How Does Group Term Life Insurance Work?
From premiums to claims understand the how a group term life insurance work.
By Pazcare
April 30, 2023
PNB MetLife Insurance
Key Insights
 |
Claim settlement ratio (2019-20) | |
Inception | |
| 98.17% | 2001 | |||
|
Presence | |
Total death benefit paid | |
| 117 offices | Rs 235.11 crores | |||
|
Solvency ratio | |||
| 1.90 |
|
Claim settlement ratio (2019-20) |
| 98.17% | |
|
Inception |
| 2001 | |
|
Presence |
| 117 offices | |
|
Total death benefit paid |
| Rs 235.11 crores | |
|
Solvency ratio |
| 1.90 |
About PNB MetLife Insurance
Headquartered in Hong Kong, PNB MetLife Insurance has been serving in India since 2001. Its shareholders include MetLife International Holdings LLC (MIHL), Punjab National Bank, M. Pallonji and Co. Pvt. Ltd., and Jammu & Kashmir Bank Limited (JKB).
PNB MetLife has its presence in 117 locations throughout the country and has over 9,200 financial advisors to take care of the different products it offers. The portfolio of PNB MetLife Insurance comprises 25 Retail, 14 Group products, and different riders catering to the myriad needs of the clients. It has already provided employee benefit plans to over 700+ corporate clients in India.
With Pazcare, employers can provide their employees with a group term life insurance policy from PNB MetLife Insurance company. It offers two plans namely, PNB MetLife Group Flexi Term Plus and PNB MetLife Group Term Life Plus. You can get the best quotes for the PNB MetLife group term life insurance policy and manage the policy using Pazcare’s tech-enabled dashboard.
How to buy PNB MetLife group term insurance from Pazcare?
These simple steps allow you to purchase PNB MetLife group term life insurance policy online from Pazcare.
- Visit Pazcare
Visit Pazcare, and choose group term insurance. If you are new to buying a group term policy, we recommend you review our offerings before purchasing the PNB MetLife group term life insurance policy.
- Consult with our insurance experts
After submitting the form, our insurance experts will call you within 24 hours. Share your requirements to personalize your PNB MetLife group term insurance policy offering with Pazcare.
- Product demo & sharing active employee data
We provide you with a product demo of how to administer the PNB MetLife group term life insurance plan using the Pazcare dashboard. Once approved, share with us your active employee data to proceed with the process of buying the PNB MetLife group term life insurance for employees.
- Getting quotes & onboarding
We get you competitive quotes from PNB MetLife Life Insurer and other 4+ life insurers. Choose the best offering, say PNB MetLife group term insurance policy and the onboarding process begins in 24 hours. You are covered with the best employee benefits from Pazcare.
PNB MetLife group term life insurance plans from Pazcare
- PNB MetLife Group Flexi Term Plus - PNB MetLife group flexi term plus insurance is a comprehensive insurance plan which offers coverage against death, accidental death, critical illness, disability, and terminal illness. It helps a company provide benefits to its employees and their family members. It also provides multiple coverage options to choose from like -
- Life cover
- Extra life cover
- Life and health cover
- Extra life and health cover
- Accidental cover
Additionally, it also gives the flexibility to select benefit payout options to choose from, like monthly income, lump sum or lump sum, and monthly income.
- PNB MetLife Group Term Plus - PNB MetLife group term plus offers lump sum payments to the employees’ beneficiaries in case of death. It is a cost-effective policy as compared to retail term plans. PNB MetLife group term plus policy offers flexible premium payment for employees to choose from ranging from yearly, half-yearly and monthly. It protects the family of the employee as, in case of death, 100% of the sum assured is given to the employee’s beneficiary to cover financial liabilities.
PNB MetLife group term insurance renewal with Pazcare
The PNB MetLife group term insurance can be renewed easily with Pazcare at the end of the policy term. Here is how you can renew your group term life insurance policy.
- Visit Pazcare
Visit Pazcare, and choose group term insurance. If you are new to renewing your PNB MetLife group term insurance policy, we recommend you review our offerings before purchasing the PNB MetLife group term life policy.
- Consult with our insurance experts
After submitting the form, our insurance experts will call you within 24 hours regarding the PNB MetLife group term insurance policy renewal. Please submit active employee data, policy copy, claim dump report & claim analysis report to proceed.
- Product demo & personalisation
We provide you with the product demo if you are new to buying/renewing the PNB MetLife group term insurance plan with Pazcare. The above-submitted documents allow us to personalise your PNB MetLife group term policy according to the previous offerings.
- Getting quotes & onboarding
We get you competitive quotes from PNB MetLife Life Insurance and other 4+ insurers. Choose the best PNB MetLife group term life insurance policy renewal offering and the onboarding process begins in 24 hours. You are covered with the best employee benefits from Pazcare.
PNB MetLife group term insurance claim settlement ratio
A higher claim settlement ratio is significant to the credibility of an insurer. The claim settlement ratio of PNB MetLife insurance is 97.18% in the financial year 2019-20.
PNB MetLife group term insurance premium
PNB MetLife group term insurance benefits from Pazcare
Tax benefits
As employers, when you pay the premium towards the PNB MetLife group term life insurance policy, you are eligible to avail of tax benefits under Section 37(1) of the Income Tax Act of 1961.
High claim settlement ratio
PNB MetLife group term life insurance has a high claim settlement ratio of 98.17% for the financial year 2019-20. This shows that the chances of claims getting settled are high.
Additional covers
With PNB MetLife group term life insurance you can purchase additional covers to provide holistic protection and security to the employees and families.
117 offices
A large number of office base makes it easier to locate one near most locations for easy filing of claims offline and paying the premiums offline.
PNB MetLife group term insurance claim
Documents required to claim PNB MetLife group term insurance
Here are the documents that you require to claim the PNB MetLife group term insurance policy
Why buy a group term life insurance
policy online from Pazcare?
- Choose the suitable policy with our consulting approach
- Custom-made plan with health and mental wellness add-ons
- The tech-enabled Pazcare dashboard to manage endorsements
- Integrate the dashboard with your HRMS tool
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PNB MetLife Insurance customer care number
PNB MetLife life insurance company offers 24X7 for assistance related to the group term life insurance policy. Visit PNB MetLife customer care.
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
PNB MetLife Insurance FAQs
What are the benefits of PNB MetLife group term insurance?
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Some benefits of PNB MetLife group term insurance are payment options for premiums, tax benefits, and a large number of offices pan India.
How can I claim PNB MetLife group term insurance death claim?
Firstly, contact Pazcare at +91 78291 11300 and we will guide you through the settlement of the death claim. Make sure to collect all the relevant documents of the insurance policy. These documents will be submitted to the insurance provider to verify the same. After successful verification, the claim will be settled either in your bank or with your employer.
What is the customer care number of PNB MetLife insurance company?
You can get in touch with PNB MetLife at 1800-425-6969. You can also mail them your queries at - indiaservice@pnbmetlife.co.in.
Who receives my PNB Met life claim?
Your PNB Met life claim is paid out to the nominee/beneficiary as mentioned in the policy by the policyholder. In case of maturity/survival benefit the claim is paid to the policyholder itself.
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