Many companies offer life insurance policies. They all have different benefits, plans, and prices. It is important to compare the different life insurance companies to find the one that will work best for you. Some of the most popular providers in India are SBI and PNB Metlife insurance. The two offer a variety of plans and packages with different features to suit your needs.
If you are looking for a life insurance policy that offers a wide range of benefits, then PNB MetLife Insurance will be the best option for you because it offers accidental death cover, critical illness cover, etc. On the other hand, SBI Life Insurance provides life insurance policies at affordable prices. So if your needs are different from what we mentioned above, then you should choose the right one based on your situation. In this article, we will compare both life insurance companies in detail to choose the best life insurance policy.
PNB MetLife Insurance
PNB MetLife India Insurance Company Limited is one of the outstanding life insurance companies in India, its shareholders are MetLife International Holdings LLC, Punjab National Bank Limited (PNB), M. Pallonji and Company Private Limited, Jammu & Kashmir Bank Limited, and other private investors, with MIHL and PNB being the majority shareholders. PNB MetLife insurance initiated its presence in India in 2001.
PNB Metlife Life insurance offers a wide range of protection and retirement products through its Agency sales of over 9,200 financial advisors and multiple bank partners and provides access to Employee Benefit plans for over 700+ corporate clients in India. PNB MetLife Insurance has helped generations of customers around the world protect their property, finances, family, and future. But for us, it's never been enough just to sell somebody an insurance policy.
PNB MetLife Insurance Benefits & Features
- PNB MetLife Insurance offers several long-term savings and protection plans to their customers. PNB Metlife insurance is known to offer a wide range of life insurance products including term insurance plans, child protection plans, savings plans, retirement plans, group plans, etc.
- PNB MetLife Insurance Company is trusted by millions of people across India. PNB MetLife Insurance Company tries hard to make insurance easier and more affordable.
- PNB MetLife Insurance Company has been awarded many times. They have been awarded ‘Best Brand 2020’ by The Economic Times and the ‘Best in Diversity and Inclusion award by People Matters Award 2019.
- PNB MetLife Insurance plans are quite cheap as compared to other life insurance plans.
- PNB Metlife insurance provides tax benefits for premiums paid under sections 80C and 10(10D) of the Income Tax Act.
- PNB Metlife insurance offers flexibility by providing options to make premium payments.
PNB MetLife Insurance Plans List
| Type of Plans |
PNB MetLife Insurance Plans |
| Term And Child Plans |
- PNB MetLife Guaranteed Future Plan
- PNB MetLife Century Plan
- PNB MetLife Smart Platinum Plus
- PNB MetLife Mera Wealth Plan
- PNB MetLife Super saver Plan
- PNB MetLife Guaranteed Income Plan
- PNB MetLife Guaranteed Savings Plan
- PNB MetLife Endowment Savings plan Plus
- PNB MetLife Bachat Yojna
|
| Family Protection Plans |
- PNB MetLife Mera Term Plan Plus
- PNB MetLife Saral Jeevan Bima
- PNB MetLife Aajeevan Suraksha Plan
- PNB MetLife Mera Jeevan Suraksha Plan
- PNB MetLife Family Income Protector Plus
- PNB MetLife Income Protection Plan
- PNB MetLife Mera Term Plan
- PNB MetLife POS Suraksha
|
| Retirement Plans
|
- PNB MetLife Retirement Savings Plan
- PNB MetLife Immediate Annuity Plan
- PNB MetLife Saral Pension Plan
- PNB MetLife Wealth & Income Solution
- PNB MetLife Guaranteed Future Plan
- PNB MetLife Insurance Century Plan
- PNB MetLife Guaranteed Goal Plan
- PNB MetLife Super saver Plan
- PNB MetLife Smart Platinum Plus
- PNB MetLife Mera Wealth Plan
|
| Health Plans
|
- PNB MetLife Mera Mediclaim Plan
|
| Group Plans |
- PNB MetLife Group Flexi Term Plus
- PNB MetLife Group Term Life Plus
- PNB MetLife Complete Loan Protection Plan
- PNB MetLife Loan & Life Suraksha Plan
- PNB MetLife Bima Yojna Plan
- PNB MetLife Complete Care Plus
- PNB MetLife Super Annulation Plan
- PNB MetLife Traditional Employee Benefit Plan
- PNB MetLife Unit Linked Employee Benefit Plan
- PNB MetLife Pradhan Mantri Jeevan Jyothi Bima Yojana Plan
|
SBI Life Insurance
SBI Life insurance company is one of the most trusted life insurance companies in India. It offers a variety of products for individuals and families. SBI life insurance products include Term insurance with return of premium, Term insurance with investment, Money back plans, SBI life Annuity plans, Retirement plans, Child plans, ULIPs, etc.
SBI Life Insurance Company was incorporated in the year 2000 and started operations after registering with the Insurance Regulatory and Development Authority of India in March 2001. Life Insurance of SBI Company operates across the country with 947 offices, productive individual agents of about 170,096 agents, 57 corporate agents, 28000+ partner branches, and other insurance marketing businesses.
SBI Life Insurance Key Features & Benefits
- SBI Life insurance is a great way to safeguard your family's financial stability. It can help protect against the uncertainties of life like illness, accidents, and death.
- SBI Life Insurance offers a range of products to meet your needs and budgets, as well as the option to choose between term and permanent cover.
- SBI Life Insurance Company has a good claim settlement ratio which means your family doesn't have to go through any inconvenience while getting claims.
- SBI Life Insurance Company has seen growth in its annual premium over the past few years which in turn has increased its market share to 20%.
- In the SBI Life insurance policy, tax benefits can be claimed under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
SBI Life Insurance Plans List
| Type of Plan |
SBI Life Insurance plans |
| Protection plans |
- SBI Life eShield Next
- SBI Life Saral Jeevan Bima
- SBI Lifepoorna Suraksha
- SBI Life Sampoorn Cancer Suraksha
- SBI Life Corona Rakshakpolicy
- SBI Life Smart Shield
- SBI Life Smart Swadhanplus
- SBI Life Saral Swadhan+
- SBI Life Grameen Bima
|
| Child plans |
- SBI Life Smart Champ Insurance plan
- SBI Life insurance child plan Smart Scholar
|
| Savings plans |
- SBI Life Smartplatina Assure
- SBI Life New Smart Samriddhi
- SBI Life Smart Future Choices
- SBI Life Shubh Nivesh
- SBI Life Smart Bachat
- SBI Life Smart Humsafar
|
| Pension plans |
- SBI Life Retire Smartplan
- SBI Life Annuityplus
- SBI Life Saral Retirement Saver
- SBI Life Saralpensionplan
|
| Money-Back/Income plans |
- SBI Life Smart Money Back Gold
- SBI Life Smart Moneyplanner
- SBI Life Smart Incomeprotect
|
| Wealth Creationplans |
- SBI Life eWealth Insurance
- SBI Life Smart InsureWealthplus
- SBI Life Smart Wealth Builder
- SBI Life Smart Wealth Assure
- SBI Life Smartpower Insurance
- SBI Life Smart Elite
- SBI Life Smartprivilege investmentplan
|
| Group plans |
- SBI Life Kalyan ULIPplus
- SBI Lifepradhan Mantri Jeevan Jyoti Bima Yojana
- SBI Life CapAssure Gold
- SBI Life Sampoorn Suraksha
- SBI Life Swarna Jeevanplus
|
Comparison Table of SBI Life Insurance and PNB Metlife Insurance
The table below is a comparison between SBI Life Insurance and PNB Metlife Insurance.
| Parameter |
PNB MetLife Insurance |
SBI Life Insurance |
| Claim Settlement Ratio |
98.17% |
93.09% |
| Solvency Ratio |
1.90 |
2.15 |
| Inception |
2001 |
2001 |
| Number of Branches |
117 |
947 |
| Availability |
Online/Offline |
Online/Offline |
| Life Cover |
Up to 99 Years |
Up to 99 Years |
| Types of Plans |
- Family Protection Plans
- Online Plans
- Long Term Plans
- Child Education Plans
- Retirement Plans
- Health Insurance Plan
- Group Plans
|
- Online Plans
- Savings Plans
- Protection Plans
- Wealth Creation Plans
- Retirement Plans
- Money Back/Income Plans
- Combo Plans
- Group Plans
|
| E-Services |
- Pay Premium Online
- Download Receipts
- Buy Policy
- Renewal Policy
- Update Information
- Claim Settlement, etc.
|
- Buy Policy
- Renewal Policy
- Update Information
- Claim Settlement
- Download Certificates
- Online Premium Payment
- Fund Switch, etc.
|
| Riders Available |
- Accidental Death Benefit Rider
- Serious Illness Rider
- Critical Illness Rider
- Accidental Permanent and Total Disability Plus
- Accidental Permanent and Partial Disability Plus
- Group Accidental Death Benefit Plus
|
- Accidental Death Benefit Rider
- Accidental Death Benefit Linked Rider
- Accidental Total and Permanent Disability Rider
- Critical Illness Non-Linked Rider
- Term Rider
- Premium Waiver Benefit Rider
- Accelerated Extended Critical Illness
|
Conclusion:
The decision of selecting the best life insurance plan for you is not an easy one. There are many factors to consider, and it will depend on your specific needs. If you are looking for a plan that has a low monthly premium but also provides a good death benefit, then PNB Metlife insurance might be the best choice for you. If you are looking for a plan with more coverage or benefits, then SBI life insurance might be better suited. So, before deciding on the best life insurance companies check all the features and benefits, etc. If you are looking for a comparison of life insurance companies making decisions has become much easier with the help of PolicyBachat. Compare life insurance quotes at PolicyBachat and know all the key features and benefits of SBI Life Insurance and PNB MetLife Insurance to select the right choice.