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PNB Metlife Mera Term Plan Plus

Introduction to PNB Metlife Mera Term Plan Plus

PNB Metlife Mera Term Plan Plus is a term insurance plan offered by PNB Metlife, formerly known as MetLife India Insurance Company Limited. A term insurance plan is one of the most cost-effective ways to ensure your family will have a secure financial future. They will be paid a sum of money as a death benefit, in case your death happens during the term of the policy. This money can ensure that all their financial needs are catered to - both in the short-term and in the long term. Along with this death benefit, you can also choose some riders/ add-ons such as critical illness rider and accidental death benefit rider - that can pay a sum of money in certain specific circumstances.

beshak ratings
INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: PNB Metlife Mera Term Plan Plus

This product hits the sweet spot with its benefits, with most of the top benefits, customization options, payment options available. However, it doesn't give you many options to customize how your family receives the claim amount. Further, the insurer has a poor track record with respect to both purchase and claims service experience. It's slightly costlier than other products in the market as well.

Pros & Cons: PNB Metlife Mera Term Plan Plus

  • arrow Offers the option to automatically increase your claim amount, with time
  • arrow Several Limited Pay options available, to speed up payments
  • arrow Critical illness rider (Serious Illness Rider) is available, and pays out in addition to life cover amount (Also available another Rider option, which pays out from the life cover amount)
  • arrow Slightly costlier than other products in the market
  • arrow Not many options to customize claim payouts
  • arrow Received higher number of complaints on purchase process compared to other insurers
  • arrow Received higher number of complaints on claim settlement compared to other insurers
  • arrow Our study observed their responses on Twitter to be relatively slower than other insurers

About PNB MetLife India Insurance Co. Ltd.

PNB MetLife India Insurance Co. Ltd. logo

PNB MetLife, formerly known as MetLife India Insurance Company Limited is a Life Insurance company in India. It offers Term Life Insurance, Traditional Savings and Unit Linked Insurance Plans. Founded in 2001, it is joint venture between MetLife International Holdings LLC (MIHL), Punjab National Bank Limited (PNB) as its majority shareholders.The company is headquartered in Mumbai, and has 150 branches across India.The MD & CEO of the PNB MetLife is Mr. Ashish Kumar Srivastava
 

Founded in
2001
JV Partners
Punjab National Bank and MetLife International Holdings LLC (MIHL)
Turnover (GWP)
6,032.8 Crores
Number of Policies
2,46,562
Number of Claims
6,902

Detailed Product Specs & Rating: PNB Metlife Mera Term Plan Plus

Claims Experience 4/5 star green
Customer Service 2.7/5 star green
Product Benefits 3.7/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
99.77%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.71%
How complex is the Claim Form?
The longer, the more hassles during claims
Moderately Long
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
97.18%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
87.22%
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
190%
Personal relationship manager for claims
Not Available
Can you track claims online?
Available
Dedicated toll-free for claims service
Available
Separate Claim Form for above 3 Years Claim
Not Available
Home pickup of Claims
Not Available

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What’s the Review of PNB Met Life Mera Term Plan Plus by PNB Metlife?
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PNB Metlife Mera Term Plan Plus is a term insurance plan offered by PNB Metlife.   

Searching for the ideal term insurance plan which secures your family’s financial requirements is challenging, especially if you have to find it within your budget. The PNB Metlife Mera Term Plan Plus is a plan that comes at affordable pricing and provides you with some good benefits. 

This plan, however, doesn’t give you many claim payout options Also, although this plan might seem like the perfect term insurance plan for you and your family, note that the insurer, PNB Metlife, holds a poor track record in both purchase and claim settlement experience. This suggests that in the future, your family or nominee could face a few hurdles during the claim settlement process. 

Let’s have a quick look over some of the top benefits and features included in the PNB Metlife Mera Term Plan Plus.

What are the top benefits of PNB Metlife Mera Term Plan Plus? 

  • Life cover Benefit: This term insurance plan pays your family an assured sum of money if your death happens during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy. You can claim tax benefits under Sec. 80C of the Income Tax Act with this term insurance policy. 
  • Entry age for the policy: This plan allows you to apply for the policy, when your age is at least 18 years and until you’re 50 years old. 
  • Increasing Cover: After choosing a suitable sum assured based on your family’s financial requirement, PNB Metlife Mera Term Plan Plus provides you with the option of an increasing cover. You can opt for this option to ensure that your family is sufficiently covered, always. This plan allows you to increase your sum assured by 10% every year beginning from the second year. It will increase up to twice the base cover. 
  • Cover Duration: The plan gives you the chance to choose a cover till the age of 99 years, which makes it an ultra long-term policy. This means you can enjoy the benefits of your term insurance post-retirement as well. 
  • Limited Pay Options: Using this option, you can finish paying off your premiums in larger, early installments within  10, 15, 20 years until 60 years. This feature is suitable if you want to get the burden of premiums off your chest while you still have a dependable income. 
  • Claim Payout options: When it comes to the claim pay, PNB Metlife Mera Term Plan offers you multiple claim payout options such as - 
    • Lump-sum: In this option, your nominee will be paid the entire claim in one large installment. You can select this option if you have large loans or liabilities that need to be settled.
    • Monthly income: In this option, your nominee will receive the claim amount in monthly installments that can help your family take care of their regular expenses. 
    • Lump-Sum with monthly income: This is a combination of both options. A part of the claim will be paid to your family as a lump sum and the remaining amount will be paid in monthly installments.

What are the riders available with the PNB Metlife Mera Term Plan Plus? 

PNB Metlife Mera Term Plan Plus comes with some additional benefits called riders. These additional benefits help you to boost your term insurance policy. It includes of- 

  • Comprehensive Critical Illness Rider: This add-on will pay an additional amount of money as a lump sum, in case you get diagnosed with any of the serious illnesses listed in the policy document. This money can be used to replace the loss of income and to pay for any additional health-related expenses your family might incur, as a result of the illness.
  • Accidental Death Benefit Rider: With this rider, your family will receive an additional amount of money, in case your death happens due to an accident. This rider can also be used to improve your overall cover in case you are  not eligible to buy a cover that is adequate for your family.
  • Waiver of Premium: This is one of the most helpful riders, which everyone should consider buying. If you  opt for this rider and get diagnosed with a serious disease or a disability - you will not have to pay any further premiums. However, your policy will continue until the end of the term. 

However, it is not necessary that you will require all the riders. Ensure you choose a rider as per your family’s financial needs. 

Why should you buy from PNB Metlife? 

  • Speed of Claim Settlement: Despite holding a poor track record, the PNB Metlife has settled 99.77% of its claims in less than 30 days. This suggests that your family or nominee will not have to wait for too long to access the claim amount. 
  • Online Tracking of Claims: PNB Metlife provides the nominee or family member with the option of tracking their claims online and also provides dedicated toll-free service.

What are the drawbacks of buying from PNB Metlife? 

Here are some limitations of PNB Metlife-

  • Length of the Claim Form: PNB Metlife, has a moderately long claim form compared to other insures. This indicates that the process of filling out the claim form can be a little time consuming. 
  • Claim Settlement Ratio: The claim settlement ratio of PNB Metlife is 97.18% and their claim amount settlement ratio is only 87.22%. This wide difference between these two percentages might indicate that they’re more likely to pay our smaller claims, while declining larger ones such as term insurance claims. 
  • Claim Complaints: According to our research, we found that PNB Metlife has a greater number of complaints compared to other insurers. This indicates that your family could experience some hassles during this process. 
  • Personal Relationship Manager: A lot of insurance companies provide a personal relationship manager who will help your nominee during the claim settlement process. PNB Metlife, however, does not provide a personal relationship manager. 
  • Home pick up for Claims: The insurer does not provide the option to pick up the documents from home. Hence,your family/ nominee will have to visit the branch and submit the documents personally.

How is the Customer Service of PNB Metlife? 

PNB Metlife provides the customers and their claimants the chance of connecting over toll-free services and social media platforms such as Twitter.

Based on the research conducted by our in-house researchers, we found that the response rate of PNB Metlife is quite slow over both its toll-free service and Twitter. This means that your nominee or family is likely to experience difficulty while trying to connect with the insurer. 

About the Insurer- PNB Metlife 

PNB MetLife, formerly known as MetLife India Insurance Company Limited is a Life Insurance company in India. It offers Term Life Insurance, Traditional Savings, and Unit Linked Insurance Plans. Founded in 2001, it is a joint venture between MetLife International Holdings LLC (MIHL), Punjab National Bank Limited (PNB) as its majority shareholders. The company is headquartered in Mumbai and has 150 branches across India. The MD & CEO of the PNB MetLife is Mr. Ashish Kumar Srivastava.

Final Overview of the PNB Metlife Mera Term Plan Plus

Considering all the product benefits, customer service, and claims experience, and on the basis of the 100+ metrics analyzed by our in-house research team, PNB Metlife Mera Term Plan Plus gets a Beshak⭐Rating of 3.4/5

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