PNB MetLife India Insurance

  • 97.33% of Claim Settlement Ratio
  • 206 Million+ Life Insured
  • Financially Secure Your Life Stages
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Overview:

Punjab National Bank Met Life Insurance (PNB MetLife) is one of the prevailing life insurance companies in India. Commenced in 2001, Punjab MetLife Insurance is focused on providing valuable insurance products, including life insurance plans, child plans, term insurance, saving solutions, group plans, retirement plans, and many more to its customers. The vast distribution network of MetLife Insurance is spread across India and has served more than 206 million customers.

Background of PNB MetLife India Insurance

Punjab National Bank MetLife India Insurance (PNB MetLife) has a list of prestigious shareholders, including MetLife International Holdings LLC (MIHL), Punjab National Bank (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited, and others. MIHL and PNB are the major promoters of PNB MetLife India Insurance. The PNB MetLife life insurance plans secure the family of the life insured and help them gain a strong, financially independent future.

The vast range of PNB MetLife insurance products and retirement solutions offer maximum insurance benefits to its customers. PNB MetLife Insurance follows the ‘Circle of Life’ philosophy and comprehensively targets the necessities of 4 different stages of life- family protection, child education, long-term savings, and retirement. Punjab National Bank MetLife Insurance looks for innovative ways to enhance its insurance products to help people live better, healthier lives. Currently, Punjab National Bank MetLife India Insurance has a presence in more than 140 location across the country and reach customers in 16,500 locations through its strong bank partnership.

PNB MetLife India Insurance Awards and Accolades

PNB MetLife India Insurance offers its expertise and unique problem-solving approach to achieve more customer satisfaction than just profits. This customer-first approach of Punjab National Bank MetLife India Insurance has helped them win many awards and recognitions over the years. Some of the awards and recognitions of PNB MetLife are mentioned below:

  • PNB MetLife India Insurance won “Customer Service and Customer Experience Company of the Year” at the 2nd Edition Future of Insurance Summit and Awards 2023.
  • PNB MetLife India Insurance won the ‘Best Credit Protection Category” award in “Insure Next 2023”.
  • PNB MetLife India Insurance won ‘India’s Most Admirable Brand, 2022’ at the India Brand and Leadership Conclave.
  • Punjab National Bank MetLife won ‘The Economic Times Best Brand’ for the 4th Consecutive year in 2022 by The Economic Times.
  • Punjab National Bank Met Life won the ‘Best Compliance Team Awards’ in 2021 at Compliance 10/10 Symposium and Awards.
  • PNB MetLife won the ‘Silver Award’ (Marketing Strategy Category) at Maddies Award 2020 for its Convenience Beyond Compare Campaign.
  • PNB MetLife’s Khushi App won several awards, including ‘Best Use of Technology to Enhance Customer Experience and Best Usage of AI’ in 2019.

Read more about life insurance policies in India.

PNB MetLife India Insurance Company Specifications

Let’s look at the must-to-know facts about PNB MetLife India Insurance Company.

Particulars Specifications
Claim Settlement Ratio (2021-22) 97.33%
Location Covered in India 140+
Solvency Ratio (2021-22) 2.09
Employees 21,000+
Customer Secured 206 Million +

* All the data has been sourced from the Insurance Regulatory and Development Authority in India (IRDAI) Annual Report (2021-22) and the official website of PNB MetLife India Insurance.

Key Features of Punjab National Bank MetLife (PNB MetLife) India Insurance

The exceptional customer service of PNB MetLife Insurance turns it into one of the widely trusted and preferred life insurance companies in India. Punjab National Bank MetLife ensures that each insurance product is of high quality and matches the insurance needs of the customers. Here are the key features that make PNB MetLife a leading choice among other life insurance companies in India.

01

Wide Range of Products

PNB MetLife offers various insurance products to ensure the customers' financial security comprehensively. The insurance seeker can reach Punjab National Bank MetLife Insurance Company to compare and buy suitable insurance products from term plans, family protection, long-term savings, child education, retirement, and group plans. Additionally, policy seekers can customize their life insurance plans with additional riders.

02

Solvency Ratio

PNB MetLife holds a solvency ratio of 2.09 as per the IRDAI annual report of 2021-22. The solvency ratio ensures that PNB MetLife insurance company can accomplish its financial obligations and meet long-term and short-term obligations.

03

High Claim Settlement Ratio

PNB MetLife has a good claim settlement ratio of 97.33% as per the IRDAI annual report 2021-22. The high claim settlement ratio reflects that the company was able to settle a high number of claims successfully during the year. This shows that MetLife company is reliable and has a high probability of processing the claim when you need it the most.

04

Annual Premium

As per the annual report 2021-22 published by IRDAI, PNB MetLife Insurance has an annual premium of Rs. 7348.26 Cr. which embarks a huge amount and highlights the trustworthiness of the insurance company.

05

Affordable Insurance Plans

Punjab National Bank MetLife offers various plans that protect the life assured and their family at a very nominal cost. Punjab MetLife insurance company makes it super easy to compare life insurance plans online and customize them according to their financial needs.

06

PAN India Presence

PNB MetLife India insurance has a wide presence across India and reaches suburban and rural areas. Punjab MetLife insurance has impacted over 206 million lives with insurance. The policyholders can easily visit the nearest branch with their concerns policy and claims-related concerns.

Also read: How you can secure your child’s best future with the right child plan?

Benefits of PNB MetLife India Insurance

The features mentioned above directly benefit the customers if they buy a plan from PNB MetLife Insurance. The customers can get the following key benefits

01

Comprehensive Protection

PNB MetLife insurance company offers a variety of online and offline plans that help customers meet their short-term and long-term savings and protection needs. With PNB MetLife India Insurance Co. Ltd. plans, the policyholder can protect their property, finances, family, and future.

02

Excellent Customer Support

PNB MetLife Insurance Company has a strong online and offline support network so that customers can connect without hassle. Punjab National Bank Met Life Insurance launched AI-powered customer service chatbot khUshi- the very first of its kind in the Indian Insurance industry. The customers can connect and solve their policy-related concerns 24X7 a day. Recently, PNB MetLife has launched khUshi 2.0 to enhance the customer service experience regarding policy queries.

03

Transparency

PNB MetLife has integrated online calculators into their plans to enhance maximum transparency and make purchasing decisions easy. While comparing the MetLife India Insurance plans, the customers can easily customize the policy with multiple riders and gain comprehensive benefits within budget.

04

Flexibility

PNB MetLife provides maximum flexibility to its customers in premium payments as per their cash flow. Also, customers can choose to receive premium payouts according to their financial requirements. The convenient premium payout options are monthly, quarterly, half-yearly, and annually. The life assured, or the family members can receive the payouts in a lump sum or regular mode.

05

Financial Security

With a PNB MetLife India Insurance term plan or investment plan, the life assured can ensure the financial security of the family even when they are no longer around. PNB MetLife Life insurance helps create wealth over time to accomplish your long-term goals and provides partial withdrawal options to fulfil your short-term financial needs.

06

Additional Riders for Extra Benefits

PNB MetLife offers additional riders to customize individual or group insurance plans as per the specific needs of customers. The policy buyer can choose from accidental death benefit rider, serious illness rider, critical illness rider, and accidental disability rider.

07

Tax Benefits

PNB MetLife secures the life assured and their family as well as provides the advantage of tax savings. Under Section 80C of the Income Tax Act, the policyholder can avail of tax benefits on the premium paid. Additionally, the tax benefits are available on the payout received under section 10(10)D of the Income Tax Act 1961.

Don’t miss out on securing your golden days with a retirement plan.

Life Insurance Plans Offered by PNB MetLife India Insurance Limited

PNB MetLife offers a range of life insurance solutions to cover the financial needs of individuals as well as groups. The major life insurance plans offered by Punjab National Bank Met Life India Insurance are listed below:

Family Protection Solutions

Long-Term Savings Solutions

Retirement Solutions

Group Solutions

Riders Offered by PNB MetLife India Insurance

Punjab National Bank MetLife India Insurance recognizes the uncertainties of life and the different needs of individuals. To avail of maximum benefits under one life insurance plan, pnbmetlife.com offers different rider options to add and customize the plan as customers require. These life insurance riders ensure that the future of your family remains secure in case of an unfortunate event with you. Let’s look at the various rider options available at Punjab National Bank MetLife Insurance and their eligibility criteria.

PNB MetLife Rider Rider Specifications Eligibility Criteria Exclusions Choose to Opt
PNB MetLife Accidental Death Benefit Rider Plus
  • Return of 100% sum assured on life assured death
  • Cover for accident
  • Duration of illness: If death takes place within 180 days of accident
  • Tax benefits
 Entry age: 18 years - 65 years
  • Pre-existing disease
  • Suicide exclusion
  • Substance abuse
  • Pre-existing disease
 At the inception of the policy or any policy anniversary
PNB MetLife Group Accidental Permanent & Total Disability Plus
  • One year renewable
  • Lump sum rider sum assured in case of total permanent disability due to accident within 90 days
  • Tax benefits
 Entry age: 18 years - 64 years
  • Toxic gases
  • Accident during flying activity
  • Substance abuse
  • Self-inflicted injury
  • Suicide exclusions
 At inception or anytime during the policy term
PNB MetLife Serious Illness Rider
  • Additional health cover
  • 100% of rider sum assured on survival of 30 days after the diagnosis of critical illness
  • Specific surgeries covered
  • Tax benefits
 Entry age: 18 years - 65 years
  • Pre-existing diseases
  • Illness during the waiting period
  • Suicide exclusions
  • Exclusion of illness
 At the inception of the policy or any policy anniversary
PNB MetLife Group Accidental Permanent & Partial Disability Plus
  • A % of rider sum assured in case of permanent partial disability or permanent loss of limbs, sight, hearing, or speech due to accident
 Entry age: 18 years - 64 years
  • Toxic gases
  • Accident during flying activity
  • Substance abuse
  • Self-inflicted injury
  • Suicide exclusions
 At the inception or on annual renewal date of the base policy
PNB MetLife Accidental Disability Benefit Rider
  • Benefits are payable upon the life insured meeting an accident resulting in impairment within 180 days
 Entry age: 18 years - 65 years
  • Accident during flying activity
  • Substance abuse
  • Dangerous activities
  • Suicide exclusions
 Along with base policy
PNB MetLife Group Serious Illness Rider
  • Rider sum assured upon the diagnosis of 15 serious illness, provided the insured survives 30 days
 Entry age: 18 years - 64 years
  • Toxic gases
  • Accident during flying activity
  • Substance abuse
  • Self-inflected injury
  • Suicide exclusion
 With one year renewable group insurance plan
PNB MetLife Critical Illness Rider Sum assured will be payable upon diagnosis of specified critical illness provided the insured survives for at least 30 days from first diagnosis Entry age: 18 years - 65 years
  • Pre-existing disease
  • Suicide exclusion
  • Substance abuse
 Along with base policy
PNB MetLife Group Accidental Death Benefit Plus
  • On accidental death, sum assured under the rider is payable along with base
 Entry age: 18 years - 65 years
  • Pre-existing disease
  • Suicide exclusion
  • Accident during flying activity
  • Substance abuse
  • Toxic gases
  • Self-inflected injury
 With one year renewable group insurance plan

Learn more about life insurance riders.

PNB MetLife India Insurance Tax Benefits

When you select a life insurance plan from PNB MetLife to plan the future of your family or to protect your golden days, you additionally reduce your tax liabilities. Following are the tax benefits associated with Punjab National Bank MetLife insurance company:

  • Tax Benefits on Premium Paid
    The premiums paid towards PNB MetLife life insurance plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. The policyholder can save on taxes upto Rs. 1.5 lakh per annum and hence can reduce the overall tax liability.
  • Tax Benefits on Pay-Out Received
    Under Section 10 (10D) of the Income Tax Act, 1961, the policyholder is eligible to save on taxes under certain conditions as mentioned in the policy documents. This states that the maturity benefits or death benefits received under a PNB MetLife India life insurance policy are tax-exempt.

Exclusive Facilities Under PNB MetLife India Insurance

Except for the features and benefits mentioned above, there are some exclusive features that PNB MetLife offers to ease the processes for its customers. The Punjab MetLife Insurance ensures that the customers don’t have to rush to the branch and can keep track of their policy online. Some of the exclusive facilities provided by the Punjab National Bank MetLife Insurance are mentioned as

  • Track Fund Performance

    If the policyholder buys a ULIP Plan from PNB MetLife insurance company, then they can track their fund’s NAV by selecting the fund name and period. The policyholder can also view the different fund performance and policy account value online.

  • Tools and Calculators

    PNB MetLife India Life Insurance Company has incorporated online tools and calculators to calculate the term plan premium, get online quotes, calculate retirement income, BMI, and protection calculator.

  • Compare Life Insurance Plans

    PNB MetLife India Insurance allows the policyholder to compare life insurance plans online and make a well-informed decision. The insurance seeker only needs to add a plan category and select any three plans from the provided list. On doing so, you get the list of key benefits that help you compare the plans in one glance.

  • Simplified Claim Processing

    PNB MetLife has made the claim raising and settlement process much easier. The policyholder can easily download the claim form online, file a claim, and track the claim. Also, Punjab National Bank MetLife insurance company has launched a Claim Assure- a three-hour claim decision initiative where the company inform in three hours about approval or rejection of the claim filed.

PNB MetLife India Insurance Plan Buying Process

PNB MetLife India Insurance facilitates both offline and online methods to compare and buy a plan. The buying process of Punjab MetLife insurance is quite simple and hassle-free. The insurance seeker can buy a Punjab National Bank Met Life Insurance in two ways, first, directly from the official website of PNB MetLife Insurance and second, with RenewBuy. Follow the given process to buy MetLife India Insurance online.

Buy from the Official PNB MetLife India Insurance Website

  • Visit the official PNB MetLife Insurance website.
  • Select any plan from the ‘Buy Insurance’ section available on the top menu bar.
  • Provide the required information and document credentials.
  • Click on ‘Buy Now’.
  • Proceed with the payment.

Buy From RenewBuy

  • Visit the official website of RenewBuy.
  • Go to the ‘Life Insurance’ tab available on the top menu bar in the ‘Insurance’ section.
  • Here, you will see the list of all the life insurance companies.
  • Click on the ‘PNB MetLife India Insurance’ tab.
  • Select the preferred PNB MetLife life insurance plan.
  • Provide the required details in the field.
  • Click on ‘Buy Now’.
  • Proceed with the payment.
  • Upon successful payment, policy documents are sent to you on your registered email.

PNB MetLife India Insurance Claim Process

Punjab National Bank Met Life (PNB MetLife) Insurance keeps the entire claim process simple and hassle-free to help your loved ones cope during difficult times. The life insurance claim process of MetLife India is as follows

01

Step 1: Raise the Claim

The first and foremost step is to intimation of the claim to the PNB MetLife India Insurance. The claim can be raised under two conditions: on death or maturity. The nominee or the insured can file the claim online by visiting the official website of MetLife India, by writing an email to claimshelpdesk@pnbmetlife.com, or by directly writing a post to the nearest PNB Met Life Insurance branch. Here you need to mention the policy number, policyholder name, nominee relationship, and reason for the claim.

02

Step 2: Submit the Documents

Once the claim is notified, the policyholder must submit the necessary documents to the PNB MetLife for faster and easier processing. The documents depend upon the type of claim raised.

03

Step 3: Claim Evaluation

PNB MetLife will then review the documents and initiate the verification as per their norms. During this process, the officials can inquire for some additional information.

04

Step 4: Claim Settlement

PNB MetLife India Insurance settles the claim once the claim is approved. The claimed amount is directly processed to the bank account of the nominee or the policyholder, depending on the claim applicability.

Also check the claim settlement ratio of life insurance companies.

Documents Required for Claim at PNB MetLife India Insurance

Below are the documents you need to submit to PNB MetLife India Insurance while raising a claim.

In Case of Natural Death

  • Death claim form
  • Original death certificate
  • Original policy documents
  • Identity and address proof of claimant
  • Medical records at the time of death
  • KYC documents in case the nominee is a minor
  • Account details of the nominee

In Case of Un-natural Death (Accident/ Murder/ Suicide)

  • Death claim form
  • Original death certificate
  • Original policy documents
  • Identity and address proof of claimant
  • FIR/ Police inquest report/ Panchnama
  • Post mortem report/ Viscera report
  • KYC documents in case the nominee is a minor
  • Account details of the nominee
  • Copy of newspaper clipping (if any)
  • Copy of chargesheet (in case of murder)

In Case of Maturity

  • Policy documents
  • Duly filled maturity claim form
  • ID proof of claimant
  • Bank details of the claimant

In Case of Disability Claim

  • Claim form
  • Original policy document
  • Treatment certificate
  • FIR/ Police report/ Panchnama/ Inquest report
  • Hospitalization records
  • Employer certificate for salaried policyholder
  • Claimant identity and address proof

Revival of Lapsed PNB MetLife India Insurance Policy

Due to any uncertain conditions or in case you forget to pay PNB MetLife India Life insurance premiums within the specified period, then your MetLife India policy will lapse. In such cases, Punjab National Bank MetLife will reduce the benefits they promised during the policy intimation. To get full benefits, you need to revive or renew your PNB MetLife Insurance policy on time.

The policyholder needs to do the following to revive the lapsed PNB MetLife insurance policy

  • Submit the remaining premium amount
  • Clear the interest on the premium
  • Submit a written statement of adequate health
  • Submit the revival fee (if any).

PNB MetLife India Insurance Contact Details

The policyholder can connect with PNB MetLife India Insurance to inquire about the claim or get policy-related information.

Phone number +91-22-41790000
Customer care helpline 1800 – 425 – 6969
Email indiaservice@pnbmetlife.co.in
Writing/ Postal address 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062.
Fax number +91-22-41790203
Website https://www.pnbmetlife.com/
Registered office address PNB MetLife India Insurance Company Limited | Registered Office: Unit No. 701, 702 and 703, 7th floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka

Conclusion

We have discussed the important features, benefits, and types of life insurance plans offered by PNB MetLife Insurance. In addition to that, we have walk you through the exclusions and claim process of MetLife life insurance policies that will help you plan your financial future.

Buying a life insurance is an important decision in your life. If you are seeking expert advice and looking for a PNB MetLife life insurance agent near you or want to connect with a life insurance agent nearby for comprehensive guidance, then you can connect with one of our RenewBuy Partner. For more convenience, directly connect with RenewBuy Advisor Connect.

The insurance industry is evolving and has extended career opportunities for individuals. If you want to gain expertise in insurance and start your professional journey, learn more about how to become an advisor and start your business with zero investment.

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