 10 Pay :With this plan, investors have the option of getting a monthly income for 15 years. They are also eligible to receive bonuses on their investment which can be taken as a lump sum or added to the monthly income.
  • HDFC Life New Immediate Annuity Plan- This plan is a non-linked traditional annuity plan that provides financial independence by offering assured income even after retirement for as long as the customer as well as their spouse lives. It offers a host of annuity options with the flexibility to choose from the different annuity options like monthly/quarterly/half-yearly/or annually.
3. PNB MetLife Money Back Plans:

The money back plans are designed to give investors something in return. Under these plans the insurer will provide monetary benefits after a certain period of the policy being in effect.

  • MetLife Money Back Plan - Under this scheme, the investor gets 10% of the sum assured every year starting from the 5th year up to the 9th year. In the 10th year the investor receives 60% of the sum assured as maturity benefits.
4. PNB MetLife ULIP Plans:

These plans are for those who are seeing combined benefit of safety and savings through an insurance plan

  • Met Smart Platinum - This is a unit-linked policy that matures when the policyholder achieves that age of 99 years. The maturity benefit for this scheme is the value of the funds at the time of maturity.
  • Met Easy Super -This is also a ULIP which provides life insurance cover while also working on helping you amass more wealth. Maturity benefits under this plan is the total fund value at the time of maturity. These benefits can be taken at the time of maturity or at a later time.
  • Met Dhan Samriddhi - This is a unit-linked insurance policy that can be taken for a policy period of 10 years and offers policyholders the option of taking maturity benefits as a lump sum or in structured payments over time.
  • Met Smart One -This too is a ULIP that can be taken for periods ranging from 10 to 20 years and can be opened even in the name of children as young as 3 months old.
  • PNB MetLife Child Plan Plans - This is a type of long-term investment plans that meets the requirements of the customers’ near and dear ones when they are absent. This plan is taken on a single life basis and easy EMI option is also available
5. PNB MetLife Child Plan Plans:

With the rising cost of education it is very important that your child’s future is well taken care of. For that purpose PNB MetLife offers:

  • HMet Smart Child : - This is a plan that can be taken to secure your child’s future. The beneficiary of this plan must be between 3 months and 17 years old. Maturity benefits include the fund value at the time of maturity and certain loyalty additions as applicable.
  • Met College Plan -This is a plan that offers 3 benefits to the beneficiary in the unfortunate event of the insured’s death. It offers the sum assured upon death, waiver of all future premium payments even though the policy stays in effect and the survival benefits as provided by the policy.
6. PNB Metlife Endowment Plans:

PNB Metlife offers endowment plans to ensure the safety of your loved ones.

  • MetLife Monthly Income Plan - 10 Pay: This is a participating plan that offers a regular guaranteed income for you and your family.
  • MetLife College Plan:-This is a fixed term non-linked deferred participating endowment plan. It provides financial assistance to you for educating your child.
  • MetLife Bachat Yojana:This is a non-linked, deferred, participating endowment plan
  • MetLife Bhavishya Plus: : This is a non-linked, deferred, participating endowment plan.
7. PNB MetLife Rural Plans:

Just like savings plans, these plans are also meant to provide for your family in the unfortunate event of death of a major contributor of family income. There are two plans on offer under this scheme:

  • Met Grameen Ashray Plan:-
  • MetLife Bachat Yojana :-The MetLife Bachat Yojana plan is a non-linked deferred participating endowment plan that provides people with affordable insurance plans with reversionary and terminal bonuses.
  • MetLife Bhavishya Plus:This is a participating endowment plan that is non-lined and deferred. It can be taken for 12 years to 24 years and offers death and maturity benefits along with simple reversionary and terminal bonuses.
  • MetLife Bhavishya Plus: : This is a non-linked, deferred, participating endowment plan.
8. PNB MetLife Corporate Solutions:

These are plans that are offered to corporates and other groups of individuals who want to invest in an insurance scheme as a large group of people. Under group term insurance the company offers:

  • Met Group Term Life Plus -This is a plan that can be used by employers to fulfil their statutory EDLI requirements and also offers flexible payment options like monthly, quarterly, half-yearly or annual payments.
  • Met Group Deposit Administration Scheme: This is a plan that has been designed to help employers who are looking to outsource their gratuity and leave encashment liabilities. This plan can be taken for a minimum of 10 people.
  • Met Group Gratuity :-The Met Group Gratuity plan is a group linked plan that offers employers the opportunity to manage gratuity liabilities effectively. Apart from gratuity management, this plan also offers death and surrender benefits to the policyholder.
  • Met Complete Care : This plan can be offered in place of the mandatory EDLI and provide higher coverage ranging from Rs.1,000 to Rs.25 crore per life. The minimum group size in this case needs to be 50 members in case the employer confirms that they are providing gratuity benefits, else the minimum size is 10 members.
  • Met Superannuation This is a plan that requires a minimum of 10 participating members and offers guaranteed interest on contributions made towards this scheme. It also adds the interest declared each year to the capital.
  • Met Unit Linked Employee Benefit PlanThis is a unit linked plan that helps employers effectively manage their leave encashment and gratuity liabilities. The policy term is usually one year, renewable every year.
  • Met Group Savings Plan This is a plan that can be taken for groups ranging in sizes of 50 members and above. It offers base sum assured that ranges from Rs.5,000 to Rs.50 lakhs. The plan also offers simple reversionary bonuses along with maturity and death benefits.
  • Met Loan & Life Suraksha :This is a group life insurance policy that is linked to loans and can be taken to provide insurance cover on outstanding loan amounts. The policyholder can choose between reducing life cover and level life cover under this policy and it also offers joint life options, death benefits and surrender benefits.
  • Met Loan AssureThis too is a life insurance policy that can be taken to secure the outstanding balance on a loan. While this scheme offers death and surrender benefits it does not offer any maturity benefits.
  • Met Flexi Shield This is a group life insurance plan that can provide life insurance cover to the tune of Rs. 5,000 and above per person. There is no limit on the maximum size of the group but the minimum size should be 50 members
9. PNB MetLife Health Plans

To help customers keep up with the rising costs of healthcare, the company has come up with plans that help pay for treatments that would otherwise leave people bankrupt.

  • MetLife Major Illness Premium Back Cover:The plan is designed to provide insurance cover that can help pay for treatment for major illnesses. It also helps pay for the hospitalization itself and comes with a sum assured that ranges from Rs. 500,000 to Rs. 50,00,000.

FAQs about Pnb Metlife Life Insurance Life Insurance:

Are there any advantages in buying Pnb Metlife Life Insurance insurance at an early age?

Yes. The premium that you pay on your insurance policy is mainly dependent upon two things - your age and the tenure of the policy. The younger you are, the lower is your insurance premium amount. At younger age, you would be physically sound and may not be suffering from illnesses/ medical. This would entitle you to a lower premium on the policy. Therefore it is advisable to buy insurance at an early age to reduce the cost of insurance.

Do you need life insurance?

If you have dependents and financial responsibilities towards them, then you certainly need insurance. Imagine what would happen if you were to lose your life suddenly or become disabled and cannot earn. Being insured in a situation like this is a necessity. When you insure your life, in effect what you are doing is insuring your earning capacity. This guarantees that your dependents will be able to continue living without financial hardships even in case of your demise. Most insurance plans available today come with a savings element built into it. These policies help you plan not only for protection against death but also for a financially independent future, which would enable you to have a comfortable retirement.

How else does life insurance help?

The primary need is buying financial security for your family. Other aspects that insurance helps fulfill are:

Tax benefits of opting Pnb Metlife Life Insurance Life Insurance?

The Tax exemption available under our insurance and pension policies are described below:

Deductions

*The aggregate amount of deduction under section 80C and 80CCC shall not exceed one lakh fifty thousand rupees.

Exemption

  • Benefit is available to individual assessee and Hindu Undivided Family assessee.
  • In case of individual assessee - himself/herself, spouse, children of such individual.
  • In case of HUF assessee - any member of HUF.
  • Premiums paid under a life insurance policy are eligible for deduction under Section 80C* of the Income Tax Act, subject to the provisions of the said section.
  • Contributions to a pension plan are eligible for deduction under Section 80CCC* of the Income Tax Act, subject to the provisions of the said section.
  • The proceeds under a life insurance policy are exempt under Section 10(10D) of the Income Tax Act, subject to the provisions of the said section.
    Note: If the amount of premium paid in a financial year for a policy is in excess of 10% of the actual capital sum assured, then deduction will be allowed only for premiums up to 10% of the actual capital sum assured.

How much do I insure myself for?

One of the simplest rules is to assume that insurance is a replacement for your lost earning capacity. Calculate your total income for the years that you expect to work. Assuming that the prevailing interest rate is 8%, you need to insure your life for at least 12 times your current annual income. Assuming that a family needs Rs.100 annually for household expenditure and the rate of interest would be at 8%, then the breadwinner needs to have a life insurance policy of approximately Rs.1200. If the insurance amount were to be put in the bank by the family, the family would get a comfortable Rs.96 p.a., which would at least let the family maintain the current life style.

However to calculate your insurance need more precisely, use the following steps:
  • Calculate Monthly Livable Income required (Post tax). This is the monthly amount that the survivors of the policyholder will need in the event of his death. This is taken at 70% of the current total family expenses. Denote this as "M".
  • Calculate Monthly Income required (Pre tax) as M/ (100-t)%. Denote this as "M1". Here t = Tax rate.
  • Assume Estimated-earning rate on capital as 8%. Denote this as "r".
  • Calculate Capital livable income required (C ) as A/ r%.
  • Subtract Existing Insurance Cover amount (if any) from "C".
  • The final amount you arrive at is the amount for which you should buy insurance

How much does it cost to buy Pnb Metlife Life Insurance life insurance?

Pure protection covers have become fairly affordable over a period of time. Further, the amount of premium depends on the cover and benefits one needs

Is there any policy where I can receive money during the tenure of the policy?

Yes, a MoneyBack Policy. This is an anticipated endowment policy with an additional feature of receiving benefit at regular intervals during the tenure of the policy. The risk cover continues for the entire policy term inspite of the installments already paid. If you outlive the policy, the maturity benefit along with accumulated bonus is paid back to you.

This is suitable for you if
  • You plan to coincide the funds received from the policy with your future anticipated needs like a car, an overseas holiday, children's educational needs, marriage expenses, etc.

What are riders?

Riders are additional benefits that can be attached onto your basic life insurance policy. These riders give you the benefit of increasing your risk cover in case of certain events happening. For instance if you have taken an Accident Death Benefit rider and you die due to an accident then your beneficiaries can get up to a maximum of twice the basic sum assured subject to Claims acceptance. Similarly there are different riders addressing different contingencies like Critical Illness, Permanent Disability Benefit, etc. There are riders available that waive your future premiums in case of death or disability of the proposer. These riders come at a nominal cost and can be availed of depending on the policy taken. These can be taken at the beginning of the policy term or during the policy term.

What are the different premium paying options available?

Nearly all policies provide yearly, half yearly, quarterly and monthly modes of premium payment. In addition, some plans also have the option to pay the premiums only for a limited period of time and not for the full policy term

What is an Pnb Metlife Life Insurance Endowment Policy?

An Endowment Policy is a combination of savings along with risk cover. These policies are specifically designed to accumulate wealth and at the same time cover your life. In simple words, these polices are issued for specific time periods during which you pay premiums. If you die during the tenure of the policy, your beneficiaries will receive the death benefit along with the accumulated bonus additions and if you outlive the policy tenure you will receive the maturity benefit along with accumulated bonus additions (if any). This is suitable for you if You want to accumulate capital for anticipated financial needs like buying an asset such as a home, providing for your old age, your children's education, marriage, etc.

What is Life Insurance?

Life Insurance is a contract between you and a life insurance company, which provides your beneficiary with a pre-determined amount in case of your death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family. In case of your unfortunate premature demise, your family can remain financially secure because of the life insurance policy that you have purchased. The primary purpose of life insurance is therefore protection of the family in the event of death. Insurance is also seen as a tool to plan effectively for your future years, your retirement, and for your children's future needs. Today, the market offers insurance plans that not just cover your life and but at the same time grow your wealth too.

What is Pnb Metlife Life Insurance Term Insurance?

Term Insurance, also known as pure life cover, is the cheapest and the simplest form of insurance. Under this insurance policy, against payment of regular premium, the insurer agrees to pay your beneficiaries the Death Benefit in event of your premature death. However, if you survive till the end of the policy term, nothing is payable to you. This policy has no savings component and the premiums you pay are purely a cost to buy you a life cover. This is suitable for you if
• You are looking for a low cost life cover without any savings benefits attached.

What will I receive on maturity of my policy?

On maturity, you will receive the maturity benefit as defined as for respective Plan.

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