PNB MetLife India Insurance Company Limited has launched a new term insurance plan, called PNB MetLife DigiProtect Term Plan, specifically designed for salaried individuals in India. This plan is a non-linked, non-participating, pure term insurance solution that can be purchased digitally through Policybazaar. The plan aims to address the significant life protection gap in India, which currently stands at 91%.
The DigiProtect Term Plan offers several pioneering features that make life insurance more accessible and affordable. These features include accelerated benefits for terminal illnesses, refundable premiums, and customizable payout options. The plan is designed to provide financial protection to individuals and their families in the event of unforeseen circumstances.
The launch of the DigiProtect Term Plan is a significant step towards reducing the financial vulnerabilities of the middle class, particularly in less urbanized areas. According to Sameer Bansal, Managing Director & CEO of PNB MetLife India Insurance Company Limited, the plan is a critical need in addressing the life protection gap in India. By making life insurance more accessible and affordable, the plan aims to provide financial security to individuals and their families.
The plan’s digital availability through Policybazaar makes it easily accessible to a wide range of customers. The customizable payout options and refundable premiums also provide flexibility and affordability, making it an attractive option for those looking for term insurance. Overall, the PNB MetLife DigiProtect Term Plan is a significant initiative towards bridging the life protection gap in India and providing financial security to individuals and their families.
The launch of this plan is a positive step towards increasing insurance penetration in India, particularly among the middle class. By offering a range of features and benefits, the plan aims to provide comprehensive financial protection to individuals and their families. With the DigiProtect Term Plan, PNB MetLife India Insurance Company Limited is taking a significant step towards addressing the life protection gap in India and promoting financial inclusion.