Bajaj Allianz Life Term Insurance Vs PNB MetLife Term Insurance

Losing an earning family member can create both financial and emotional loss for the entire family. But having a secure term insurance policy will alleviate the financial loss of the family to some extent. So, a term insurance policy is a protection against the future and a defensive tool to combat unanticipated situations. It not only saves a family from potential financial risks but also helps them to manage their expenses and needs meticulously. But before purchasing a term insurance policy, you should weigh the pros and cons and also understand the inclusions and exclusions of the policy. Below are the details about the term plans offered by Bajaj Allianz Life Term Insurance vs PNB MetLife Term Insurance that you can consider, compare and select the most suitable one according to your needs and requirements.

Bajaj Allianz Life term insurance Vs PNB MetLife term insurance plans overview

Parameters Bajaj Allianz Life insurance PNB MetLife
Number of Term insurance plans 3 3
E-services Online consultation, purchasing and renewing the policy, premium payment, and claim settlement Online consultation, purchasing and renewing the policy, premium payment, and claim settlement
Claim settlement ratio 98.02% 97.18%
     

Term insurance policies: Bajaj Allianz Life insurance Vs PNB MetLife insurance

Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited and Allianz SE. Headquartered in Pune, this company came into the limelight in August 2001. Within a few years of its incorporation, the company holds an astonishing market reputation and is unswervingly serving its customers with the best insurance products. After thoroughly assessing customers’ necessities and requirements, all insurance products are precisely planned and designed by professionals.

As an illustrious insurance company in India, PNB MetLife has started its journey in the field of the insurance sector in 2001. PNB MetLife Insurance comprises various stakeholders including, Punjab National Bank, Jammu and Kashmir Bank Limited, M.Pallonji and Company Private Limited, and MetLife International Holdings. The products offered by this eminent insurer will never burn your pocket and cater to the evolving requirements of customers at various stages of life.

 To decide on the right term plan for a wholesome and secure future, you can weigh Bajaj Allianz Life Insurance term plans, and PNB MetLife Insurance term plans on various parameters mentioned below.

Term insurance plans by Bajaj Allianz Life insurance Vs PNB MetLife insurance

Bajaj Allianz Life term insurance plans

  • Bajaj Allianz has three different term plans (Bajaj Allianz Life Smart Protect Goal Term Plan, Bajaj Allianz Life eTouch Online Term Plan, and Bajaj Allianz iSecure Term Plan) in its bucket.
  • The minimum entry age is 18 years and the maximum age is 60 years for term plans.
  • The term plans are cautiously designed to meet all your financial needs and requirements at various stages of life.
  • All policyholders are free to choose for different policy variants, premium payment, and payout options according to their wishes.
  • To uplift the coverage of your base policy, you can add various riders like critical illness, accidental death, and disability, etc.
  • As a policyholder, you are free to pick either a joint or single life cover under a single term policy. 
  • A hefty sum assured amount is offered to the beneficiary in case of the sudden demise of the policyholder within the policy period
  • For non-smokers and preferred non-smokers, you can get a rebate on premiums.

 

Why choose Bajaj Allianz Life term insurance plans?

  • Term plans offer all-inclusive coverage to policyholders at a reasonable premium amount.
  • Bajaj Allianz term plans tax benefits under Sections 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Your premiums will be lesser if you opt for a higher sum assured.

 

PNB MetLife term insurance plans

  • PNB MetLife insurance welcomes customers with three different term plans ( PNB MetLife Mera Term Plan, PNB MetLife Mera Term Plan Plus, and PNB MetLife Aajeevan Suraksha Term Plan)
  • As per their needs and financial situation, policyholders can personalize these term plans.
  • Policyholders can add multiple riders at minimal charges to their base plan for better coverage against unforeseen incidents.
  • These term plans offer flexibility to customers to choose from Single, Regular, or Limited premium payment options.
  • As a death benefit, policyholders can choose from either lump-sum payment or sporadic installments or a combination of both.

 

Why choose PNB MetLife term insurance?

  • Term plans are affordable, cost-effective, and offer higher coverage.
  • PNB MetLife term insurance plans offer protection till 99 years of age
  • Under “joint life feature”, policyholders can insure their spouses’ lives along with them.
  • The term plan offers tax benefits under Sections 80C and Section 10(10D) of the Income Tax Act, 1961.
  • The term plan offers a return of premium at maturity and a lower premium for non-smokers.
  • PNB MetLife has a hassle-free claim process.

 

FAQs:

Can NRIs invest in PNB MetLife term insurance plans?

Yes, NRIs can purchase PNB MetLife term insurance plans. But the plans are rupee-denominated; hence, the premiums and the claim amount will be paid in Indian rupees only.

Can I pay an extra premium amount against my PNB MetLife term insurance plan?

Yes, you can pay an extra premium amount for your term plan and the extra amount will be adjusted with your future premium payments. The policyholder will not earn any interest on the excess amount paid.

What is the policy renewal process for PNB MetLife term plans?

You need to submit all the required policy-related documents, along with the renewal form, at the nearest PNB branch office.

Can I purchase multiple term policies from Bajaj Allianz life insurance?

Yes, you can purchase multiple term plans from Bajaj Allianz. But it is recommended only to purchase a certain number of term plans that don’t trouble your life goals.

Under what circumstances can I opt for the waiver of premium benefit rider for Bajaj Allianz term plans?

In case of critical illness (including accidental total permanent disability) or death of the insured policyholder, you are eligible for the waiver of premium benefit rider.

I am newly married. What benefit will I get on purchasing term insurance from Bajaj Allianz?

You should purchase a joint term insurance policy, like Life Smart Protect Goal Term Insurance Plan from Bajaj Allianz. This term plan gives financial assistance to your spouse in case of your sudden demise.

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