Product Review – PNB MetLife Major Illness Premium Back Cover

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 PNB MetLife is regarded as one of the fastest growing life insurance companies in India. Previously known as MetLife India Insurance Company Limited, PNB MetLife has been present in India since 2001.

PNB MetLife has the combined financial strength of a leading global life insurance provider, MetLife, Inc., and the credibility and reliability of PNB, which is one of India's oldest and leading nationalised banks. The distribution reach of PNB is vast and when merged with the global insurance expertise of MetLife, PNB MetLife makes for a  strong and trusted insurance provider.

The company continues to be consistently profitable and has declared profits for last five Financial Years.


With the rising incidence of lifestyle diseases, having  a critical illness insurance policy is the need of the hour. 
Keeping  that in mind, PNB MetLife has introduced a special critical illness plan — “MetLife Major Illness Premium Back Cover” Under this plan, the insured will receive a lump sum payment if he/she is diagnosed with the stated critical illnesses and if the if the policyholder doesn’t make any claim on the policy during the policy’s tenure, then the full premium paid will be returned to the insured.


  • Pay for 10 years & stay covered for 10 years
  • Sum Assured as high as up to Rs. 50 lacs
  • Return of premium in case of no major illness during the policy term
  • Tax benefit U/S 80 D

There is also an ‘early exit’ option. Once the individual completes three years under this policy, a surrender value is acquired and the full premium for the period.


Minimum entry age is 18 years and max entry age is 55 years

Documents required to be submitted:

·         PAN Card

·         KYC – Identity & address proof (Aadhar/ Passport Copy)

·         Income Documents – 3 Months Salary slips/ 6 months Bank statement/ 3 years ITR

Policy can be taken without undergoing medical test as per the below table:

  • Upto age 35 years                :  Up to Sum insured 25 Lacs
  • 36 – 45 years                       : Up to Sum insured 15 Lacs
  • 46 – 55 Years                       : Up to Sum insured 10 Lacs

Premiums can be paid through Yearly, Half–yearly, Quarterly or Monthly (ECS only)


  • Min sum assured value is 5,00,000 and max is 50,00,000 and accordingly annual premiums are Rs.5,958 & Rs.1,68,772 respectively.

  • A Total of 35 critical illness will be covered under this health insurance plan
  • This plan will help the family by paying unplanned expenses over and above hospitalization cost.
  • Premium is fixed for 10years.


No benefits will be payable for any event which is a direct or indirect result of a condition which was not disclosed by the member and for which, prior to the risk commencement date medical advice or treatment was recommended or given by a health professional; or evidence of the event existed which would cause a reasonable person to seek diagnosis, care or treatment from a health professional.

This plan has a waiting period of 90 days & survival period of 30days.Pre-existing diseases have a waiting period of 48 months. 


In terms of coverage of illnesses, the plan is quite comprehensive with 35 illnesses including brain surgery, cancer, heart attack, heart valve surgery, Parkinson’s disease, Alzheimer’s disease, deafness and loss of speech. However, given that it covers individuals only for a maximum period of 10 years, the plan is of limited utility.

An individual who is taking a new policy after the expiry of this one will have to again go through medical tests, if any and underwriting will be done afresh by MetLife. If in the intervening 10 years his health condition deteriorates, he may be rejected for a new policy. Even if he wants to move to other insurers, age and health conditions may make this difficult. The other hitch here is that if an individual is already over 45 years old when he takes this MetLife policy, he would have crossed the maximum permissible age to re-enter the policy when the old plan expires. MetLife restricts the entry age at 55, which is usually the entry age to being prone to critical illnesses.

The premium cover back feature is no doubt attractive, but the limited term of 10 years makes you re-think on buying the policy.

When you are considering a critical illness plan, it is always prudent that you buy a long-term product or at least one with a life-long renewability option.

To know more about this plan or want an un-baised free call to help you understand best  critical Illness policy kindly fill your details here or send an email to You can also call us on 9930220284. 

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