How PNB Metlife Term Plan Work?


PNB Metlife is one of the leading life insurance companies in India today. Punjab national bank and Metlife International holding LLC are the major stake holders in this joint venture life insurance company. The Metlife distributors and offices are spread over 7000 location in all over India today. In this article, we will discuss all about the PNB Metlife term plan and how it works.
PNB Metlife term plans give comprehensive coverage and features to the policyholder. PNB Metlife offers four different variants of term plan to ensure wide variety of selection for different requirements of customers.
PNB Metlife Mera Jeevan Surakha Plan

The Key features of this plan are-

  • ·         Non –linked, non-participating term insurance plan
  • ·         Multiple pay-out options as per the choice of the policyholder
  • ·         TROP option available in this term plan
  • ·         Cover self and spouse with joint life cover in same term plan
  • ·         Tax benefit as per prevailing income tax rules and regulations


PNB Metlife Mera Term Plan

The Key features of this plan are-

  • ·         Life cover available at nominal cost
  • ·         Can be purchased conveniently from online platform
  • ·         Plan can be customised as per the requirement of the policyholder
  • ·         Life stage protection as per changing life stage needs
  • ·         Wholesome life cover of up to 99 years
  • ·         Preferential rates for premium for maintaining healthy life-style
  • ·         Tax benefit as per prevailing Income Tax rules
  • ·         Tax benefits as per prevailing tax rules


PNB Metlife POS Suraksha

The Key features of this plan are-

  • ·         Regular income option which pays for 10 years feature in death benefit
  • ·         Simple to understand term insurance plan
  • ·         No medical needed for enrolment
  • ·         Life cover for entire policy term
  • ·         Maturity benefit at the end of policy term
  • ·         Lump sum death benefit option also available
  • ·         Multiple modes of premium payment
  • ·         Tax benefit as per Income Tax rules


PNB Metlife Family Income Protector Plus

The Key features of this plan are-

  • ·         Non linked and non-participating term assurance plan
  • ·         Comprehensive Death benefit in monthly income for up to 20 years
  • ·         Tax benefit on premium payment and death benefit payment
  • ·         Affordable premiums to secure your family financially
  • ·         TROP feature available in this plan for maturity benefit


·         Surrender value on selection of TROP

PNB Metlife Grameen Ashray

The Key features of this plan are-

  • ·         Pure term micro insurance plan
  • ·         Best term plan for low income groups
  • ·         Short term life insurance term plan
  • ·         Simple to enrol process
  • ·         Simple documentation process
  • ·         Extremely affordable premiums
  • ·         Yearly premium paying mode


·         Tax benefit on premium payment and death benefit

Now that we have seen the different types of term insurance plans available with PNB Metlife, let’s move ahead and explore how these term plans actually work.

Basics of Term Insurance Plan

PNB Met life modern-day Term Plans are specially designed to protect the families of the policyholders against unforeseen events. A pure life risk cover, they are determined by the sum assured and in the event of the demise of the policyholder, this predetermined amount is paid to the chosen nominee, thereby securing the finances of the family. The term insurance plans come in the following categories mentioned below:
Level Term plans: This is the simplest form of term insurance whereby the sum assured remains the same throughout the policy term and is paid out the beneficiaries, if the policyholder dies during the active policy term.

Increasing Term Plans

These are typically designed keeping in mind the changing circumstances as per life stage requirements and inflation. On plan commencement, the sum assured increases every year by a specific amount. The coverage depends upon the health of the insured at the time of buying a policy. The costs of such policies are slightly on the higher side in comparison to level term insurance and decreasing term insurance. This type of plan has the following features:

·         Coverage
Certain plans have a limit to the maximum increase in the sum assured and the increment stops once this limit has reached. However, the plan tenure continues.

·         Premiums
The premium is calculated beforehand and thus remains constant throughout the plan tenure. In the initial years, the premiums paid are higher than required. This compensates for the lower premiums when the sum assured increases over time.

·         Benefits
Increasing term plan also pays a death benefit. The amount is the sum assured at the start of the policy year in which the policyholder died. Certain plans pay a death benefit partly in lump sum, and partly in monthly or annual instalments for a specified tenure as chosen by the policyholder at the inception of the policy.

·         Riders

These are additional coverage features which increase the scope of coverage. They can be availed by paying a minimum additional premium. Popular riders are available which include accidental death and disability benefit, critical illness, and waivers off premium in case the policyholder faces accidental death or disability. PNB Metlife provides critical illness rider, serious illness rider, accidental death benefit rider, and accidental disability benefit rider in their term insurance plans.

Decreasing Term Insurance Plan

Contrary to increasing term plan, this type of term plan behaves the opposite. In this case, the sum assured decreases year on year, thus catering to the reducing insurance need of the policy holder as per the life stage requirements and circumstances. These plans are normally availed by a person who has taken a loan and is paying a monthly instalment. The liability of the loan taken will gradually decrease year on year. Hence, the requirement of insurance cover amount will also reduce. Thus, this type of insurance is commonly used as a targeted coverage, usually for mortgages. This provides a gradual decrease in coverage, either monthly or annually over the tenure of the policy. The premiums of these policies are slightly less than level term insurance and increasing term insurance.

TROP Plans

Term Return of Premium Plans refunds the premium paid in cases of survival of the policyholder even after the policy period. These plans are the most popular as the amount invested is returned if the policyholder survives the policy term. Also, the option to add riders allows the policyholder to customise the plan catering to his/her need. 

Conclusion

Hope the above read has provided adequate information on the term insurance products offered by PNB Metlife and how each term plan works. The features of different PNB Metlife term insurance  can be compared on insurance aggregator websites like Coverfox.com. Policyholders should also make use of online term life insurance calculator to calculate the premium amount they will need to pay for a particular plan. It is recommended to use the advance online tools when looking for PNB Metlife Term Insurance to ease the process of accurate selection of PNB Metlife term insurance plan.

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