PNB MetLife forays into health insurance...

PNB MetLife forays into health insurance segment during World Health Week

The World health Organization (WHO) has identified India as a nation that will have most of the lifestyle disorders in the near future. The population for such diseases is getting younger by the day and more than hospitalization cost, the ancillary expenses linked to the recovery period cripple household finances

  • Launches its first benefit based health product – MetLife Major Illness Premium Back Cover
  • Covers 35 illnesses with a return of premium option
  • Insurance if one falls ill and assured returns if one stays healthy – Scores over other basic health products in the market as in case of non-occurrence of any critical illness, all the premiums paid back to the policy holder
  • The only insurance plan in the market that pays customer for staying healthy
  • Low premium starting Rs 5,958 with a cover of Rs 5 lakhs
  • Rebates available for high sum assured from Rs 10 – 50 lakhs
  • Tax benefits are available under applicable tax laws
    New Delhi/ Mumbai, March 09, 2015: The World health Organization (WHO) has identified India as a nation that will have most of the lifestyle disorders in the near future. The population for such diseases is getting younger by the day and more than hospitalization cost, the ancillary expenses linked to the recovery period cripple household finances. Recognizing this pertinent issue, PNB MetLife India Insurance Co. Ltd, today, announced its foray into health segment with the launch of ‘MetLife Major Illness Premium Back Cover’(MMIPBC). As the name suggests, the plan returns all the premiums paid incase there is no claim from the policyholder during the policy term and upon survival. The plan also provides the policyholder with a lump sum amount on diagnoses of any critical illness covered by the policy thereby ensuring that the family has adequate funds to meet the unplanned medical expenses and get the best possible treatment.

    Speaking on the launch, Mr. Tarun Chugh, MD & CEO, PNB MetLife said, “MetLife Major Illness Premium Back Cover is the only product in the market which returns all the premiums paid at the end of the policy term incase of no claim and provides cover against 35 critical illnesses. As this is a benefit based plan, the claim process is simpler without the involvement of a third party administrator like in the case of indemnity based health plans. A product like MMIPBC typically helps a family cover unplanned medical expenses over and above the hospitalization cost. As per market data, only 14% of expenses incurred due to major illnesses is due to hospitalization which is covered by the conventional mediclaim and health plans which means the rest of the 86% of cost is borne by the customers themselves. This is one of the reasons apart from inadequate health care planning that drives people to poverty”

    Features of MetLife Major Illness Premium Back Cover

    A non-linked, non-participating health insurance plan
Coverage against 35 critical illnesses
Return of premium on maturity, in case of survival and no claim made during the policy term.
Guaranteed# lumpsum payout in case any of the 35 critical illnesses diagnosed.
Tax benefits as per prevailing tax laws
Term of 10 years with an entry age of 18-55 years
Rebates available for high sum assured from Rs 10 – 50 lakhs
Boundary Conditions Eligibility
Age at entry* 18 years-55 years
Policy and Premiumb Payment Term 10 years
Minimum Sum Assured Rs. 5,00,000
Maximum Sum Assured Rs. 50,00,000
Minimum Annualized Premium Rs. 5,958
Maximum Annualized Premium Rs. 1,68,772
Waiting Period 90 days from commencement* of policy

*for reinstatement cases too

Sa(From) Sa(To) Rebate
5,00,000 9,99,999 Nil
10,00,000 24,99,999 Rs.4 per 1000 SA
25,00,000 50,00,000 Rs.7 per 1000 SA

For more information, visit www.pnbmetlife.com

# Terms and conditions apply
For more details on terms and conditions, please refer sales brochure