PNB MetLife DigiProtect Term Plan: A Complete Guide

PNB MetLife offers a limited range of comprehensive plans and focuses on simple life cover with flexible payout options and features. This guide walks you through its newly launched DigiProtect plan, premiums, eligibility rules, and whether PNB MetLife suits your long-term protection needs.

About PNB MetLife Insurance India

PNB MetLife is a joint venture between Punjab National Bank, MetLife International Holdings, M. Pallonji and Company Private Limited and Jammu & Kashmir Bank Limited. Operating since 2001, it serves customers across 155 locations and reaches nearly 19,000 locations through strong bank partnerships.

Note: The insurer has a good CSR and ASR, a strong scale of business, and a decent solvency position. While complaint volumes have historically been on the higher side, they have been declining in recent years, which is a positive trend.

In-built Features and Add-ons of PNB MetLife DigiProtect Term Plan

• Special Exit Value: You can exit the policy before maturity and get a refund of all premiums paid, subject to the plan’s terms. This feature does not apply to a policy term of less than 40 years.
• Premium Break Option: After paying premiums for at least three years, you may be allowed to defer premium payments for up to 12 months while keeping the full risk cover, available every five years. The Premium Break cannot be availed during the last five years of the Policy term.
• Terminal Illness Benefit: If the insured is diagnosed with a terminal illness and is expected to live for twelve months or less, the policy pays the entire benefit early to help with expenses.
• Express Claim Payout: Under this feature, a part of the sum assured (₹3 lakh) will be paid within one working day. This applies to a minimum SA of ₹1cr and does not apply in case of terminal illness.

The listed premiums are for a non-smoker profile, male with a sum assured of ₹ 2 crore (Coverage till age 70, without first year discounts). 

Key Insight: PNB MetLife sits in the mid-to-high premium range. It is more expensive than Bajaj, Axis Max, and ICICI Prudential, but still more affordable than HDFC Life for similar term coverage.

Note: As per IRDAI rules, if the policyholder dies by suicide within the first year of buying or reviving the policy, the insurer will reject the claim and refund around 80% of the total premiums.

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Ditto’s Take on PNB MetLife DigiProtect Term Plan

The plan covers the basics well, but misses out on useful term add-ons like critical illness, waiver of premium, and accidental disability riders. Premiums are on the higher side despite attractive first-year discounts, and there are no standout features that clearly set it apart from competitors.

If you are looking for a term plan from insurers with established track records and affordable riders, we recommend comprehensive plans, which align with your long-term goals. Explore more about how our experts evaluate term plans through Ditto’s cut.

Note: Ditto is not a partner of PNB MetLife Insurance. All information in this article is based on details available on PNB MetLife’s official website and other publicly available sources.