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PNB MetLife Saral Jeevan Bima is a standardised, non-linked, non-participating, individual pure-risk term plan. It follows IRDAI's standard format, so its core terms and conditions are the same at every insurer, and what differs is service and claims experience. It pays the sum assured to the nominee if the life assured dies during the policy term, subject to the policy conditions. There is no maturity benefit. The sum assured ranges from ₹5 lakh to ₹50 lakh and the policy term from 5 to 40 years, with entry age 18 to 65 years and maturity age up to 70 years. You can pay premiums once, for 5 or 10 years, or regularly throughout the policy term, yearly, half-yearly or monthly (monthly needs ECS or NACH). A 45-day waiting period applies from the start of cover. During this period only accidental death is covered in full; for any other cause of death, the nominee receives 100% of the premiums paid, excluding taxes. After 45 days the full death benefit applies, which is the highest of 10 times the annualised premium, 105% of premiums paid and the sum assured. The plan has no surrender value and no policy loan, and it can be bought online or offline. The brochure's example shows an annual premium of ₹6,650 for a 30-year-old with ₹25 lakh cover for 30 years.
IRDAI standard plan: in the first 45 days only accidental death is covered; other deaths get a refund of premiums paid.
Saral Jeevan Bima is meant for buyers who want simple, low-cost protection without a long list of options. Because the policy terms are standardised across insurers, comparing it with other Saral plans mostly comes down to premium, the insurer's service and claims record, and how easy it is to buy. The brochure's own example, ₹25 lakh of cover for a 30-year-old at ₹6,650 a year over 30 years, shows how affordable basic cover can be. The plan is deliberately basic. There are no riders, no terminal illness or critical illness cover, no premium break and no waiver options. The 45-day waiting period is the main condition to understand: if the life assured dies of illness in the first 45 days, the nominee gets only the premiums paid back, though accidental death is covered from day one. The sum assured tops out at ₹50 lakh, which is low for anyone with a home loan or young dependants, so it works better as a starter or supplementary cover than as a primary plan. There is no surrender value or loan, regular pay policies get nothing back on lapse, and the plan offers no maturity benefit. It suits first-time buyers, people with modest cover needs, and anyone who prefers a plan that is the same at every insurer. If your protection need is higher, compare it with full-featured term plans. Read the policy wording and compare personalised quotes before buying.
PNB MetLife
Key Insights
Founded
2001
PNB MetLife was established 25 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
99.81% CSR, calculated as a 3-year average
PNB MetLife settles 99.81% of all claims it receives, demonstrating strong credibility.
Contact Details
1800-425-6969
Headquarters: 1st Floor, Techniplex - 1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra
Saral Jeevan Bima is a standard term plan as per IRDAI guidelines, with the same offerings and policy terms and conditions across all insurers. What differs is the service and customer experience.
After the 45-day waiting period, for regular and limited pay policies the nominee receives the highest of 10 times the annualised premium, 105% of premiums paid, or the sum assured. For single pay it is the higher of 125% of the single premium and the sum assured.
For non-annual modes, the balance premium for that policy year is deducted from the claim.
In the first 45 days from the start of cover, accidental death is covered in full. For death from any other cause in this period, the nominee receives 100% of the premiums paid, excluding taxes.
The waiting period does not apply on revival of a lapsed policy.
Choose a sum assured from ₹5 lakh to ₹50 lakh and a policy term of 5 to 40 years. Maturity age is 23 to 70 years and there is no maturity benefit.
For limited pay, the policy term must be longer than the premium payment term.
Pay once (single pay), for 5 or 10 years (limited pay), or throughout the policy term (regular pay). Premiums can be paid yearly, half-yearly or monthly.
Monthly mode is available only through ECS or NACH.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
PNB MetLife plans and claim process
It is an IRDAI standard, non-linked, non-participating, individual pure-risk term plan from PNB MetLife. It pays the sum assured to the nominee on death during the policy term, and has no maturity benefit.
The sum assured ranges from ₹5 lakh to ₹50 lakh and the policy term from 5 to 40 years. Entry age is 18 to 65 years and the maximum maturity age is 70 years.
For the first 45 days from the start of cover, only accidental death is covered in full. If the life assured dies of any other cause in this period, the nominee receives 100% of the premiums paid, excluding taxes. The waiting period does not apply on revival.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official PNB MetLife website before purchasing.
Official Website
pnbmetlife.com
Visit the official PNB MetLife website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
After the waiting period, for regular and limited pay it is the highest of 10 times the annualised premium, 105% of premiums paid and the sum assured. For single pay it is the higher of 125% of the single premium and the sum assured.
You can pay once, for 5 or 10 years, or throughout the policy term, and pay yearly, half-yearly or monthly. Monthly mode is available only through ECS or NACH.
No. The brochure lists no riders, the policy has no surrender value and there is no policy loan. Single pay and limited pay policies can be cancelled for a policy cancellation value of 70% of premiums paid, reduced for the time already covered.
You get a grace period of 30 days (15 days for monthly mode). If the premium is still unpaid, the policy lapses and benefits stop. It can be revived within five years with interest (currently 8% a year), subject to underwriting. A regular pay policy that is not revived pays nothing.
If death is by suicide within 12 months of the start of risk or revival, the nominee gets 80% of total premiums paid (regular and limited pay) or 90% of the single premium (single pay). You can cancel within the 30-day free-look period and get a refund after deducting the proportionate risk premium, medical costs and stamp duty.