PNB MetLife India Insurance Company has introduced a new term insurance plan called PNB MetLife DigiProtect Term Plan, specifically designed for salaried individuals. This individual, non-linked, non-participating, pure term insurance plan is available through a fully digital platform in partnership with Policybazaar. The digital-first approach aims to simplify access and extend the plan’s reach to Tier 2 and Tier 3 cities, making it more accessible to a wider audience.
The PNB MetLife DigiProtect Term Plan offers several key features, including life protection, terminal illness benefits, and the option to end the policy before maturity with a refund of premiums paid at no additional cost. Policyholders also have the flexibility to pause premium payments for one year, subject to certain conditions. Additionally, the plan offers first-year discounts, making it more affordable for customers.
According to Sameer Bansal, Managing Director and CEO of PNB MetLife, India faces a significant life protection gap of 91%, with the salaried segment being particularly affected. This segment often has rising financial responsibilities, including supporting dependents, funding children’s education, planning for home ownership, and saving for long-term retirement. The PNB MetLife DigiProtect Term Plan aims to address this gap by providing a comprehensive and affordable life protection solution.
The launch of this plan is a strategic move by PNB MetLife to increase penetration in the term insurance market and provide salaried individuals with a reliable and flexible life protection solution. By leveraging a digital platform, the company aims to reach a wider audience and make the plan more accessible to customers in Tier 2 and Tier 3 cities. With its unique features and benefits, the PNB MetLife DigiProtect Term Plan is poised to fill the life protection gap in India and provide financial security to salaried individuals and their families.