Quick Overview
Although most financial responsibilities end by the time you’re 65/70, what if your youngest child is still in college when you retire? Or what if you want your premiums back if you outlive the policy term?
This is where the PNB MetLife Aajeevan Suraksha Plan comes in.
In this article, we walk you through the plan's key features and options, premium details, eligibility, the claim process, and whether the Aajeevan Suraksha plan is the right term policy for you.
What Is the PNB MetLife Aajeevan Suraksha Plan & Its Eligibility?
The PNB MetLife Aajeevan Suraksha Plan (UIN: 117N122V05) is an individual, non-linked, non-participating life insurance plan. There is no investment or market-linked component.
Eligibility at a Glance
Key Features, Plan Options & Benefits
Two Cover Options
Whole Life Cover: Protection up to age 99
Fixed Term Cover: Policy term between 10 and 40 years
Four Benefit Options
At policy inception, you choose one of these payout structures, and this choice cannot be changed later.
- Lump Sum: Full sum assured paid in one go upon death or diagnosis of terminal illness.
- Life Partner: Covers you and your spouse under the same policy, available with fixed term cover only. On your death, your spouse's cover continues with future premiums waived. The Spouse Cover is capped at 50% of your sum assured (minimum ₹25 lakh and maximum ₹1 crore).
- Fixed Income: Your nominee gets an immediate lump sum (100x the monthly income you choose) plus a monthly income for 10 years.
- Increasing Income: Same as Fixed Income, but the monthly payout rises at 10% simple interest per year over the 10-year monthly income period.
Return of Premium (ROP) Option
With Return of Premium, you get back 100% of the total premiums paid (excluding taxes, extra charges, and rider costs) if you survive the policy term. This option costs extra and is not available with Whole Life Cover or for policy terms beyond 30 years.
Inbuilt Terminal Illness Benefit
If diagnosed with a terminal illness (which means the life expectancy is under 12 months and confirmed by two independent specialist doctors), the full death benefit is paid immediately. This is an early payout of the death benefit, not an additional cover.
Riders Available
- PNB MetLife Accidental Death Benefit Rider Plus: Pays an additional lump sum on top of your base cover if you die due to an accident. The death must occur within 180 days of the accident for the benefit to apply. If your base sum assured is sufficient to cover your family's needs, this rider adds limited value.
- PNB MetLife Serious Illness Rider: Pays a lump sum on diagnosis of any one of 10 listed illnesses. You must survive at least 30 days from diagnosis, and the illness must be detected at least 90 days after the policy start date. This is suitable for income replacement when you’re out of work, but not a substitute for health insurance, which covers hospital bills.
Premium Details & How to Buy
Premium Details for Fixed Term Cover
Note: Premiums shown are for a non-smoker male with ₹1 crore sum assured, a 30-year Fixed Term policy, and regular pay with lump sum payout option.
The ROP option costs nearly double the regular premium. Moreover, the refund comes with zero interest, so inflation would have already eaten into its real value by the time you receive it.
You're almost always better off buying a pure term plan and investing the difference.
How to Buy
Step 1: Visit the PNB MetLife Aajeevan Suraksha Plan page on the official website.
Step 2: Fill in the "Calculate Premium" form on the page with your name, age, mobile number, cover amount, and cover type. This generates a premium quote and initiates the purchase journey.
Step 3: The page provides a “Get a Callback” form. A PNB MetLife representative will call you to walk through the next steps.
Alternatively, the plan can be purchased through licensed agents or insurance aggregators affiliated with PNB MetLife.
Claim Process for PNB MetLife Aajeevan Suraksha Plan
How to File a Claim
Step 1 - Intimation
Call 1800-425-6969 (toll-free, Mon-Sat, 10 AM to 7 PM) or email claimshelpdesk@pnbmetlife.com to register the claim.
Step 2 - Documentation
Submit the signed claim form, death certificate (or terminal illness report from two specialist doctors), the original policy document, and the KYC documents of the claimant.
Step 3 - Settlement
IRDAI mandates claim settlement within 15 days of receiving all documents. If an investigation is required, the timeline can extend up to 45 days.
Why Choose Ditto for Term Insurance?
At Ditto, we’ve assisted over 8,00,000 customers with choosing the right insurance policy. Why customers like Vijay below love us:
- No-Spam & No Salesmen
- Rated 4.9/5 on Google Reviews by 15,000+ happy customers
- Backed by Zerodha
- Dedicated Claim Support Team
- 100% Free Consultation
Confused about the right insurance? Speak to Ditto’s certified advisors for free, unbiased guidance. Book your call or chat on WhatsApp with us now!
Ditto's Take
The PNB MetLife Aajeevan Suraksha Plan review shows that it is worth a look if you fall into one of these profiles:
- You want whole life cover because your responsibilities stretch well into your 60s and 70s
- You want to cover your spouse under a single policy
- You want the comfort of getting your premiums back if you outlive the policy
The Life Partner option makes this one of the few plans on the market that offer true joint life protection for couples, with both spouses covered from day one, with no major conditions. Similarly, the Increasing Income payout option is not commonly offered.
If you need straightforward, high-cover protection at the most affordable premium, the PNB MetLife Term Insurance Plan DigiProtect is worth considering. For a first-time buyer still evaluating options, check out our guide on the best term insurance plans in India.
Frequently Asked Questions
Last updated on:
