Meerut, January 10, 2018: PNB MetLife announced the launch of ‘PNB MetLife Income Protection Plan’, a simple product that offers an optimum mix of protection through income replacement in case of death of the breadwinner and guaranteed savings.
Meerut, January 10, 2018: PNB MetLife announced the launch of ‘PNB MetLife Income Protection Plan’, a simple product that offers an optimum mix of protection through income replacement in case of death of the breadwinner and guaranteed savings. The product promises affordable premium, flexibility to choose the premium payment term along with an easy onboarding process designed keeping in mind the needs of the non-metro population.
The new PNB MetLife Income Protection Plan is a one-of-its kind product in the market which provides monthly income to take care of the family’s living expenses in case of an untimely demise of the policyholder and also enables to build a corpus through the guaranteed1 maturity benefit ranging from 100% to 150% of total premiums paid2.
Speaking at the launch, Khalid Ahmad, Head – Products, PNB MetLife India Insurance Co. Ltd. said, “PNB MetLife has always believed in inclusive growth and looked for simpler ways to connect customers to the best solutions. Today majority of the Indian population that resides in Tier 2 & 3 cities is scarcely covered through insurance. We wish to leverage the vast distribution reach of our partners to cater to major part of this segment. PNB MetLife Income Protection Plan provides dual benefits of financial protection and guaranteed saving upto 150% of premium paid on survival till the end of policy term.”
Adding to this, Shri Anil Kumar Sharma, Chairman - Sarva U.P. Gramin Bank said, “Many middle and lower socio economic class families do not have access to insurance. Products such as PNB MetLife Income Protection Plan would help to cater the need of insurance for the non-metro population. We are delighted to be assosiated with PNB MetLife to spearhead financial inclusion for masses and encourage the proliferation of schemes with an objective to provide insurance cover to all.”
1Terms & conditions apply
2Total premiums paid is equal to all premiums payable during the premium paying term of the policy excluding extra premiums, Goods & Service Tax paid by the policyholder but includes any frequency loading.
About PNB MetLife India Insurance Company Limited
PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders.
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