PNB MetLife Broadens its Product Portfolio with Three Unique Offerings for Retail Customers

Portfolio

* A guaranteed savings plan, which allows customers the flexibility of pay-out as a lumpsum or supplementary income

* A combined plan, assuring life and health insurance protection, with coverage against Covid-19

* A new Unit Linked Insurance Plan (ULIP), which offers whole life cover along with tailor-made solutions for wealth creation

PNB MetLife Insurance is expanding its product portfolio with three new unique offerings: PNB MetLife Guaranteed Future Plan; Mera Mediclaim Plan and PNB MetLife Smart Platinum Plus. At PNB MetLife customer centricity is the cornerstone that binds all functions. These offerings complement the Company’s concept of “Circle of Life”, which assesses the needs of the customers and offers them with solutions on varied financial needs including - Child Education, Family Protection, Long Term Savings and Retirement.are testament to this approach and was designed keeping in mind the evolving needs of customers across different segments. 

PNB MetLife Guaranteed Future Plan, a guaranteed savings life insurance plan that offers dual advantages of long term guaranteed benefits and financial protection to the family in case of adversities. The plan offers complete control to customer and helps customize the savings schedule based on customer’s needs and affordability. It allows customers the flexibility to choose their future guaranteed pay-out as a lumpsum, income or a combination thereof which will help meeting financial requirements for various goals.

The company, in partnership with Religare Health Insurance, has launched - Mera Mediclaim Plan – that combines benefits of health and life insurance under a single policy. The new solution gives customers access to quality healthcare, cashless hospitalization, along with life insurance coverage.

Additionally, the company has also received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to launch PNB MetLife Smart Platinum Plus, a whole life savings-oriented unit-linked insurance plan (ULIP). The plan also offers life insurance cover to protect ones family in case of an unfortunate demise as well as provides with tailor-made solutions to achieve ones goals, including an option where wealth creation doesn’t take a back seat even during critical illness.

Ashish Kumar Srivastava, MD & CEO, PNB MetLife, said “At PNB MetLife, we believe in “Customer Centricity’ and continuously work towards providing solutions in line with our mantra. As a part of our ‘Circle of Life’ approach, which has been conceptualized to deliver need-based solutions that provide financial wellbeing to the customers during their lifetime, the new products will address the need for life and health protection as well as wealth creation.  PNB MetLife also declared bonus for its participating polices which remains consistent even in these uncertain times. We will continue to invest our efforts in product innovations and introduce more products that will serve the life-stage needs of our valued customers.”  

PNB MetLife Guaranteed Future Plan offers four different options to create a corpus to meet one’s financial goals. The plan comes with a guaranteed income ranging from 103% to 245% of the annualized premium.  Annual premiums higher than Rs.30,000 also receive High Premium Reward ranging from 4% - 12% of annualized premiums.  Besides one can opt for Income plus booster options that will give them an additional income pay-out at specified intervals ranging from 30%-406%. The plan allows customers to time the receipt of maturity amounts on special occasions like birthdays or anniversaries. The policyholder will also be eligible to avail income tax benefit on premiums paid and benefits received under 80 (c) and 10(10d).

Mera Mediclaim Plan offers coverage for comprehensive health and hospitalisation insurance along with life insurance.  The plan features cashless hospitalization cover across Religare Health Insurance’s network of more than 7,500 hospitals. The plan also covers more than 540 Day Care Treatments, alternative treatments such as Ayurveda, Unani, Siddha and Homeopathy and offers a no claim bonus which helps cover to increase upto 220% over two years and 250% over five years. This unique plan provides a cost-effective solution for customers by offering a discount of 7.5% on both life and health insurance premiums, plus dual tax benefits under both section 80 (c) and 80 (d)

PNB MetLife Smart Platinum Plus is a whole life protection and savings oreinted Unit Linked Insurance Plan.  The plan features an unique Care Benefit which helps customers secure their goals against health exigencies and the insurer pays all future premiums in case of diagnosis of any of the listed five critical illnesses. The plan provides additional allocations through features like Return of Fund Management charges of 1st 5 years and Fund booster which is paid at the end of 10th year which enhance the fund value and also incentivise the customers to stay invested for longer. This holistic plan offers the policyholder with the freedom to choose from the benefits, duration of premium payment, the sum assured multiple and also maximise their wealth creation potential through a choice of portfolio strategies and variety of funds. It also offers flexibility of switching between different fund depending on the risk appetite and partially withdrawing money from the fund value after the lock-in period.  The company so far has 22 unit-linked funds in its portfolio of which PNB MetLife Virtue Fund II and PNB MetLife Virtue Fund has been ranked amongst the top 10 in the Insurance Large Cap Category (as of June 30, 2020) by Morningstar, a leading independent investment research organization. This ranking is testimony to the company’s strong fund management prosess and reaffirm the commitment to deliver value accretive growth to its customers investing through market-linked products. 

This trio of products launched by PNB MetLife holistically fulfils the advanced needs and demands of the consumer. Amongst the three products, Mera Mediclaim Plan and PNB MetLife Guaranteed Future Plan are available across PNB MetLife’s bancasurance, agency as well as online channels. As the masses settle to the new normal where protection of health and life and wealth creation have assumed a level of importance like never before, PNB MetLife strives to serve its customers at every new juncture of their lives through its dynamic and ever-evolving approach to customer satisfaction.

About PNB MetLife India Insurance Company Limited

PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders.

PNB Launches Nationwide Campaign to Fight COVID-19 Pandemic Across 662 Districts

India’s second-largest Public Sector Bank, Punjab National Bank (PNB) has launched a nationwide initiative to combat the spread of COVID-19, complementing the Government of India’s extensive efforts to contain challenges and risks posed by the growing pandemic.

Honourable Union Minister for Health and Family Welfare, Science and Technology, and Earth Sciences, Dr. Harsh Vardhan inaugurated the campaign at Nirman Bhawan, New Delhi. The initiative is launched as PNB’s Corporate Social Responsibility (CSR) campaign and it will entail providing COVID-19 related prevention materials like masks, sanitizers, etc. across India in 662 districts.

The Honourable Union Minister, Dr. Harsh Vardhan said, “This is a great initiative, taken by Punjab National Bank, to distribute the COVID-19 precautionary kits nation-wide. PNB has a distinguished history of undertaking such an act of kindness. This initiative of PNB will inspire public and private institutions to come forward and help the citizens of our country, not only to fight the pandemic but also to come out healthy and strong.

On behalf of the Ministry of Health, I would like to thank PNB and its officials for supporting and fighting this pandemic together.”

Commenting on PNB’s biggest CSR effort so far, Shri CH SS Malikarjuna Rao, Managing Director and Chief Executive Officer, said, “The Honourable Minister, Dr. Harsh Vardhan is in forefront of the fight against COVID-19 and we are certain that the country will soon come out of this pandemic under his capable leadership. We are highly obliged that he took his valuable time for the Bank’s noble cause. On this occasion, we also assure him that Punjab National Bank is committed to play its role in this difficult time.”

Besides the MD and CEO, other senior officials, Executive Director, Dr. Rajesh Kumar Yaduvanshi and Chief General Manager Shri B N Mishra were also present at Nirman Bhawan for the inauguration of the campaign. The same campaign was launched at 5 locations simultaneously. Further Bank’s 22 zonal offices across the nation also marked their presence through live video conferencing.

Photo Caption 

The above picture is of Dr. Rajesh Kumar Yaduvanshi, Executive Director, PNB, Shri CH SS Malikarjuna Rao, MD & CEO, PNB, Dr. Harsh Vardhan, Union Minister for Health and Family Welfare, Science and Technology, and Earth Sciences & Shri B N Mishra, Chief General Manager, PNB. 

PNB Sanctions Loans of Rs. 6757 Crore to Around 3 Lakh MSMEs Under Credit Guarantee Scheme

Punjab National Bank, India’s second-largest public sector lender has been one of the top lenders to small businesses under the government’s emergency credit line guarantee scheme (ECLGS). As of 25th June, PNB has sanctioned Rs 6757 crore in 296753 eligible MSME accounts under 3 Lakh crore Guaranteed Emergency Credit Line (GECL) out of which disbursements have been made to 59204 accounts amounting to Rs 2030 crore.

27th June is observed as the International Micro, Small and Medium Enterprises (MSME) Day by the United Nation since 2017. This year’s global theme reflects on “MSMEs: first responders to societal needs”. Government of India has acknowledged and focused on the MSMEs as it is the building block of the country; the sector is also the second largest employer.

Post pandemic reigniting their operation will bring back vibrancy to the economy and social fabric of the country  

On the occasion of International MSME Day, Sri S.S. Mallikarjuna Rao, MD & CEO of Punjab National Bank assured its customers in the statement, “PNB values its esteemed MSME customers and the bank will stand by them and support them through this crisis. This year we commit our support to overcome this crisis and reignite the country’s economy."

Indian MSMEs are in need of urgent credit to reinitiate their working capital and business operation. MSMEs have suffered losses and were unable to pay the previous loan because of the current economic distress. The government have extended a lifeline by giving them 100 per cent guarantee credit from the date of announcement till 31st October. 

Severe shortage; Canada woos skilled Indian workers!

Here's good news for engineers, technicians and other skilled workers wanting to work abroad. Canada is trying to attract young talent from countries like India by relaxing norms for visas in this category, says a Canadian immigration expert.

'There is an acute shortage of skilled workers in Canada and the situation will worsen in the next 5-10 years unless the government makes an effort to attract talent from a young country like India,' said Curtis Panke, director of global operations for the Ontario-based Global Placement Services.

Pointing out that the retirement age for most occupations in Canada is 55 years, he said in the next five years, more than 20 percent of the country's engineers, doctors, professors and geologists would retire.

'This huge void cannot be filled with domestic talent alone. If we do not attract the talent from outside, there will be a talent vacuum of up to 70 percent in the next 10 to 15 years,' Panke told the media.

Keeping all this in mind, he said, the Canadian government has made vital changes in its immigration policy and relaxed certain norms for a Canadian visa in the skilled worker category.
The latest fast track processing of visa applications in the federal skilled worker category ensures a Canadian visa in a shorter period of just 6-12 months, pointed out Panke.

The Canadian government has issued a list of 38 high-demand occupational categories, including health, finance, engineers, heavy-duty mechanics, industrial technicians, food service managers and other skilled trades.

Panke is in Punjab to gauge the talent pool available and to conduct seminars all over the state in collaboration with the city-based World Wide Immigration Consultancy Services (WWICS), which has sent over 60,000 families and around 250,000 individuals to Canada till date.

'There are thousands of Punjabis in Canada, who are doing extremely well in their professions and contributing to the country's economy. Comparatively, we have more applicants from this region if we compare it with other states in India,' stated Panke.

Asked about the impact of global recession on the Canadian economy, Panke said a majority of the organisations and companies there would be unaffected in the long run. 'There is some impact but all this is a temporary phase and will pass very soon. Moreover, there is no impact on the openings available under skilled category there and Canada is looking forward to employ skilled workers in a big way.'

Talking about Canada's federal investor category for permanent residency in the country, Lt Col (retd) B.S. Sandhu, chief managing director of WWICS, said: 'An investor is only needed to invest Rs.5 million in some flourishing trade in Canada and can relocate there under the Canadian Investor Program.'

The applicant, under this category, only needs to have a work experience of two years and no language proficiency test like IELTS is required, he added.

Source: Agencies