PNB Metlife Term Plan
PNB MetLife India Insurance is one of the leading life insurance companies in India. This company was established in the year 2000. Its headquarter is in Bangalore. PNB MetLife Term Plan has been introduced by it to provide the services of term insurance plan in India. Through PNB MetLife, it gives people access to schemes related to term insurance plans.
PNB MetLife endeavors to provide financial security to you and your family members with its exclusive coverage of Term Insurance. In case of your demise, PNB MetLife India Insurance provides financial support to your family members.
PNB MetLife Term Insurance offers the benefits of maximum coverage at low premiums. You can get additional coverage by adding riders to this term insurance.
Features Of PNB MetLife Term Insurance Plan
The features of PNB Metlife Term Insurance Plan are as follows-
- PNB MetLife Term Insurance Plan provides financial protection to your family members in your absence.
- PNB MetLife Term Insurance Plan offers high insurance protection at affordable rates.
- PNB MetLife Term Insurance Plan offers 4 Sum Assured Payout options to pay as Full Lumpsum Payout, Lumpsum Payout + Regular Monthly Income, Lumpsum Payout + Monthly Growth on the death of the policyholder.
- Using the Life Stage Benefit of PNB MetLife Term Insurance Plan, the policyholder can buy additional coverage as per the existing age without any medical examination.
- PNB MetLife term insurance plan offers joint life cover option. Joint life cover covers the policyholder and his/her spouse.
- PNB MetLife Term Insurance Plan gives you the option to choose your term plan between 10 to 81 years (40 years for Joint Life Insurance).
- PNB MetLife term insurance plan offers riders like Accidental Death Benefit Rider, Accidental Disability Benefit Rider, Critical Illness Rider and Serious Illness Rider at very affordable rates to augment your base term plan.
- The premium paid for PNB MetLife Term Insurance Plan offers tax benefits under Section 80C and 10(10D) of the Income Tax Act.
Benefits Of PNB MetLife Policy
The following are the benefits of PNB Metlife Policy :
- Multiple Choices:
PNB MetLife Term Insurance Plan gives you the flexibility to add multiple options to your policy. You can add death benefit as well as terminal illness to this. Along with this, it also gives you the option of adding many other riders. You can add it as per your convenience.
You can also opt for return of your premium in this. When your policy term is over, your premium is returned to you. Also, you can provide benefits to your spouse by adding them to your term plan. Thus a PNB MetLife term insurance plan gives you multiple options through which you can choose your own term insurance plan.
- Read Also Open an Account in Bank of Maharashtra
- Death Benefits:
On the death of the person taking the PNB MetLife term insurance plan, the sum assured is paid by the life assured to the nominee. For this, the insured person can choose any one of the four types of death benefits at the time of taking the policy.
(i) In the form of lump sum payment, a lump sum amount is paid to the nominee on the death of the life assured.
(ii) As a family income option, 50% of the Basic Sum Assured is provided to the nominee as a lump sum while the remaining amount is paid in monthly installments for 10 years.
(iii) As an option to augment the family income, 50% of the Sum Assured is provided to the nominee as a lump sum and is paid with an increase of 12% every year in the monthly income for the next 10 years.
(iv) Child benefit option is also provided in this. In this, in case of death, a lump sum payment equal to 50% of the claim amount is made to the nominee and a regular level of monthly income is provided till your child turns 21 to meet his/her needs .
- Flexibility :
PNB MetLife Term Insurance Plan provides you the flexibility of your policy. You can choose your term policy term from 10 to 81 years.
- Joint Life Coverage:
PNB MetLife Term Insurance Plan gives you the option of joint life coverage. Through this you can add your spouse to your own policy. In this, the insurance coverage given to the spouse will be equal to 50% of the sum insured or can be up to a maximum of ₹ 50 lakhs.
- Life Stage Benefits:
PNB MetLife term insurance plans provide the life assured with the option of increasing the sum assured at different life stages. Through this you can choose to increase your sum assured on your marriage, birth of first child or birth of second child etc.
- Tax Benefits:
PNB MetLife term insurance plan also offers you tax benefits. Through this you can avail tax benefits on regularly paid premiums under section 80C and 10(10D) of the Income Tax Act.
- Premium Payment:
In PNB MetLife Term Insurance Plan, you can choose your premium payment option as per your convenience. In this, you can choose to pay premium monthly or annually for your premium payment. You are provided with complete flexibility in premium payment.
Types Of PNB MetLife Term Insurance Plans
The following types of term insurance plans are offered by PNB Metlife-
- MetLife Mera Term Plan
- MetLife Family Income Protector Plus
- MetLife Grameen Ashray
Riders Offered By PNB MetLife Term Plan
You are provided with the option of adding riders in PNB MetLife Term Insurance. You can enhance your term insurance coverage as per your requirement by adding riders to your term insurance plan. You have to pay some additional premium for adding these riders.
Riders offered by PNB MetLife Mera Term Plan are as follows-
- MetLife Critical Illness Rider
- MetLife Accidental Death Benefit
- MetLife Accidental Disability Benefit Rider
- MetLife Serious Illness Rider
PNB MetLife Term Insurance Plan Eligibility
Eligibility to buy PNB Metlife Term Insurance Plan is as follows-
- The age of the person should be minimum 18 years.
- The maximum age of the person should be 65 years.
- You will also need to undergo a medical examination.
- You must have a photo identity proof.
Documents Required For PNB MetLife Term Insurance Plan
The documents required for buying PNB Metlife Term Insurance Plan are as follows-
- Proof of Identity (Any one of the following):
- Aadhar card,
- PAN card,
- Voter ID Card,
- driving license.
- Proof of Age (Any one of the following):
- Aadhar card,
- voter id,
- driver Licence
- Birth certificate,
- High school mark sheet.
- Proof of Address (Any one of the following):
- PAN card,
- Aadhar card,
- voter id,
- official bank statement,
- Ration card,
- Electricity, telephone, or any other government utility bill.
- Amount of Income:
- Your most recent salary slip from the employer (last three months),
- Official bank statement for the last six months,
- Form 16,
- Your ITR (Income Tax Return) for the last two-three years
- Medical Documents:
- Official Photos:
- Recent passport size photo.
PNB MetLife Term Insurance Plan Premium
PNB Metlife Term Insurance Plan Premium depends on your policy coverage. If you have chosen a term plan with higher coverage, you will have to pay higher premiums.
You can pay the premium for your PNB MetLife term insurance plan on an annual or monthly basis.
How To Buy PNB MetLife Term Insurance Plan
To buy PNB MetLife term insurance plan you need to follow the following steps-
- First of all, you have to visit the official website of PNB MetLife Insurance Company.
- After this, you have to go to the term insurance section and select the term plan you want to buy.
- On clicking on the selected term insurance plan, a form will open in front of you in which you will have to provide your name, email address, mobile number etc.
- After this you have to click on the ‘Get Quote’ button.
- Now you have to choose SumAssured, Policy Term and Premium Amount.
- After this, you have to choose the variant of your term insurance plan and if you want to add riders, then you have to add riders to it as well.
- After this you will have to pay your premium.
- After paying the premium, the policy document is sent to you on your registered email ID. Along with this, this document is also sent through post to the residential address of your home.