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.
Requisites to process an assignment:
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 firstname.lastname@example.org. You may also visit any of the PNB MetLife Branch locations for the same.
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.