PNB MetLife India Insurance Company Limited has launched the PNB MetLife DigiProtect Term Plan, a digital term insurance plan designed specifically for salaried individuals. The plan is offered through a fully digital platform in collaboration with Policybazaar, making it easily accessible to individuals in Tier 2 and Tier 3 cities. The plan provides comprehensive life cover, including accelerated benefits in case of terminal illness, and offers a range of features that cater to the evolving financial priorities of salaried individuals.
Some of the key features of the plan include a special exit value option, which allows policyholders to exit the policy before maturity and receive a refund of all premiums paid at no additional cost. The plan also offers a premium break option, which allows policyholders to pause premium payments for 12 consecutive months after completing three years of policy. Additionally, the plan provides an express claim payout of ₹3 lakh within one working day upon claim registration, after a three-year waiting period.
The plan also offers a range of payout options, including a lump sum, monthly instalments, or a combination of both. To make the plan more affordable, PNB MetLife is offering an exclusive first-year discount of up to 21% on the first premium. According to Sameer Bansal, Managing Director & CEO of PNB MetLife, the plan aims to address the significant life protection gap in India, which stands at 91%. The plan is designed to provide salaried individuals with a flexible and affordable way to secure their families and build their dreams.
The launch of the PNB MetLife DigiProtect Term Plan is a significant step towards bridging the protection gap in India, particularly among the salaried middle class. As Sarbvir Singh, Joint Group CEO of PB Fintech, noted, the plan offers affordability, flexibility, and clarity, making it an attractive option for salaried individuals across the country. The collaboration between PNB MetLife and Policybazaar aims to expand meaningful protection and make quality term insurance easier to buy, understand, and sustain. Overall, the PNB MetLife DigiProtect Term Plan is a digital, feature-rich term plan that provides salaried individuals with a comprehensive and flexible life insurance solution.