Having started its operation in 2001,PNB MetLifehas been one of the fastest growing insurance companies in the country with offices in over 150+ locations. The company has a strong product line up with life insurance plans suitable for people with different requirements. Customers can choose from protection plans, savings plans, wealth plans, retirement plans, child plans, etc. In addition to individual plans, PNB MetLife also offers group plans for corporate customers to provide coverage for their employees. Let’s take a look at various aspect of the company and the different plans it offers.
|Percentage of Grievances Solved||98.32%|
|Claim Settlement Ratio||82.40%|
|Group Death Claims||97.35%|
|Solvency Ratio||2.02 (for the quarter ended March 2018)|
PNB MetLife has a massive portfolio of insurance products which are divided 9 different categories. Below is a list of all the products offered by the company:
|Online Protection Plans||Offline Protection Plans||Savings Plans||Retirement Plans||Group Plans|
|PNB MetLife Mera Term Plan||PNB MetLife POS Suraksha||PNB MetLife Endowment Savings Plan Plus||PNB MetLife Immediate Annuity Plan|
|PNB MetLife Mera Heart and Cancer Care||PNB MetLife Mera Jeevan Suraksha||PNB MetLife Guaranteed Increasing Income Plan||PNB MetLife Retirement Savings Plan||PNB MetLife Bima Yojana – (Group Microinsurance)|
|PNB MetLife Serious Illness Rider||PNB MetLife Family Income Protector Plus||PNB MetLife Mera Wealth Plan||PNB MetLife Superannuation Plan||PNB MetLife Complete Care Plus|
|MetLife Accidental Death Benefit Rider Plus||PNB MetLife Grameen Ashray||PNB MetLife Guaranteed Income Plan||PNB MetLife Traditional Employee Benefits Plan||PNB MetLife Group Term Life Plus|
|MetLife Accidental Disability Benefit Rider||MetLife Accidental Death Benefit Rider Plus||PNB MetLife Guaranteed Savings Plan||PNB MetLife Unit Linked Employee Benefit Plan||PNB MetLife Loan and Life Suraksha|
|MetLife Critical Illness Rider||PNB MetLife Serious Illness Rider||PNB MetLife Whole Life Wealth Plan||PNB MetLife Pradhan Mantri Jeevan Jyoti Bima Yojana|
|PNB MetLife Smart Platinum||PNB MetLife Complete Loan Protection Plus|
|PNB MetLife Money Back Plan||PNB MetLife Group Accidental Permanent & Total Disability Plus|
|PNB MetLife Bachat Yojana||PNB MetLife Group Accidental Death Benefit Plus|
|PNB MetLife Bhavishya Plus||PNB MetLife Group Accidental Permanent & Partial Disability Plus|
|PNB Metlife College Plan||PNB MetLife Group Serious Illness Rider|
|PNB MetLife Dhan Samriddhi Plan|
|PNB MetLife Income Protection Plan|
|PNB MetLife Monthly Income Plan – 10 Pay|
|PNB MetLife Smart Child|
|PNB MetLife Smart One|
Protection plans are also known as term plans, which offer insurance coverage for a time period specified in the policy. Here’s a list of all the protection plans offered by MetLife:
Health plans are those insurance plans which help individuals to take care of their healthcare related expenses. Below are the health plans offered by MetLife:
Child plans are those insurance plans which help take care of any future needs related to a child including their education and marriage. Plans under this category are as follows:
Savings plans are those which help individuals save while also offering a base insurance coverage to a policyholder and their family. Here are the plans sold under this category:
Rural plans are those plans which are available for the rural populace and are designed to cater to meet their needs and requirements. Here are all of the rural plans listed for you:
MetLife also offers plenty of wealth plans wherein, upon choosing, policyholders get to invest a in mutual funds on a timely basis. Plans under this category are as follows:
MetLife has a massive roster of retirement plans individuals can invest in. These include:
MetLife also has a few group plans which cater to specific requirements of large and small corporations. These plans are as follows:
Note: Some of the plans listed above may appear under multiple categories. This is because these plans offer dual benefits and so are an effective part of all categories they are listed under.
PNB MetLife has its offices in over 150 locations in the country. Below is a tabular column that lists out all the key branches in the country and their contact information.
|State||Branch||Customer Care Number|
|Andhra Pradesh||Elluru||1800-425-6969 08812-644035/36/37|
|Madhya Pradesh||Indore||1800-425-6969 0731-2545848|
|Maharashtra||Mumbai - Ghatkopar||1800-425-6969 022-69001477|
|Mumbai - Goregaon West||1800-425-6969 022-41790000|
|Mumbai - Lower Parel||1800-425-6969 022-66630900|
|Delhi||New Delhi- Janakpuri||1800-425-6969 011-64730127|
|New Delhi - KarolBagh||1800-425-6969 011-69400115|
|New Delhi - Nehru Place||1800-425-6969 011-69400101|
|New Delhi - Rohini||1800-425-6969 9213021215/6|
|New Delhi- Vishwas Nagar||1800-425-6969 011-64501900|
|Haryana||Gurgaon - Sector 15||1800-425-6969 011-64501900|
|Sector -47||1800-425-6969 0124-4179000|
As a company PNB MetLife has won plenty of awards in both Indian and international levels. Below is a list of some of the awards the company has won so far.
PNB MetLife has plenty of experienced professionals who form the crux of the company’s management. Here’s a list of all the key members from the upper echelons of the company.
|Shareholders||Percentage of share held|
|Punjab National Bank||30%|
|Jammu and Kashmir Bank||5%|
|M Pallonji and Co.||18%|
As data suggests, PNB MetLife has a decent claim settlement ratio. Here is a table that lists out the number of claims the company has settled during the 2017-18 financial year:
|Claims received||Claims settled||% of claims settled|
Trend of PNB MetLife claim settlement for from 2009 to 2017
|Claim settlement %||83%||85%||81%||84%||90%||93%||85%||87%||82%|
PNB MetLife follows three simple steps to settle claims made by its policyholders. These three steps are as follows:
Step 1: Modes of communication
The policyholder or the nominees need to establish communication with the company and start the claim process with any of these modes such as a letter, fax, and email.
Step 2: Submission of required documents
Before settling a claim, PNB MetLife requires the claimant to provide some supporting documents. The documents required varies depending on the type of claim being made. Here is a list of documents required:
If the person assured passes away, here are the documents that should be submitted:
If the person assured dies due to an accident within the period mentioned in the insurance policy, the following documents need to be submitted:
These are the documents that should be submitted if the person assured dies due to a critical illness:
If the claimant is requesting for a waiver of premiums, the following documents should be submitted:
MetLife offers Met Healthcare, a specialised treatment facility for policyholders who specifically opt for it. Documents required for claims under this include:
The initial public offering (IPO) of PNB MetLife may happen in the second quarter of the financial year 2020 so that the insurer’s issue can get a positive response from the retail and other investors.
The reason why the insurer has pushed for the year 2020 during which the IPO will take place is because of the general elections which are scheduled this year in April. This is the time when foreign investors are not willing to invest and thus the insurer has pushed for the FY20 during which they will get listed.
The insurer who had filed its draft red herring prospectus (DRHP) for the IPO with the Securities and Exchange Board of India in July 2018 received the green signal to go ahead in November 2018.
8 March 2019
In order to expand the distribution of their life insurance products, Life Insurer PNB MetLife has teamed with ESAF SFB. The move was to ensure that the life insurance products rolled out by PNB MetLife are accessible to the rural population, areas where ESAF SFB has its presence. The move to collaborate with ESAF SFB was approved by the Insurance Regulatory Development Authority of India. According to the CEO of PNB MetLife Insurance, the company has always believed in inclusive growth and looked for ways to expand its reach. We are delighted to partner with ESAF SFB and offer our wide range of unique products to their customer base. We look forward to this journey together and hope to provide more customers with PNB Metlife’s insurance products. With presence in already 107 locations in the country, and selling their life insurance products in 11,000 bank branches with Punjab National Bank, Karnataka Bank, Jammu and Kashmir Bank and so on, ESAF SFB is the latest bank that the life insurer has teamed up with. An official of the life insurer said, We have got the go-ahead from regulator and we are in talks with our bankers when to launch the IPO. That said, it has not yet been decided whether we will come out in this financial year or next year.
10 January 2019
The Securities and Exchange Board of India (SEBI) gave a go-ahead to PNB Metlife to make its Initial Public Offering (IPO). Once it floats the IPO, the life insurance company will be the fourth insurer in the country to be listed. ICICI Prudential, SBI Life Insurance, and HDFC Life are the three other companies that were listed previously. PNB Metlife had filed its draft with SEBI in July last year and was given the green light by SEBI on November 2 to float its IPO. SEBI provided its observations the same day. The observations given by SEBI are crucial for any company such as this that plans to float an IPO. As per the draft paper provided by PNB, the stake dilution will be at 24.46% with a sale of under 496 million shares. While PNB will offer a little more than 80 million shares in the initial public offering, Metlife is expected to offload over 129 million stocks. PNB Metlife is a joint venture between PNB, Metlife, J&K Bank, M Pallonji & Co, and Elpro International. According to PNB’s draft paper, the plan to float an IPO will increase liquidity among shareholders and help in the branding of the insurance company.
9 November 2018
A new ad campaign has been launched by PNB MetLife to promote greater awareness about the need of life insurance. This digital campaign drives home the point that a life insurance is a need for every consumer to safeguard the future of their family. The campaign has been titled as #MakeTime and the video is available on Youtube, while being simultaneously promoted via the various social media channels of PNB MetLife.
The ad film, whose main theme is ‘protection’, has been created by Anaiah Films. The ad takes a humorous route to depict a family’s preparations for a bleak financial future in absence of life insurance after the death of the family patriarch.
The ad has been conceptualised and carried out by the digital agency of PNB MetLife called ‘Social Kinnect’. It depicts a Mr. Sharma holding a prayer meeting in memory of his late musician father. Without giving away the punchline, the ad tries to urge people to “Make Time” to protect the future of their families by highlighting the importance of financial planning.
The ad especially markets the PNB MetLife’s ‘MetLife Mera Term Plan’. With this ad campaign, PNB MetLife wishes to change the prevalent Indian mindset that insurance needs to be an investment, not just a safety tool in case of unfortunate circumstances.
16 May 2017
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