Life Insurance
PNB MetLife
Founded in 2001, PNB Metlife is a joint venture between Punjab National Bank, MetLife International Holdings, M. Pallonji and Company Private Limited and Jammu & Kashmir Bank Limited. Its product offering spans across life insurance solutions for Child Education, Family Protection, Long Term Saving and Retirement plans
| Annual Business | ₹7,524 cr. |
| Claims Settled | 98.54% |
| Claims settled within 30 days | 96.11% |
Term Insurance offered by PNB MetLife
Mera Term Plan Plus
This plan offers comprehensive protection as it provides different plan variants to choose from, multiple payout options and features like Life Stage Benefit, Increasing cover, return of premium and many more
Three plan options to choose from:
- Life:
Lump sum death cover is paid to the nominee upon the demise of the life insured
- Life Plus:
Apart from a lump sum amount on death, it provides terminal illness benefit wherein the entire sum assured will be paid on the diagnosis of a fatal disease or condition. Also, in case you are diagnosed with any of the listed 50 critical illnesses or get permanently disabled, your future premiums will be waived and your policy will still remain active
- Life Plus Health:
Apart from covering all the benefits of Life Plus option, Life Plus Health also provides Accelerated Critical Illness benefit wherein you get a lump sum amount in case you’re diagnosed with any of the 50 listed critical illnesses. However, keep in mind this lump sum amount is part of your base cover itself. So your death cover gets reduced by the amount of Critical Illness benefit paid
Riders you can buy with this policy:
- PNB Metlife Accidental Death Benefit Rider Plus:
An additional lump sum amount is paid over and above the base death benefit if the cause of death is an accident.
- PNB MetLife Serious Illness Rider:
A lump sum amount is paid on the diagnosis of any of the 10 listed serious illnesses.
- PNB MetLife Critical Illness Rider:
A lump sum amount is paid on the first diagnosis of cancer or heart attack
- PNB MetLife Accidental Disability Benefit Rider:
A lump sum amount is paid in case you get disabled following an accident
Mera Term Plan
This plan provides an all-round protection to not just you but even your spouse as it offers a joint life cover option where both you and your spouse are covered. Besides this policy has features like Life stage benefits, riders, and multiple payout options to choose from
Plan options under Mera Term Plan:
- Lump Sum payment on Death:
The Death Sum Assured shall be payable as a lump sum amount on death
- Lump Sum Payout plus Regular Monthly Income for 10 years:
On death, 50% of the sum assured is paid as lump sum and the balance 50% is paid in monthly income spread over the next 120 months
- Lump sum plus Increasing Monthly Income for 10 years:
On death, 50% of the sum assured is paid as lump sum and the balance 50% is paid in monthly income spread over the next 120 months which increases every year by 12%
- Lump sum plus monthly income till child ages 21:
On death, 50% of the sum assured is paid as lump sum and the balance 50% is paid in monthly income till the child turns 21. This variant can only be bought if the child under 15
Riders you can buy with this policy:
- PNB Metlife Accidental Death Benefit Rider:
An additional lump sum amount is paid over and above the base death benefit if the cause of death is an accident.
- PNB MetLife Serious Illness Rider:
A lump sum amount is paid on the diagnosis of any of the 10 listed serious illnesses.
- PNB MetLife Critical Illness Rider:
A lump sum amount is paid on the first diagnosis of cancer or heart attack
- PNB MetLife Accidental Disability Benefit Rider:
A lump sum amount is paid in case you get disabled following an accident
Mera Jeevan Suraksha
This policy comes with a range of options to choose from so that you can select the plan that suits you best. There is a return of premium option wherein you can get back all the premiums you paid if you survive till the maturity of the plan.
The policy has four plan options:
- Lump sum:
The Death Sum Assured shall be payable as a lump sum amount on death or diagnosis of terminal illness
- Life Partner:
If you select this option, your spouse also gets covered under the policy and their sum assured is 50% of your base sum assured. If the spouse dies, respective death cover is paid to you, cover continues, and on your demise the nominees receive the death benefit. However, if you (primary life) pass away before your spouse, your spouse gets your sum assured and upon their subsequent death, the respective cover is paid to nominees
- Fixed Income:
You choose a monthly income amount at the inception. On death, an amount equal to 100 times this monthly income is paid out as a lump sum plus the fixed monthly income for the next 10 years
- Increasing Income:
You choose a monthly income amount at the inception. On death, an amount equal to 100 times this monthly income is paid out as a lump sum plus the fixed monthly income for the next 10 years which increases by 10% every year.
Family Income Protector Plus
Although it’s a pure term plan it works in a slightly different way, in that there’s no lump sum death benefit but a guaranteed monthly income. The policy gives you five monthly income amounts to choose from ranging from 10,000 per month to 1 lakh per month. On death, this monthly income is paid to your nominee. The duration for which the nominee receives this monthly income depends on which of the three policy terms you choose. A return of premium option is also provided wherein all the premiums are returned to you if you survive till maturity.
Aajeevan Suraksha Plan
This policy comes with a range of options to choose from so that you can select the plan that suits you best. There is a return of premium option wherein you can get back all the premiums you paid if you survive till the maturity of the plan.
The policy has four plan options:
- Lump sum:
The Death Sum Assured shall be payable as a lump sum amount on death or diagnosis of terminal illness
- Life Partner:
If you select this option, your spouse also gets covered under the policy and their sum assured is 50% of your base sum assured. If the spouse dies, respective death cover is paid to you, cover continues, and on your demise the nominees receive the death benefit. However, if you (primary life) pass away before your spouse, your spouse gets your sum assured and upon their subsequent death, the respective cover is paid to nominees
- Fixed Income:
You choose a monthly income amount at the inception. On death, an amount equal to 100 times this monthly income is paid out as a lump sum plus the fixed monthly income for the next 10 years
- Increasing Income:
You choose a monthly income amount at the inception. On death, an amount equal to 100 times this monthly income is paid out as a lump sum plus the fixed monthly income for the next 10 years which increases by 10% every year.
Riders you can buy with this policy:
- PNB Metlife Accidental Death Benefit Rider:
An additional lump sum amount is paid over and above the base death benefit if the cause of death is an accident.
- PNB MetLife Serious Illness Rider:
A lump sum amount is paid on the diagnosis of any of the 10 listed serious illnesses.
PNB MetLife Term Insurance plan details
| Plan Name | Entry Age | Sum Assured | Policy payment options |
|---|---|---|---|
Mera Term Plan Plus | 18-60 | ₹25,00,000-unlimited | Yearly, Half yearly, |
Mera Term Plan | 18-60 | ₹25,00,000-unlimited | Yearly, Half yearly, |
Mera Jeevan Suraksha | 18-65 | ₹25,00,000-unlimited | Yearly, Half yearly, |
Family Income Protector Plus | 25-60 | For policy term 10 years: | Yearly, Half yearly, |
Aajeevan Suraksha Plan | 18-65 | ₹25,00,000-unlimited | Yearly, Half yearly, |
ULIP Plans
Unit Linked Insurance Plans or widely known as ULIPs are part insurance, part investment plans. So the premium that you pay, some of it is allocated towards providing a death cover and the rest is invested in equity and debt funds, whichever you choose. So if something were to happen to you, your family either gets death cover or the fund value, whichever is higher at that time.
Say you’re paying a premium of 1 lakh every year for 20 years and for a death cover of 10 lakhs. You die after 15 years and your family naturally gets 10 lakhs. However if at that time the value of your invested premiums is 13 lakhs, your family gets this 13 lakhs. But if the fund doesn’t earn good returns and values at 8 lacs, then you get the death cover. So 10 lacs, i.e., your death cover is the minimum payout. But if you survive after 20 years, then you get all those invested funds back, whatever the value is at that time. That’s your maturity payout.
But there are other things to look for as well. Firstly, there is a lock-in period of 5 years, meaning you won’t be able to get back your premiums before 5 years. It’s only after 5 years that you’re allowed to withdraw some funds and even that is partial withdrawal. You can never withdraw the entire amount. Also, there are different charges that are deducted from your premium every year like premium allocation charge, policy administration charge, fund management charge, etc. So the entire 1 lakh is never invested.
Make sure you read the policy document diligently. And remember ULIPs are largely dependent on how the market is performing, both stocks and bonds.
ULIP Plans offered by PNB MetLife
| Plan Name | Entry Age | No. of Funds |
|---|---|---|
| Smart Platinum | 18-65 | Total: 11 Equity: 9 Debt: 2 |