The company offers a diverse portfolio of life insurance products catering to individual and group customers. These include term plans, ULIPs (Unit Linked Insurance Plans), child plans, investment plans, long-term savings, and retirement solutions. PNB MetLife has a wide distribution network across India, including branches and partnerships with banks like PNB, J&K Bank, and Karnataka Bank, reaching customers in numerous locations.
PNB MetLife emphasizes customer-centricity and aims to provide efficient service. They have digital platforms for policy management and offer initiatives like “Claims Assure” for faster claim decisions. The company has also received recognition for its customer service and claim settlement record.
Latest News on PNB MetLife
A fake call centre has been busted in Noida, with 4 individuals being taken into custody for allegedly operating an insurance fraud scheme.
A call center operating in Sector 11, Noida, has been busted by the police for running a large-scale insurance fraud scheme. Four individuals, including a woman, were arrested in connection with the scam, which targeted victims across Maharashtra, Gujarat, and Tamil Nadu. The accused, who were running the operation for two months, would impersonate insurance company representatives and ombudsman officials to deceive policyholders into transferring funds.
The victims, who were misled into believing they were renewing their insurance policies at discounted rates, reportedly lost between Rs 10-12 lakh each. The police have identified linked bank accounts and are investigating additional complaints. The accused have been booked under various sections of the Bharatiya Nyaya Sanhita (BNS) at Sector 24 police station.
According to the police, the accused used stolen data to access PNB MetLife insurance details and would lure victims with fake policy renewals. If the victims resisted, they would be threatened with financial recovery actions. The fraud came to light when policyholders contacted PNB MetLife to verify renewals and found no such transactions.
The police have advised citizens to verify caller credentials before transferring money to avoid falling prey to such scams. The accused, who have experience in the insurance sector and banks, leveraged their knowledge to access personal data and convincingly manipulate policyholders. They operated from temporary locations to avoid detection.
The police have recovered phones, laptops, and important documents from the accused, which will be used as evidence in the investigation. The Deputy Commissioner of Police, Yamuna Prasad, warned citizens to be cautious and verify the authenticity of calls before transferring money. The police are also investigating whether there are more people involved in the scam and are working to prevent such incidents in the future.
J&K Bank facilitates swift settlement of insurance claims worth
Jammu and Kashmir Bank has demonstrated its commitment to customer welfare by facilitating the swift settlement of MetLoan & Life Suraksha (MLLS) insurance claims for the bereaved families of its deceased borrowers in the Baramulla Zone. A total amount of Rs 2.09 Crores has been disbursed to 57 families, bringing much-needed financial relief during difficult times. The settlement was made possible through the bank’s partnership with PNB MetLife, and a symbolic cheque representing the total amount was displayed during a brief ceremony in Baramulla.
The ceremony was attended by senior officials from the bank and PNB MetLife, including Zonal Head Imtiyaz Ahmad Bhat and Associate Director Irfan Ali Zargar. The legal heirs and nominees of the deceased borrowers expressed their heartfelt gratitude for the timely support, stating that the bank’s efforts to get the loans insured and ensure prompt settlement of claims have been crucial in reducing financial stress during a difficult time.
Imtiyaz Ahmad Bhat highlighted the importance of loan insurance in mitigating the financial impact of unforeseen events, stating that the MLLS scheme provides financial security for borrowers and their families. He emphasized that the bank believes in supporting its customers through every phase of life and that the scheme ensures critical relief to customers and their families during their toughest moments.
Irfan Ali Zargar also reiterated the importance of loan insurance, stating that while emotional loss cannot be replaced, financial stability can be provided to families facing unforeseen circumstances. The settlement represents the joint commitment of the bank and PNB MetLife to fulfilling their promises and providing timely assistance to valued customers. The bank’s efforts to facilitate the swift settlement of insurance claims demonstrate its commitment to customer welfare and its dedication to providing financial support to those in need.
The life insurance industry’s Assets Under Management (AUM) has reached Rs. 62 lakh crore in 2024.
The life insurance industry in India has witnessed significant growth, with the Assets Under Management (AUM) increasing by over 9% to Rs. 62 lakh crore in March 2024 from Rs. 55 lakh crore in March 2023, according to data from the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation of India (LIC) commands the highest AUM of Rs. 44 lakh crore, accounting for 72% of the total AUM.
Private players have a total AUM of Rs. 18 lakh crore, with SBI Life and HDFC Life taking the second and third positions, managing AUM of Rs. 3.85 lakh crore and Rs. 2.87 lakh crore, respectively. ICICI Prudential Life is at the fourth position with assets of Rs. 2.86 lakh crore. Other notable players include Max Life, Bajaj Allianz Life, Tata AIA Life, and Aditya Birla Sunlife.
The data also reveals that 18 out of 25 life insurers have reported double-digit growth in their AUM over the last year. Tata AIA Life Insurance has reported the highest growth of nearly 39%, followed by Star Union Dai-ichi Life Insurance with a growth of 28%, and SBI Life Insurance with a growth of 26%.
New entrants in the life insurance industry include Go Digit Life, Credit Access Life, and Acko Life. Go Digit Life reported the highest AUM of Rs. 399 crore among the three, followed by Credit Access Life with Rs. 216 crore, and Acko Life with Rs. 159.25 crore.
The top 10 life insurers in terms of AUM are:
1. LIC – Rs. 44,23,580 crore
2. SBI Life – Rs. 3,85,095 crore
3. HDFC Life – Rs. 2,87,137 crore
4. ICICI Prudential Life – Rs. 2,86,820 crore
5. Max Life – Rs. 1,47,428 crore
6. Bajaj Allianz Life – Rs. 1,07,800 crore
7. Tata AIA Life – Rs. 96,799 crore
8. Aditya Birla Sunlife – Rs. 85,763 crore
9. Kotak Mahindra Life – Rs. 79,227 crore
10. PNB Metlife India – Rs. 47,420 crore
The growth in the life insurance industry is a positive sign for the sector, indicating increasing awareness and demand for life insurance products among consumers. The data also highlights the dominance of LIC in the market, as well as the growing presence of private players.
Expansion of Impactful Samriddhi Initiative with Jind Skill Center
PNB MetLife India Insurance Company Limited has launched the “Samriddhi Skill Center” (SSC) in Jind district, Haryana, in collaboration with its NGO partner, Foundation of Development Initiative (FDI). This initiative is part of PNB MetLife’s Samriddhi CSR project, which aims to prevent stubble burning and create sustainable economic opportunities for rural communities. The project has been successful since its launch in October 2024, with 80 awareness sessions conducted with farmers in 20 villages, resulting in the prevention of stubble burning across 22,979 acres of farmland and the adoption of sustainable farming methods by over 3,800 farmers.
The Samriddhi Skill Center is a first-of-its-kind initiative that provides skills development training to women, enabling them to contribute to their family incomes by converting paddy residue (Parali) into marketable products. These products include coasters, lamps, pen stands, chick blinds, tissue paper holders, and decorative lights. The initiative addresses the severe air pollution caused by stubble burning and empowers local communities with alternative income sources.
According to Sourabh Lohtia, Chief Marketing and Communications Officer at PNB MetLife, the Samriddhi project is a vital initiative that blends environmental preservation with rural economic empowerment. The company believes that many farmers lack access to viable alternatives to stubble burning, and this initiative provides a solution to this problem. The project also fosters collaboration with communities, reinforcing the company’s belief in “Milkar Life Aage Badhaein,” which translates to “moving life forward together.”
The launch of the Samriddhi Skill Center is a significant step towards creating a positive impact on the environment and the lives of rural communities. By providing skills development training and promoting sustainable farming practices, PNB MetLife aims to make a lasting difference in the region. The company hopes that the success of this initiative will inspire broader adoption of such practices beyond Haryana, contributing to a cleaner and more sustainable environment for future generations. Overall, the Samriddhi project is a testament to PNB MetLife’s commitment to corporate social responsibility and its efforts to create a positive impact on the environment and society.
Families of J&K Bank customers find comfort and ease in prompt settlement of insurance claims.
The Jammu and Kashmir (J&K) Bank has facilitated the swift settlement of insurance claims for five families of deceased borrowers in its Mumbai zone, providing relief from financial burdens. The claims worth Rs 80 lakhs were paid under the bank’s MetLoan & Life Suraksha (MLLS) product, which provides life insurance coverage to borrowers. The settlement was enabled through the bank’s partnership with PNB MetLife.
The event was attended by senior officials of the bank and PNB MetLife, including the General Manager, Divisional Head, and Associate Director. The claimants expressed their gratitude for the quick redressal, appreciating the bank and PNB MetLife for their timely support. They praised the swift settlement, which relieved them of a significant financial burden.
The bank’s officials emphasized the importance of insuring loans to secure the financial future of families. They highlighted the benefits of products like MLLS, which can reduce the financial burden on borrowers and their families during challenging times. PNB MetLife’s Associate Director and Head also urged customers to consider loan insurance for their peace of mind, saying it can provide much-needed financial support to bereaved families.
This initiative demonstrates the bank’s commitment to providing customer-centric products and services, ensuring the well-being of its customers and their families. The settlement of claims under MLLS has brought relief to the affected families, and this initiative will continue to support them during difficult times.
Recent Updates
PNB MetLife Launches National Campaign, Probing the Question That’s on Every Indian’s Mind
PNB MetLife India Insurance Company Limited has launched a new campaign, “Aapka aage ka plan kya hai?” (What’s your plan next?), to encourage individuals to take charge of their retirement planning with confidence. The campaign, which is being promoted across TV, print, outdoor, digital, Meta, YouTube, and radio, is designed to inspire people to reflect on their aspirations and take proactive steps to secure their golden years.
The campaign’s central figure is the Grand Assured Income Plan (GAIN), an insurance solution that provides customers with a guaranteed annuity rate for a lifetime, ensuring financial security and peace of mind during retirement. The campaign’s core message is that retirement should be a time of fulfillment and not financial worry, and that it’s never too early to start planning for the future.
The campaign features a digital film that showcases a conversation between two friends, who, after a jog, sit on a park bench and talk about their retirement dreams. One friend describes a vivid picture of his retirement plans, including owning an apple orchard in Himachal Pradesh and starting a homemade jam business. The film also features PNB MetLife’s brand ambassador, cricketer Smriti Mandhana, who emphasizes the importance of securing one’s future through the company’s GAIN product.
The campaign also includes an interactive 3D immersive experience through a QR code on print, TV, OTT, and digital ads, which allows users to unlock a visual storytelling journey that reinforces the importance of financial planning. Overall, the campaign aims to nudge Indians to take their retirement planning as seriously as they do their careers.
The simplicity and relatability of the campaign’s message, combined with its digital-first execution, make it a strong contender for resonating with India’s diverse economic and cultural landscape. By encouraging people to reflect on their aspirations and take control of their financial futures, the campaign is encouraging individuals to prioritize retirement planning and financial security.
India Post Payments Bank and PNB MetLife join forces to bring life insurance coverage to every corner of the country, solidifying its commitment to financial empowerment.
India Post Payments Bank (IPPB) and PNB MetLife India Insurance Company Limited (PNB MetLife) have entered into a strategic bancassurance alliance to offer life insurance solutions to millions of individuals across India. This collaboration combines PNB MetLife’s life insurance products with IPPB’s network of 650 banking outlets and 110 million customers, making life insurance more accessible to every household in India. The partnership aims to promote financial inclusion and help customers achieve their goals.
According to R. Viswesvaran, MD and CEO of India Post Payments Bank, “This partnership allows us to advance our mission of delivering inclusive financial services across the nation by offering our customers a broader range of life insurance products tailored to their needs.” Similarly, Sameer Bansal, MD and CEO of PNB MetLife, stated that the partnership reflects their commitment to making life insurance accessible to all Indians and their belief that insurance is a promise of security and resilience for families.
India Post Payments Bank, which was launched in 2018, has the mission to remove barriers for the unbanked and underbanked and reach the last mile using its postal network. PNB MetLife, on the other hand, is a major life insurance company with a strong presence in India, offering a range of products covering child education, family protection, long-term saving, and retirement. The partnership between the two companies aims to create a strong ecosystem for life insurance adoption and awareness, ultimately achieving financial inclusion for all.
MetLife and India Post Payments Bank partner to provide accessible life insurance solutions to the masses.
PNB MetLife India Insurance Company Limited and India Post Payments Bank (IPPB) have formed a strategic partnerships to make life insurance solutions more accessible to millions of people across India. The alliance aims to leverage IPPB’s extensive network of 650 banking outlets, serving over 110 million customers, to offer PNB MetLife’s comprehensive portfolio of life insurance products. This partnership is a significant move towards achieving financial inclusion for all, as stated by PNB MetLife’s MD & CEO, Sameer Bansal, who believes that insurance is not just a product, but a promise of security and resilience for families.
IPPB’s MD & CEO, R. Viswesvaran, adds that the bank was founded on the principle of delivering inclusive financial services, and this partnership will help them advance this mission by offering customers a wider range of life insurance products tailored to their needs. The two organizations are committed to providing efficient and user-friendly services to meet customer needs effectively.
The partnership aims to build a robust ecosystem for life insurance awareness and adoption, giving more families greater security across India. With this collaboration, PNB MetLife and IPPB are taking significant steps towards achieving financial inclusion, ensuring that life insurance solutions become more accessible to every household in the country.
A joint initiative by PNB MetLife and Smriti Mandhana encourages Indians to take proactive steps towards securing a comfortable and worry-free retirement.
PNB MetLife India Insurance Company has launched a new campaign, “Aapka aage ka plan kya hai?”, aimed at encouraging individuals to take control of their retirement planning and make the most of their post-retirement years. The campaign, which incorporates various media channels, urges people to reflect on their aspirations and take proactive steps to secure a financially stable retirement.
The campaign’s core product is the Grand Assured Income Plan (GAIN), an insurance solution that provides a guaranteed annuity rate for life, ensuring financial security and peace of mind during retirement. Chief Marketing and Communications Officer, Sourabh Lohtia, emphasizes that the campaign is designed to help customers plan for a fulfilling retirement, free from financial worries.
The campaign’s digital film features a conversation between two friends discussing their retirement goals, which funnily enough, shows that even the friends themselves are unsure of their plans. A friend envisions himself owning an apple orchard, employing locals, and running a homemade jam business with global exports. PNB MetLife brand ambassador, Smriti Mandhana, highlights how customers can achieve such aspirations with the Grand Assured Income Plan, which guarantees a lifetime income and offers five annuity options.
The campaign also includes a 3D immersive experience, accessible through QR codes on print, TV, OTT, and digital ads, which allows users to explore a visually engaging narrative that underscores the importance of financial planning. Overall, the “Aapka aage ka plan kya hai?” campaign is an initiative by PNB MetLife to inspire people to take control of their retirement planning and make the most of their post-retirement years.
India’s PNB MetLife has formed a strategic partnership with IPPB to provide comprehensive life insurance solutions to its clients.
PNB MetLife India Insurance has formed a strategic partnership with India Post Payments Bank (IPPB) to offer life insurance solutions through IPPB’s 650 banking outlets, serving over 110 million customers. The goal of this partnership is to enhance financial inclusion and boost life insurance adoption and awareness in India.
The partnership aims to provide PNB MetLife’s life insurance products to a broader customer base, allowing customers to access life insurance solutions tailored to their needs. R Viswesvaran, MD and CEO of IPPB, stated that this partnership will help advance their mission of providing financial security to customers.
Sameer Bansal, MD and CEO of PNB MetLife, highlighted that this partnership is a shared commitment to making life insurance accessible to all Indians, emphasizing the importance of insurance as a promise of security and resilience for families.
This partnership builds on the companies’ previous collaboration on the Pradhan Mantri Jeevan Jyoti Bima Yojana life insurance scheme, which was launched in 2020. PNB MetLife, a joint venture between MetLife and Punjab National Bank, provides a range of products, including child education, family protection, long-term savings, and retirement planning. The company had 155 branches as of November 2024, reaching over 19,000 locations through banking partnerships.
MetLife Insurance, in collaboration with PolicyBazaar, introduces the Smart Invest Pension Plan, a cutting-edge financial solution.
Lift Insurance Firm PNB MetLife has partnered with Policybazaar to launch a new pension plan, the PNB MetLife Smart Invest Pension Plan, designed to help individuals plan for their golden years. This Unit-Linked, Non-Participating Individual Pension Plan is aimed at people aged 40-50, offering a flexible approach to early retirement planning.
The plan allows customers to choose an immediate annuity upon maturity or defer it for a few years, and up to 60% of the maturity amount can be withdrawn tax-free. The plan comes with two funds: Pension Mid Cap Fund and Pension Bond Fund, both available from February 1-14, 2025, at a NAV of ₹10.
The Smart Invest Pension Plan offers several benefits, including zero charges, extended vesting age up to 70 years, and market linked return flexibility. Individuals can choose from three strategies: Automatic Asset Rebalance, Systematic Transfer, or select between the Pension Mid Cap Fund for growth and the Pension Bond Fund for stability. Additionally, customers can make unlimited fund switches, premium redirection, and partial withdrawals after five years to meet specific needs.
Sameer Bansal, MD & CEO of PNB MetLife, commented on the new product launch, stating that the partnership with Policybazaar aims to make retirement solutions more accessible to people, particularly those using digital platforms, seeking financial guidance for their retirement planning. The Smart Invest Pension Plan is designed to provide customers with a flexible and tailored approach to planning for their golden years.
PNB MetLife launches a new campaign that encourages thoughtful retirement planning, starring cricket star Smriti Mandhana.
PNB MetLife India Insurance Company Limited has launched a new campaign, “Aapka Aage Ka Plan Kya Hai?” featuring Royal Challengers Bengaluru (RCB) captain, Smriti Mandhana. The initiative aims to encourage people to take control of their financial futures and plan for a secure retirement. The campaign urges Indians to think about their future and make proactive financial decisions to ensure a pleasant life after retirement. The Grand Assured Income Plan (GAIN) is the campaign’s centerpiece, a retirement plan that provides customers with assured annuity rates for life, ensuring financial security and peace of mind in their older years.
The campaign’s core is a digital film that illustrates the concept, depicting two friends discussing their plans after retirement. The campaign also includes an innovative 3D immersive experience, accessible through a QR code, which emphasizes the importance of financial planning for a secure and rewarding future. Smriti Mandhana, PNB MetLife’s brand ambassador, highlights how the PNB MetLife Grand Assured Income Plan can help customers achieve their retirement goals.
Sourabh Lohtia, Chief Marketing & Communications Officer, PNB MetLife, emphasizes that retirement should be a time of fulfillment, not financial worry. The campaign’s message is clear: “Retirement should be a time of fulfillment and not financial worry. We understand our customers’ aspirations, and ‘Aapka Aage Ka Kya Plan Hai?’ is their call to action. We’re here to help them plan for what’s next, from travel and new experiences to a financially secure retirement.”
The campaign is targeted at individuals to take a proactive approach to financial planning and to prioritize their future. By using the catchy tagline “Aapka Aage Ka Plan Kya Hai?”, PNB MetLife encourages people to think about their long-term goals and take actionable steps to ensure a secure and comfortable life after retirement.