Life insurer PNB MetLife India Insurance Company (PNB MetLife) has launched an individual non-linked, non-participating, pure term insurance plan for salaried individuals, called the PNB MetLife DigiProtect Term Plan. A press release from the firm on 18 December said the product will be offered through a fully digital platform in partnership with Policybazaar.
PNB MetLife said the digital-first approach simplifies access and extends the plan’s reach to Tier 2 and Tier 3 cities. The company also highlighted the main features of the plan, saying it provides life protection, including benefits in the event of terminal illness; an option to end the policy before maturity and receive a refund of premiums paid at no additional cost; flexibility to pause premium payments for one year, subject to certain conditions; and first-year discounts to make the plan more affordable, among other features.
Speaking about the launch, PNB MetLife managing director and chief executive officer, Sameer Bansal, said, “India continues to face a 91% life protection gap. The gap is even more significant for the salaried segment, which faces rising financial responsibilities — from supporting dependents and funding children’s education to planning for home ownership and long-term retirement.”