PNB Metlife Reviews, Ratings, Best Plans and USPs
PNB MetLife India Insurance
As the title indicates, PNB MetLife India Insurance Company is a joint venture between Public National Bank Limited (PNB), MetLife International Holdings Inc. (MIHI), M. Pallonji and Company Private Limited, Jammu & Kashmir Bank Limited (JKB), and other private investors. The major stakeholders in this organization are PNB and MIHI.
PNB MetLife India Insurance Company provides a wide range of insurance products and services to its customers. Currently, the organization has more than 50,000 insurance advisors located all across India. These insurance advisors help customers find the right insurance plan for them in over 600 locations.
The partner organizations of PNB MetLife also contribute significantly when it comes to making sure that the organization is able to reach a larger number of customers. According to the official reports, the claim ratio in the financial year of 2017 – 2018 was 91.12% and in the financial year 2018 – 2019, the claim ratio was an amazing 96.21%. Further, the market share of the company in the financial year 2017 – 2018 was 0.7 and it was 0.78 in the financial year 2018 – 2019.
About PNB MetLife India Insurance
Benefits of Choosing the Brand
PNB MetLife has been present in the market for the last 15 years. This organization has been able to grow exponentially during that time in terms of providing high-quality insurance services and products to millions of customers in India. The customers also receive several benefits when they purchase insurance services from PNB MetLife. Those benefits are discussed below.
- Excellent Brand Value
PNB MetLife has an excellent brand value in the market. This organization is renowned for its amazing customer services and zeal to provide its customers with high-quality insurance products and services that suit all their needs - Consistent Profits
For the last five years, PNB MetLife has reported nothing but profits. This is rather a marvelous feat if we consider the number and sheer volume of claims that are made and approved by this organization every single year! This goes to show that the organization is here to stay and will continue to provide its services for years to come - Large Diversity of Flexible Products
All insurance policies provided by PNB MetLife as flexible in terms of their sum assurance amounts and policy terms. Further, the insurance policies are suited for the needs of a common man to a multi-billion dollar organization group requirements. PNB MetLife provides policies from retirement plans to micro-insurance products - Amazing Claim Settlement Ratio
According to the official reports, the claim settlement ratio of the organization has always been very high. As of now, it is 95% and the organization has also been successful in maintaining a claim settlement ratio of over 90% since the last three years!
PNB MetLife India Insurance Company Limited was established in 2001 and has been growing exponentially in the market since then. The organization aims to provide its customers and policyholders with the financial protection that they need to deal with tough times without worrying about money.
As of now, the organization has over 107 offices located all across India. They have over 7,338 financial advisors, over 100 million customers, and a claim settlement ratio of 96.21%. Other information related to the previous claim settlement ratio and market share values is given in the table below.
|
Year |
2012 - 2013 |
2013 - 2014 |
2014 - 2015 |
2015 - 2016 |
2016 - 2017 |
2017 - 2018 |
2018 - 2019 |
|
Claims Settlement Ratio |
83.87% |
90.24% |
92.86% |
85.36% |
87.14% |
91.12% |
96.21% |
|
Market Share |
0.8 |
0.6 |
0.7 |
0.7 |
0.7 |
0.7 |
0.78 |
Let’s look at some customer reviews now.
Blown Away by the Services 5/5 S. K. Jain
I pay a premium of INR 21,000 per annum for my policy. And I have placed several claim requests over the years. I couldn’t be happier with the services that are given by PNB MetLife Insurance people to their customers. From renewal to applying for the claim and receiving the claim, everything has been made easy for me!
Excellent Products and Services 5/5 Prasad Singh
I have been a PNB MetLife policyholder for five years now. I’m completely satisfied with the policies that I have and have yet to make a claim. But the renewal process is always very smooth for me and the customer service team members are also very helpful.
Great Policies 5/5 Mohammad Ali
I have an endowment policy with PNB MetLife India Insurance that I have been renewing for the past three years. I love their customer service and the amazing benefits they provide with their policies. I pay a premium of INR 6,000 every year.
As mentioned above, PNB MetLife offers a range of insurance plans to its customers. In this section, we will look at what those plans are. You can refer to the table below to access that information.
PNB MetLife Protection Plans
|
Type of Insurance Plan |
Sum Assured |
Applicable Coverage Terms |
|
PNB MetLife Mera Term Plan |
Starts from INR 10 lakh |
Coverage provided up to 75 years |
|
PNB MetLife Family Income Protector Plus |
Up to a total of INR 1.42 crore |
Coverage provided up to 75 years |
|
PNB MetLife POS Suraksha |
The minimum sum assured is INR 50,000 and the maximum sum assured is INR 15 lakh, which is provided in the multiples of INR 50,000 |
For a policy period term of 5 years, the coverage is provided till 10 years and for a policy period term of 10 years, the policy coverage is provided for 10 years or 15 years |
|
PNB MetLife Mera Heart and Cancer Care |
For the cancer cover, one can get a sum assured value of INR 5 lakh to INR 40 lakh. For heart cover, the total sum assured value is from INR 5 lakh to INR 40 lakh. And in case of heart and cancer cover together, the total sum assured value is from INR 10 lakh to INR 80 lakh |
The policy comes with a fixed term of 10 years, 15 years, and 20 years. The premium paying term will be available in the plan that is equal to the policy term |
|
PNB MetLife Mera Jeevan Suraksha Plan |
The minimum basic sum assured value is INR 25 lakh and there is no maximum limit to the sum assured value |
The minimum policy term is 10 years and the maximum policy term is 40 years |
|
PNB MetLife Grameen Ashray |
The minimum sum assured value is INR 5,000 and the maximum sum assured value is INR 50,000 |
This insurance policy is provided for a fixed term of 5 years |
|
PNB MetLife Complete Care Plus |
The minimum sum assured value per family member is INR 5,000 and the maximum coverage provided is INR 100 crore for each life |
- |
|
PNB MetLife Group Term Life Plus |
The minimum sum assured value is INR 1,000 for every member and the maximum sum assured value depends on the rules of the group insurance scheme set by the administration |
The policy has a renewable term of one year |
|
PNB MetLife Loan and Life Suraksha |
The minimum sum assured value per person is INR 5,000 and there is no limit on the maximum sum assured value |
The minimum policy term for a single payment is two years, for five payments is five years, and for ten payments it is 10 years. The maximum policy term for single pay and five payments option is 25 years and for 10 payments, it is 30 years |
|
PNB MetLife Pradhan Mantri Jeevan Jyoti Bima Yojana |
The total sum assured amount is INR 2 lakh |
The policy has a fixed term of one year. After that, one can renew the policy every single year |
|
PNB MetLife Complete Loan Protection Plan |
The minimum total sum assured value per person is INR 5,000 and the maximum amount for every member in case of accidental and critical illness guard is 100% of the base sum assured amount with an upper limit of 100 crores. And in the case of life protection and life protection plus, there is no upper limit |
The minimum policy term for single pay is two years and for limited pay is 5 years. On the other hand, the maximum policy term for life protection and life protection plus plans is 40 years. This period is subject to the maximum maturity age of 80 years or less. For accidental safeguard, the policy term is 40 years and it is also subject to the maximum age of maturity of 75 years or less. In case of critical illness safeguard, the maximum policy term is 30 years, which is subject to maturity age of 75 years |
PNB MetLife Savings Insurance Plans
|
Type of Insurance Plan |
Minimum and Maximum Sum Assured Value |
Terms of Policy |
|
MetLife Mera Wealth Plan |
The sum assured multiple for single pay is 1.25 and for other payment plans is 10 or 0.5 of the policy term, whichever amount is higher |
The minimum policy term for a single payment is 10 years, for five payments, the policy term is 10 years, for 10 payments, it is 11 years, and for regular pay, the policy term is 10 years. The maximum policy term is 20 years for single pay and five payments. The maximum term is also 30 years for 10 payments or regular policy payment terms. |
|
PNB MetLife Endowment Savings Plan |
The minimum sum assured value is 2.2 lakh and there is no limit to the maximum value |
The minimum policy term is 10 years and the maximum policy term is 25 years. There are also three variants available in the payment plan. One can choose to pay the premium in one single payment, five payments, or in 10 payments. |
|
PNB MetLife Whole Life Wealth Plan |
The multiples of the sum assured amount in case of entry age is less than 45 years is 0.5. If the entry age is more than 45 years, then the multiples of sum assured amount are 0.25 |
The minimum and the maximum policy term is 99 minus the entry age at the time of purchasing this policy |
|
PNB MetLife Smart Platinum |
The total sum assured value is given out in multiples |
- |
|
PNB MetLife College Plan |
The minimum sum assured amount is INR 2.12 lakh and the maximum sum assured value is INR 5 crore |
The minimum policy term is 12 years and the maximum policy term is 24 years |
|
PNB MetLife Dhan Samriddhi Plan |
The sum assured value is provided in multiples. The policyholder has the freedom to choose either 1.25 or 10 times the single premium value |
The policy comes with a fixed term of 10 years |
|
PNB MetLife Income Protection Plan |
The minimum sum assured amount depends on the minimum premium that was payable. And the maximum sum assured amount is INR 10 lakh |
The policy terms available under this plan include 5 years of premium payment tenure if the RoP was 100%. It will cover a period of 15 years. If the plan comes with 110% RoP, then the cover is for 15 years with seven payments. The same option is provided in the case of 130% RoP. The cover can be extended to a maximum of 20 years |
|
PNB MetLife Monthly Income Plan of 10 Payments |
The basic sum assured value is calculated to an annualized premium x 11 times |
The policy is available for a fixed term of 10 years |
|
PNB MetLife Smart Child |
The total sum assured value in this policy is calculated to be an annualized premium x 10 times |
The policy has a fixed term. One can choose this term to be of 10 years, 15 years, or 20 years |
|
PNB MetLife Smart One |
The sum assured value will be in a multiple of single premium x 5 for the first policy year. And this value will be single premium x 1.25 for the rest of the policy term |
The policy has a fixed term period of 10 - 20 years |
|
PNB MetLife Mera Wealth Plan |
The sum assured value will be provided in a multiple of 1.25 for single payment plans and 0.5 or 10 for other payment plans |
The minimum policy term is 10 years and the maximum policy term is 30 years. There are also several options available in terms of payments, including single pay, five payments, ten payments, and regular pay |
|
PNB MetLife Money Back Plan |
The minimum sum assured value is INR 2.5 lakh and the maximum sum assured value is INR 5 crore |
The policy has a fixed term of 10 years |
|
PNB MetLife Bachat Yojana |
The minimum sum assured value is INR 64,800 and the maximum sum assured value is INR 5 lakh |
The policy has a fixed term of 15 years |
|
PNB MetLife Guaranteed Savings Plan |
The minimum sum assured amount is INR 1.5 lakh to INR 4 lakh. This depends on the number of payment terms selected, which range from 5 payments, 7 payments, and 10 payments. There is no limit in terms of the maximum sum assured amount |
The policy term can range from 10 years, 15 years, and 20 years. These terms depend on the premium payment terms chosen |
|
PNB MetLife Bhavishya Plus |
The minimum sum assured value is INR 92,320 and the maximum sum assured value is INR 5 lakh |
The minimum policy term is 12 years and the maximum policy term is 24 years |
PNB MetLife Pension Plans
|
Type of Plan |
Minimum and Maximum Sum Assured Amount |
The Terms of Policy |
|
PNB MetLife Superannuation |
In this plan, regular payouts are given out in terms of annuities |
The policy can be renewed every single year |
|
PNB MetLife Traditional Employee Benefit Plan |
- |
The policy can be renewed on a yearly basis |
|
PNB MetLife Unit Linked Employee Benefit Plan |
The total sum assured is given out in the form of an annuity |
This policy has a term of 1 year and it can be renewed every single year |
|
PNB MetLife Immediate Annuity Plan |
The minimum sum assured is provided in an annuity. The minimum annuity payout is INR 1,000 every month |
- |
|
PNB MetLife Retirement Savings Plan |
This is according to the PNB MetLife board underwriting policy |
The policy term is between 20 years to 30 years |
Best Policies of Brand
Some of the best-selling policies of PNB MetLife are discussed below.
PNB MetLife Mera Term Plan
The PNB MetLife Mera Term plan is a protection plan that provides financial security to the entire family. A joint life cover benefit is also provided under this plan, which would provide additional benefits to the spouse of the policyholder. There is a limited premium payment term option available with the policy too.
The minimum entry age for this policy is 18 years and the maximum entry age is 65 years. The maximum maturity age is 99 years except in the case of the joint life cover option where the maturity age is 75 years. The minimum sum assured value is INR 10 lakh.
PNB MetLife Mera Jeevan Suraksha Plan
The PNB MetLife Mera Jeevan Suraksha plan is tailor-made for individuals who need regular income or a lump sum amount for the safety of their families. The plan comes with terminal illness cover and an option for the return of premiums if the policyholder survives at the end of the policy term.
This policy can be purchased by anyone between the ages of 18 years and 65 years. The maturity age of the policy is 80 years. And the minimum sum assured value is INR 25 lakh.
PNB MetLife Loan and Life Suraksha
The PNB MetLife Loan and Life Suraksha plan is a group life insurance policy that gives coverage against any outstanding loan amount to the policyholder. The policy comes with joint life benefits and multiple premium payment term options in a group platform. The minimum entry age for the policy is 15 years and the maximum entry age is 65 years. The maturity age of the policy is 70 years and the minimum sum assured value is INR 5000 per member. The policy can be purchased for a group of a minimum of 50 people.
Other Insurance Companies
PNB MetLife India Insurance FAQs
1. How can I place a claim for my PNB MetLife India Insurance policy?
It should be noted that every insurance product or policy has a different claim procedure. This is why it is suggested that one should directly contact the customer service department regarding the same. However, there are some documents that one would need for making a claim. These documents are:
Application form
Identity proof of the policyholder and nominated individual
Income proofs
Bank statements
Or any other document requested by PNB MetLife customer service representative
2. How can I check the policy status for my PNB MetLife insurance plan?
PNB MetLife has over 150 branch offices located all across the country. One can take his or her policy details and policy copy to any of those branch offices to learn about the policy status. One can also register online on the official website and look up his or her policy status from the comfort of home.
