- Launches its first benefit based health product – MetLife Major Illness Premium Back Cover;
- Covers 35 illnesses with a return of premium option;
- Insurance if one falls ill and assured returns if one stays healthy – Scores over other basic health products in the market as in case of non-occurrence of any critical illness, all the premiums paid back to the policy holder;
- The only insurance plan in the market that pays customer for staying healthy;
- Low premium starting Rs 5,958 with a cover of Rs 5 lakhs;
- Rebates available for high sum assured from Rs 10 – 50 lakhs;
- Tax benefits are available under applicable tax laws.
The World health Organization (WHO) has identified India as a nation that will have most of the lifestyle disorders in the near future. The population for such diseases is getting younger by the day and more than hospitalization cost, the ancillary expenses linked to the recovery period cripple household finances. Recognizing this pertinent issue, PNB MetLife India Insurance Co. Ltd, today, announced its foray into health segment with the launch of ‘MetLife Major Illness Premium Back Cover’(MMIPBC). As the name suggests, the plan returns all the premiums paid incase there is no claim from the policyholder during the policy term and upon survival. The plan also provides the policyholder with a lump sum amount on diagnoses of any critical illness covered by the policy thereby ensuring that the family has adequate funds to meet the unplanned medical expenses and get the best possible treatment.
Speaking on the launch, Mr. Tarun Chugh, MD & CEO, PNB MetLife said, “MetLife Major Illness Premium Back Cover is the only product in the market which returns all the premiums paid at the end of the policy term incase of no claim and provides cover against 35 critical illnesses. As this is a benefit based plan, the claim process is simpler without the involvement of a third party administrator like in the case of indemnity based health plans. A product like MMIPBCtypically helps a family cover unplanned medical expenses over and above the hospitalization cost. As per market data, only 14% of expenses incurred due to major illnesses is due to hospitalization which is covered by the conventional mediclaim and health plans which means the rest of the 86% of cost is borne by the customers themselves. This is one of the reasons apart from inadequate health care planning that drives people to poverty”
Features of MetLife Major Illness Premium Back Cover
- A non-linked, non-participating health insurance plan
- Coverage against 35 critical illnesses
- Return of premium on maturity, in case of survival and no claim made during the policy term.
- Guaranteed# lumpsum payout in case any of the 35 critical illnesses diagnosed.
- Tax benefits as per prevailing tax laws
- Term of 10 years with an entry age of 18-55 years
- Rebates available for high sum assured from Rs 10 – 50 lakhs
*for reinstatement cases too
For more information, visit www.pnbmetlife.com
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