- About Coverfox
PNB MetLife Insurance company is one of the very first insurance companies in India. Since 2001, it has been widespread in all parts of India. PNB MetLife is a joint venture between MetLife International Holdings Inc. (MIHI), Punjab National Bank (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and various exclusive branches. Among all, Punjab National Bank (PNB) and MetLife International Holdings Inc. (MIHI) are prime shareholders. PNB and MIHI contribute immensely to the functioning of the company as a whole. Punjab National Bank (PNB) is the foremost national bank in India and MetLife International Holdings Inc. (MIHI) is a top insurance company in India. The financial strength and reputation of both these organisation merge as one in PNB MetLife Insurance Company.
If you are a parent or a to-be parent, you may already have questions about your child’s safety in your mind. Pondering about your child’s life and for you to be always financially able to provide for your child’s requirement in every possible way is what every parent goes through. In recent times, there are a number of child plans that have been established. These child plans will help you secure your child’s future and make sure that he or she can avail the primary necessities of life. As relieving as this sounds, purchasing a child plan can be an added expenditure to regular costs. However, by researching and selecting the right insurance company, plan, budget and so on; you can make this work easily possible for you.
PNB MetLife child plans are structured to take care of all your child’s needs that may change over time. It provides entire cover to your child from education needs to marriage and various other requirements. All in all, PNB MetLife Child plans will help you make money for your child’s future with many other benefits.
PNB MetLife provides two types of child plans. One is a traditional plan that yields guaranteed returns and the other is a unit linked plan which consists of an alternative of using it as a child plan. Both these plans have different characteristics and features.
PNB MetLife College Plan is a traditional plan that functions as a money back plan for your child’s future. It is primarily a child education plan.
How it works?
If the insured dies within the time period of the plan, an advantage which is highest of 10 times the Annualized Premium or Base Sum Assured or Minimum guaranteed Sum Assured on maturity or 105% of all premiums paid along with the Accruedreversionary bonus to the beneficiary is paid. All future premiums will be waived off and the policy will continue.
PNB MetLife Smart Child Plan is a unit linked plan that provides for the child’s well-being in case the insured passes away.
How it works?
If the insured dies within the term period of the plan being in force, the payable amount will be highest of; the initially chosen sum assured or 105% of the total premiums paid until the death of the insured. All the remaining premiums are waived off through the premium waiver benefit. PNB MetLife an amount equivalent to one annualized regular premium will be credit on a regular basis as a part of Premium Waiver Benefit (PWB) on a monthly basis into Policyholder’s Fund.The amount that was invested in equity funds is then transferred to the Balance fund II to secure it against market changeableness.
You can apply for PNB MetLife Child Plans in a few different ways. One is through the internet i.e. online and the other is through intercessors.
Online process: For some plans that are available online, you can follow the steps given below.
Intercessors: Intercessors are basically intermediaries like agents, branches, banks, brokers, etc. They do the work on behalf of PNB MetLife Insurance Company. We can visit these institutions and places and manually purchase child plans.
Which is the best PNB MetLife Child Plan for long term?
Between the two child plans,PNB MetLife College Plan has a longer term of 24 years.
Why should I buy PNB MetLife Child Plans?
Ever since 2001, PNB MetLife has provided for millions of customers and their needs. With the top companies in joint-venture, it functions efficiently and effectively. With a PNB MetLife Child Plan you can be assured that your child’s future is financial secure and stable.
What should I do if i want to change my premium paying?
You can visit any PNB MetLife branch or call on toll free number 18004256969 for assistance.
Why should you opt for PNB MetLife Child Plans?
PNB MetLife Child Plans have saving options to cover various requirements of your child. It is the safest way to secure your child’s growing and changing requirements. PNB MetLife is reliable and one of the most popular insurance companies in India.
How to pay a premium? Modes of premium available?
You can pay premiums through cash or cheque and deposit it at the branch office, online by entering your ID, password and then click on pay premium, facility of drop box, courier, ECS or auto-debit facility.
How can I check policy status for PNB MetLife Child Plans?
You can check the policy status of your PNB MetLife Child Plan by entering your ID and password and logging in on the e-portal. A policy details tab persists, wherein the details of your policy can be checked.
What is the policy renewal process for PNB MetLife Child Plans?
Visit the nearest PNB MetLife branch and fill in the renewal form. Submit the renewal form along with the other required documents.
What is the company’s process to claim for PNB MetLife Child Plans?
Firstly, you need to inform the company about the claim policy by fax, email or letter. You can proceed by visiting any PNB MetLife branch, contacting advisors, connecting to the claims department in the head office or by a regional service team. There is a list of documents that you need to provide as proof to the company. Once you submit them and they get verified, the claims will be settled within 30 days.
What is the policy cancellation process for PNB MetLife Child Plans?
You need to fill and submit a surrender form along with all the policy documents required to a PNB MetLife branch nearest to you. You may have to pay a certain amount for the cancellation. After the company receives the documents and amount, your policy will be cancelled.