PNB MetLife Aajeevan Suraksha Plan is a term insurance product designed by PNB MetLife Insurance Company. It was earlier known as MetLife India Insurance Company Limited. A cost-effective way to protect your family's financial well-being is by opting for a term life insurance policy. If the insured passes away during the term, the insurer provides a death benefit to the family. This financial support can help cover outstanding debts, preserve their lifestyle, or ensure they have the means to meet essential needs.

This product is relatively cheaper compared to other options available in the market. This policy provides a critical illness rider and allows multiple choices regarding how your family would get the claim amount. It, however, doesn't offer increasing cover options or early exit options. Additionally, it is determined through our research that higher numbers of claims settlement grievances as well as purchase grievances against the insurance policies are received by the company.

Here’s a review of the PNB MetLife Aajeevan Suraksha Plan-

Key product features of PNB MetLife Aajeevan Suraksha Plan

Let’s look at the various features that PNB MetLife Aajeevan Suraksha Plan has to offer-

Life Cover Option: PNB MetLife Aajeevan Suraksha Plan ensures a life cover that provides an assured sum to the family in case of your death during the term. Tax benefits are available on this term insurance policy in accordance with Section 80C of the Income Tax Act.
Early Exit Option: This is an option where you can leave the plan while it's still active but within a time frame set by the insurer. You will get back all the premiums paid until that point if you opt to leave the plan. The PNB MetLife Aajeevan Suraksha Plan doesn't offer this early exit option.
Increasing Cover: Your coverage amount will increase progressively at periodic intervals until reaching a pre-set maximum amount. The PNB MetLife Aajeevan Suraksha Plan doesn't have an automatic increase in cover option.
Cover Duration: The PNB MetLife Aajeevan Suraksha Plan provides coverage until the age of 80, ensuring you remain protected well beyond retirement. This is in contrast to other plans which usually provide coverage up till the maximum age of 60-65 years.
Limited Pay Options: In the Limited Pay option, one can pay a larger premium sum over a shorter duration of time before the policy term expires. Under this plan, one can choose to make payments over 5, 6, 7, 8, 10, 12, or 15 years. The premium payments can be made either monthly, half-yearly, or yearly, depending upon the choice of the individual. It is ideal for those persons who wish to pay out their money while their income is still on and will be stable and guaranteed.
Claim Payout Options: The Claim Payout Option refers to how the death benefit from an insurance policy is paid out to the beneficiaries. The PNB MetLife Aajeevan Suraksha Plan offers flexible choices for this payout. You can choose to receive the entire amount as a one-time payment. Alternatively, if you prefer, you can opt for the payout to be made in instalments. There’s also a combination option, where part of the death benefit is paid as a sum of money, and the remaining amount is distributed in instalments over time.

What are the Riders available with the PNB MetLife Aajeevan Suraksha Plan?

This plan gives you extra riders so you can customise coverage according to your needs:

Critical Illness Rider: It gives an extra sum of money in case you suffer from a covered illness within the term of your policy. The Critical Illness Rider provides extra protection against up to 10 specified illnesses, offering coverage of up to Rs 50 Lakhs. This coverage remains available until the insured reaches the age of 70.
Accidental Death Benefit Rider: This pays an additional amount of money to your family, should you die due to an accident within the term of the policy. This would add more value to your policy, in case you do not get the desired term insurance coverage. Under this rider, you are covered up to the maximum age of 70 years with a maximum cover of 2 crore or the base cover, whichever is less.

The needs of each individual are different. Carefully choose the right riders that fit well with your needs.

Why should you choose PNB MetLife Insurance Company?

Following are the claims experience with PNB MetLife Insurance Company:

Speed of Claim Settlement: PNB MetLife Insurance Company enjoys a great reputation, wherein it settles 99.74% of claims in less than 30 days.
Online Tracking of Claims: The policy offers the convenience of online claim tracking, enabling your family to monitor the status of claims effortlessly.
Claim Settlement Ratio: The PNB MetLife Aajeevan Suraksha Plan has a claim settlement ratio of 99.20%.

What are the drawbacks of buying from PNB MetLife Insurance Company?

Here are some disadvantages of purchasing an insurance policy from PNB MetLife Insurance Company-

Length of the Death Claim Form: The length of the death claim form by PNB MetLife Insurance Company is quite moderate, which means more questions to answer. So, this could cause a few problems for your family when they fill in the form.
Personal Relationship Manager: A personal relationship manager to aid your nominee during the settlement of their claim is not available through PNB MetLife Insurance Company.
Home Pickup for Claims: PNB MetLife Insurance Company does not have a home pickup facility for submitting claim-related documents. So, your nominee will have to personally visit the branch for the submission of documents.
Claim Complaints: Our research revealed that PNB MetLife Insurance Company has a higher complaint rate compared to other insurers, at 0.65%.

How is the customer service quality of PNB MetLife Insurance Company?

We analysed the customer service of PNB MetLife Insurance Company using the following metrics-

Toll-free: Regarding customer service, our study found their reply over their toll-free number to be average compared with other insurers.
X (Twitter) Response: PNB MetLife Insurance Company has prompt responses over their X (Twitter) handle.
Percentage of Complaints Received for After-Sales Service: Research indicates that 0.76% of customers report dissatisfaction with the after-sales service.

About the Insurer - PNB MetLife Insurance Company

PNB MetLife is a life insurance company operating in India, previously known as MetLife India Insurance Company Limited. A joint venture of Punjab National Bank and MetLife International Holdings LLC, the organisation was set up in the year 2001, and the headquarters of the company is located in Mumbai. The Managing Director and CEO of PNB MetLife is Mr. Ashish Kumar Srivastava.

Final Review on PNB MetLife Aajeevan Suraksha Plan

After evaluating over 100 parameters, including product benefits, customer service, and claims experience, our in-house research team has assigned the PNB MetLife Aajeevan Suraksha Plan an overall Beshak⭐Rating of 3.1/5.