Max Life Term Insurance vs PNB MetLife Term Insurance

It is essential to secure your loved ones financially in your absence. And term insurance is the ideal option as it offers a high sum assured at affordable premiums while ensuring a financially secured future for your family. However, it gets quite challenging to pick the right term plan based on your requirement from ample options available in the market. Therefore, to make your work easy, here are the details of the term plans by Max Life Insurance and PNB MetLife Insurance.

Max Life Insurance Term Plans vs PNB MetLife Term Plans Overview

Parameters Max Life Insurance PNB MetLife Insurance
Number of Term insurance plans 3 3
E-services Online consultation, registration services, buying policy, policy renewal and claim settlement Registration services, online consultation, online payment, policy status, claims status, grievance registration
Claim settlement ratio 99.22% 97.18%

Term Insurance policies – Max Life Insurance vs PNB MetLife Insurance 

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi business corporation. Max Life has a total claims paid ratio of 99.35% as per the annual audited financials for the FY 20-21. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third party distribution partners.

PNB MetLife Insurance is counted among the top insurers in the country, providing an array of life insurance products, including term insurance plans. The company started its operations in the year 2001 and is backed by Punjab National Bank, Jammu and Kashmir Bank Limited, M.Pallonji and Company Private Limited, and MetLife International Holdings.

You can compare Max Life Term Insurance and PNB MetLife Insurance term plans on various parameters and opt for the right one based on your requirements.

Term Insurance Plans by Max Life Insurance vs PNB MetLife Insurance

Max Life Insurance Term Plans

  • Max Life Insurance offers Max Life Online Term Plan Plus, Max Life Super Term Plan, and Max Life Smart Term Plan, which are uniquely designed to meet every customer’s requirement.
  • The term plans by Max Life Insurance are comprehensive protection plans covering death, disability, and diseases.
  • The term plans offer flexible options for different payout options, premium payment terms, and options to increase life cover according to life’s changing needs.
  • The term plans come with maturity benefit in the form of a return of premium, long-term coverage option till 85 years of age, and rider benefit option to widen the scope of the existing policy coverage.

Why choose Max Life Insurance term plans? 

  • Max Life insurance term plans offer tax benefits as per the prevailing norms of the Income Tax Act.
  • Max Life Insurance is counted among the most trusted names in the life insurance sector.
  • The term plans offered by the leading insurer are carefully designed to fulfill customer’s requirements.
  • Max Life term plans are reasonably priced and can be tailor-made with various options to match policyholder’s needs.

PNB Metlife Term Insurance Plans 

  • PNB Metlife offers comprehensive term insurance plans at affordable premiums.
  • The leading insurer offers 3 different cost-effective term insurance plans to suit various needs of the customers. The term plans are widely available in the market, commonly known as PNB MetLife Mera Term Plan, PNB MetLife Mera Term Plan Plus, and PNB MetLife Aajeevan Suraksha Term Plan.
  • The term plans come with flexible options to add riders which helps in enhancing the base cover of your existing policy.
  • The term plans also offer flexible payout options and premium payment options that the policyholder can choose according to their requirements. 

Why choose the PNB Metlife term insurance plan? 

  • PNB MetLife term insurance plans are affordably priced, putting less burden on the policyholder. 
  • The term plans are backed by various benefits and features to offer complete protection to the insurer’s family in their absence.
  • PNB MetLife term plans are eligible for tax exemptions under the prevailing norms of the Income Tax Act 1961.
  • In addition, the term plans by PNB MetLife can be customized as per policyholder’s needs and requirements.

FAQs:

Which documents do you need to purchase the PNB MetLife Term Insurance plan online?

The documents required to buy a PNB MetLife term insurance plan online include address, ID, and income. The document you can present consists of a PAN card, Aadhar card, voter ID, driving license, passport, and income proofs, including Form 16, bank statement of 6 months, last 3 months salary slip, and income tax return.

Can I change the premium amount payable during the policy term in PNB MetLife Term Insurance?

No, it is not possible to change the premium amount payable during PNB MetLife Term plan tenure. However, while renewing the policy after its expiry, the premium payable gets changed.

Is it safe to purchase term insurance plans online?

Buying term insurance plans online is absolutely safe, as the payments are made through a wholly secured gateway. However, to be sure about the insurer, you should check the credibility and reputation of the insurer.

What is the procedure to check the PNB MetLife term plan status?

To check the status of your PNB MetLife term insurance plans, you need to logging into their e-portal using the registered customer ID and password & check the status of your policy under the policy details tab.

How can I cancel the Max Life Insurance term policy?

Max Life's term insurance policy can be cancelled within the free-look period. To do the same, you can download the cancellation form from the insurer's official website and submit it with the original policy document.

What are the various online premium payment modes for Max Life Insurance?

The different online premium payment modes available for Max Life Insurance include Credit card, Debit card, UPI, Netbanking, and automatic transfer from the account.

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