FAQ's on Policy Servicing - PNB MetLife Insurance
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Policy Servicing FAQ

What is Nomination?

Nomination is a right conferred on the life insurance policyholder to appoint a person or persons to receive the policy money in the event of the policy becoming a claim by death. Any policyholder who is a major and the Life Insured under a policy can make a nomination. A nominee is the person designated by the policyholder to receive the proceeds of an insurance policy, upon the death of the insured.

Yes, you can appoint more than one nominee. In case any money is to be paid to the nominees it will be paid equally to the opted nominees.

Yes. You may change your beneficiary at any time till the maturity date of the policy. You need to inform us about the change through the beneficiary change request form.
(Click on "Download" to check for the form)

An assignment transfers the rights, title and interest of the assignor to the assignee. Assignment is possible on all types of policies except pension policies and Married Women Property Act (MWP). 
There are two types of assignments:
Absolute Assignment: In this type of assignment, all rights, title and interest of the assignor in the policy are transferred to the assignee without reversion to the former or his estate in any event. The assignee becomes the title owner of the policy and can deal with the policy in any manner he sees fit; he no longer has to take the consent of the assignor.
Conditional Assignment: In this type of assignment, the interest in the policy automatically reverts to the person insured on the occurrence of the specified condition. For example, a conditional assignment can provide for reversion when the assignee predeceases the policy owner or when the policy owner survives till the date of maturity or on the loan being repaid.

Requisites to process an assignment:

Written request in the PNB MetLife format with the name of the person / institution (assignee) to which you wish to assign the policy. The Request form can be downloaded from the PNB MetLife Website.
Photo ID and address proofs are required in case of 3rd party individual assignment.
Original Policy Document.

Nominating a beneficiary gives them the authorization to receive the policy money in the event of the death of the life assured. It does not give the nominee an absolute right over the money received to the exclusion of other legal heirs. Nomination can be revoked or cancelled at any time during the lifetime of the policyholder at his/her will or by a subsequent assignment. 
On the other hand, assignment of an insurance policy is a transfer or assignment of all rights and liabilities to the insurance policy in favor of the assignee and cannot be revoked. However, the policy can be re-assigned in favor of the insured at the written request of the assignee. 

Once you receive the policy document, we advise you to go through the details and understand the terms and conditions of your policy. In case you want to clarify any aspect of your policy, you can speak to your financial consultant or contact us at any of our branches. 
If you think that your policy does not suit your needs, you can cancel the policy by giving a written request within the free look period of 15 days from the receipt of the policy. The market value of the invested premiums will be refunded after nominal deductions on proportionate basis. 
This is as per the provisions of the IRDAI (Protection of Policyholders’ Interest, 2002).

A switch is permissible only for Unit Link Policies. Fund switch is the facility provided to the Policy Owner to change the investment pattern by moving from one Investment Fund to another Fund amongst the available funds under the policy. It is applicable to accumulated funds only and not for future premium allocations. 
A premium redirection, on the other hand, allows you to change your allocation for all future premiums of your policy, without impacting your existing units.

A Fund Switch / Premium Redirection Form duly filled and signed by the Policy owner should be sent to any of the PNB MetLife branches or to our corporate address. If the request is received till 3pm, same day NAV is allotted 
Fund Switch request can also be placed through PIP. 

As the name suggests, this activity deals with any changes that need to be made to the client’s address as registered in our records. 
Following documents are required for processing the address change request:
Generic Request Form duly signed by the customer 
Any one Address Change supporting document, self-attested by the policyholder
These documents should be sent to any of the PNB MetLife branches 

The voluntary cancellation of a policy by the policy owner is called as surrender of the policy.

A Surrender Request Form duly filled and signed by the Policy owner along with the original policy document should be sent to any of the PNB MetLife branches.

A traditional policy becomes eligible for policy loan after completion of three premium-paying years and when it has cash value. Granting of policy loan is subject to the policy contract provisions depending on the nature of the product as mentioned in the T&C.

In case your policy is eligible for the loan; please submit a loan request form along with the assignment request form to the nearest PNB MetLife Branch.

The payment to the policyholder at the end of the stipulated term of the policy is called maturity claim.

A policy lapses when the policy holder fails to pay the premiums even within the grace period. In this case, all benefits under the policy are lost.

In case you wish to confirm the requirements to reinstate your policy, please call us our Toll Free no. 1-800-425-6969 or email us at indiaservice@metlife.com. You may also visit any of the PNB MetLife Branch locations for the same.

Please visit our nearest branch where you need to provide an indemnity bond on a stamp paper of Rs 100 (Rs. 40 for Jammu & Kashmir). There is an additional charge of Rs. 200 towards the issuance of a duplicate policy document. Any additional requirement will be called for, depending on the circumstances, and a new duplicate policy document will be issued. 
Download the duplicate policy request form and format of Rs. 100 indemnity bond. 
The duplicate policy which you hold is deemed to be original and confers on its owner the same rights and privileges as that of the original policy bond. This policy document will avoid any conflicting claims at the time of maturity or otherwise and is a conclusive proof to honor the claim to the rightful beneficiary

Fund switch is applicable immediately after your policy is placed. There is no waiting period for fund switch.

All Unit linked policies are applicable for fund switch.

There are no limitations for the number of switches allowable for a policy. Customer can opt to switch the funds any number of times. Charges are applicable depending on the nature of the product as mentioned in the T&C.

Requests received at PNB MetLife before 15.00 hrs will be considered as same day’s request after 15.00 hrs will be considered as the next business day’s request.

  • Visit any of our branches and submit fund switch request form duly filled and signed by the policy owner.
  • Online request by logging in to policy information portal through the website.