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PNB MetLife India Insurance has strengthened its portfolio of online insurance solutions with the launch of a new term plan — MetLife Mera Term Plan (MMTP).
Built around the theme of ‘flexibility’, this new term plan — available only online — will enable customers to create their own financial protection plan and buy it online through a hassle-free process.
“We have gone forward in our online journey with the launch of MMTP. Our research showed that consumers value flexibility around products. It is this aspect that prompted us to have ‘flexibility’ in the core design of the product and provide multiple options to financially protect one’s family”, Tarun Chugh, Managing Director & CEO, PNB MetLife India Insurance, told BusinessLine .
In today’s age where providing everything personalised has become a norm, insurance cannot be far behind and is also getting aligned to the same trend, Chugh said.
MMTP covers a customer’s need ranging from a simple term cover, monthly income for the family, child’s education expenses, joint cover for the spouse, and option to increase the sum assured depending on life stages, among other benefits.
This new product launch comes two months after the company launched its first online product — MetLife Major Illness Premium Back Cover.
Chugh also said that the life insurer would in the coming days look to launch a retirement product exclusively for the online channel.
Biz premium
PNB MetLife’s annualised new business premium had recorded 32.7 per cent growth in the first quarter this fiscal. This is almost double the growth rate of 16.2 per cent recorded by the private players in the April-June period.
Life insurance industry’s annualised new business premium for the April-June 2015 period stood at ₹ 8,637 crore, reflecting a 4.3 per cent growth over ₹ 8,282 crore recorded in the same period last fiscal.
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