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PNB Metlife Mera Term Plan Plus
ILM Ratings
ILM Ratings
Claims Experience:
Customer Service:
Product Benefits:
Introduction to PNB Metlife Mera Term Plan Plus
PNB Metlife Mera Term Plan Plus is a term insurance plan offered by PNB MetLife Insurance Company, formerly known as MetLife India Insurance Company. With a cover of almost 1000X your annual premium, term insurance is one of the cheapest and easiest ways to ensure that your family is well-provided for, in your absence. This plan offers riders for comprehensive critical illness coverage, accidental death benefit and multiple claim payout options, giving you the flexibility to customise how your family receives the claim amount. However, it does not provide the increasing cover option, early exit option or many choices to speed up premium payments through limited pay options.
Claims Experience:
Customer Service:
Product Benefits:
Quick Overview:
What's Good?
- Several options to customize claim payout
- Critical illness rider's payout is in addition to the life cover amount
- Additional payout option for accidental death
What's Not Good?
- Few Limited Pay options to speed up payments
- No option to automatically increase claim amount, with time
- No option to exit the plan while active and get premium refund
- No premium waiver option available if listed illness is diagnosed
- No premium waiver option available in case of accidental disability
Insurer Track Record
About PNB MetLife India Insurance Co. Ltd.
JV Partners
Turnover (GWP)
Number of Policies
Number of Claims
Detailed Product Overview
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Did you know
PNB MetLife Mera Term Plan Plus is a term insurance plan offered by PNB MetLife Insurance Company. The plan comes at affordable pricing and provides you with some good benefits like comprehensive critical illness coverage. It also provides several claim payout options to customize how your family receives the claim amount.
However, it doesn't provide many options to speed up your premium payments with limited pay and increasing cover options. As per our research, PNB MetLife has received fewer claim settlement complaints than other insurers but higher policy purchase complaints than other insurers.
Let’s have a quick look over the features of PNB MetLife Mera Term Plan Plus plan.
What are the key features 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.
- Early Exit Option: You are allowed to exit the policy within a specified time period and get a refund of the paid premiums. In that case, the PNB Metlife Mera Term Plan Plus does not provide this feature.
- Cover Duration: Unlike many other products that offer coverage until the age of 60-65, this plan extends your coverage until you reach 80 years. This means you can continue to benefit from the coverage even after retirement.
- Increasing cover: In some term plans, the cover will automatically increase by a specified percentage until it reaches the maximum limit. However, this feature is not offered under this plan.
- Limited pay options: Limited pay allows you to finish paying off your premiums in larger, early instalments. Under this policy, you can be done with your premium paying liability within 10, 15 or 20 years. This feature is suitable if you want to get the burden of premiums off your chest while you still have a dependable regular income.
- Claim payout options: When it comes to claim pay, PNB Metlife Mera Term Plan offers you multiple claim payout options. Claim payout customization offers options for a one-time payment, instalments or a combination of both for your nominee(s).
What are the riders available with the PNB MetLife Mera Term Plan Plus?
PNB MetLife Mera Term Plan Plus comes with customizable rider options. These additional benefits help you to boost your term insurance policy coverage.
- 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. The Critical Illness Rider, as an additional cover, covers 10 illnesses, with a maximum cover of Rs 50 lakhs, available until the age of 60.
- 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. The Accidental Death Benefit Rider provides coverage up to Rs 2 crore or the base cover amount, whichever is lower, available until the age of 60.
- Waiver of premium rider: This is one of the most helpful riders. If you opt for this rider and get diagnosed with a serious disease or suffer accidental disability, you will not have to pay any further premiums. However, this rider is not available under this plan.
Why should you buy from PNB MetLife Insurance Company?
- Online tracking of claims: PNB MetLife provides the nominee or family member with the option of tracking their claims online and also provides a dedicated toll-free claims service.
- Claim Settlement Ratio: The claim settlement ratio of PNB MetLife is 99.57%. The Claim Settlement Ratio (CSR) represents the percentage of claims that an insurance firm settles out of the total claims it receives during a financial year.
- Claim complaints: PNB MetLife has received 0.04% of claim complaints. From our research, the insurer has received fewer claim complaints compared to other insurers.
- Speed of claim settlement: PNB MetLife Insurance Company has settled 99.98% of its claims in less than 30 days.
What are the drawbacks of buying from PNB MetLife Insurance Company?
Here are some limitations of buying from PNB MetLife -
- Length of the death claim form: PNB MetLife has a moderately long death claim form compared to other insurers. This indicates that the process of filling out the claim form can be a little time-consuming for your nominee/family.
- Home pick up for claims: The insurer does not provide the option to pick up the documents from home. Hence, your family will have to visit the branch and submit the documents personally.
How is the customer service of PNB MetLife Insurance Company?
Let's now see the PNB MetLife Insurance Company's Customer Service Quality:
- Toll-Free Support: Compared to other insurers, the company's toll-free helpline response rate is slow. For individuals seeking instant support, this may have a negative impact on their overall customer service experience.
- X (Twitter) Response: The response time of the company using the X (Twitter) handle is slow, with low responsiveness and social media engagement.
- Percentage of Complaints Received for After-Sales Service: Research indicates that 0.69% of the customers are dissatisfied with the after-sales service.
About the Insurer- PNB MetLife Insurance Company
PNB MetLife, formerly known as MetLife India Insurance Company Limited is a Life Insurance company in India. It was founded in 2001 and is a joint venture between Punjab National Bank (PNB) and MetLife International Holdings LLC (MIHL). The company is headquartered in Mumbai and its MD & CEO is Mr. Sameer Bansal.
Final review of PNB MetLife Mera Term Plan Plus
On the basis of the 100+ metrics analyzed across product benefits, claims experience and customer service, by our in-house research team, PNB Metlife Mera Term Plan Plus gets a MyInsureBuddy⭐Rating of 2.9/5.
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