PNB MetLife India Insurance Company Limited (PNB MetLife) Launches DigiProtect Term Plan for Salaried Individuals

Key facts

• PNB MetLife India Insurance Company Limited (PNB MetLife) launched the PNB MetLife DigiProtect Term Plan (UIN-117N141V01) in collaboration with Policybazaar.
• The product is an individual non-linked, non-participating, pure term insurance plan designed specifically for salaried individuals in Tier 2 and Tier 3 cities.
• The plan offers an exclusive first-year discount of up to 21% on the first premium to lower entry costs for policyholders.
• India faces a 91% life protection gap, which indicates that only ₹9 is covered for every ₹100 required to financially secure families.
• Policybazaar holds a market share of over 93% in the digital insurance aggregator space and recorded an annual premium collection exceeding ₹15,000 crore in FY24.
• Policybazaar has issued over 44.3 million policies and caters to more than 80.5 million registered users.
• PNB MetLife operates through 178 branches and provides access to customers in over 20,000 locations through bank partnerships and a network of 36,000 financial advisors.
• The company currently caters to over 585 group relationships in India and offers a portfolio covering child education, family protection, and retirement.