PNB MetLife

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₹5,507 cr.
Claims Settled98.17%
Claims settled within 30 days99.72%

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 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.

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 NameEntry AgeSum AssuredPolicy payment options

Mera Term Plan Plus

18-60

₹25,00,000-unlimited

Yearly, Half yearly,
Quarterly, Monthly

Ajeevan Suraksha plan

18-65

₹25,00,000-unlimited

Yearly, Half yearly,
Quarterly, Monthly

Mera Jeevan Suraksha

18-65

₹25,00,000-unlimited

Yearly, Half yearly,
Monthly

Family Income Protector Plus

25-60

For policy term 10 years:
14.2 lakhs to 1.42 cr

For policy term 15 years:
12 lakhs to 1.24 cr

For policy term 20 years:
9.1 lakhs to 0.95 cr

Yearly, Half yearly,
Monthly

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 NameEntry AgeNo. of Funds

Smart Platinum

18-65

For Single Premium: 1,87,500
For Regular/Limited Premium: 3,36,000

Frequently Asked Questions

What is the renewal process for PNB MetLife Life insurance policy?

PNB MetLife has an online pay link. For ease, we are providing it here: Renew Online. Once you are there, you just have to enter your policy number and date of birth and you will get all the info related to the renewal and its payment.

What happens if I don't renew my PNB MetLife Term plan?

How do I cancel my PNB MetLife term plan?

How do I cancel or surrender my ULIP plan?

What documents are required to purchase a Term plan?

For how long should I buy Term insurance?

What is the claim process for PNB MetLife term insurance?

Can I change the nominee after buying term insurance?

Can I change the premium payment frequency after buying term insurance?

What is the tax benefit in term insurance?

Will my premium increase if I am a smoker or drink alcohol?

I smoke occasionally with my friends. Will that increase my premium?

How much will my premium increase if I smoke?

Will there be any medical check-ups for term insurance?

Can the insurance company reject my application?

What happens to my premium if the insurer rejects my application?

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