Max Life vs PNB Metlife
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Max Life vs PNB Metlife Life Insurance 2024

Max Life and PNB Metlife both are one of the top life insurance providers in India. Both the companies offer comprehensive life insurance plans offering life cover from 10 to 99 years of age. The product portfolio of both of them is vast and caters to unique needs of the customers. The claim settlement ratio of Max Life is 99.34% whereas PNB Metlife has 97.33% CSR for the FY 2022-23. The companies provide benefits such as high sum assured, flexible premiums, customizable coverage, rider benefits, options for premium payment terms, maturity benefits, online discounts, non-smoker discounts and various plan options to choose from.

PLAN DETAILS Edit Max Life

Max Life

 Edit pnb-metlife

PNB Metlife
Number of life insurance plans and add-ons
Entry Age (Min-Max) 18-65 years 18-65 years
Policy Term 10 - 75 years 10- 40 years
maturity Age (Min-Max) 18 to 75 years 28-75 years
Claim settlement ratio (CSR) 99.34% 97.33%
Asset under managment (AUM) 122857 Crores 1200 Crores
Solvency ratio 2 1.9
Policy Type
  • Term insurance
  • Whole life policy
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
  • Term insurance
  • Whole life policy
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
Coverage Amount
  • Minimum- 10 Lakh
  • Maximum- No Limit
  • Minimum- 2.2 Lakh
  • Maximum- No Limit
Optional Additional Riders
  • Accidental death benefit rider plus
  • Serious illness rider
  • Accidental disability rider
  • Critical illness rider
  • Premium waiver benefit rider
  • Income benefit rider
  • Accidental death benefit rider plus
  • Serious illness rider
  • Accidental disability rider
  • Critical illness rider
  • Premium waiver benefit rider
  • Income benefit rider
Number of term plans 21 7
Exclusions Suicide or self inflicted Injury Suicide or self inflicted Injury
Death Benefit Yes Yes
Survival Benefit Yes Yes
Claims procedure Both (Online+offline) Both (Online+offline)
Type of the insurer Private Private
Online buying facility for life plans Yes Yes
Premium payment options Single/limited/Regular Single/limited/Regular
Online claim facility Yes Yes

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Max Life Term Insurance Plans

Max Life Smart Secure Plus Plan

Offers financial security and a support system to the policyholder in an emergency. Provides a 5% increment in SA after every anniversary of the policy.

Unique Features

  • Life Stage Option
  • Multiple Coverage Options
  • Increasing Death Benefit

Smart Secure Plus Plan (Pros)

  • Terminal Illness Benefit
  • Smart Exit Benefit
  • Acceleration Death Benefit

Smart Secure Plus Plan (Cons)

  • 1 Year WP for Suicide
  • No Policy Loans
  • No Pre-existing Conditions

Smart Secure Plus Plan (Other Benefits)

  • Death Benefit in Instalments
  • RP, WOP & 3 Riders
  • Additional Cover for Spouse

Smart Secure Plus Plan (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 84 years
  • Minimum Sum Assured - Adaptable
  • Maximum Maturity Age - 85 years
  • Premium Payment Term - RP/SP/LP

Term Plan with Return of Premium (TROP)

A simple term plan that provides a death benefit and life cover. Being a TROP it provides maturity benefits and gives you your premiums back.

Unique Benefits

  • Life Stage Option
  • Multiple Coverage Options
  • Increasing Death Benefit

Term Plan with Return of Premium (Pros)

  • Terminal Illness Benefit
  • Smart Exit Benefit
  • Acceleration Death Benefit

Term Plan with Return of Premium (Cons)

  • 1 Year WP for Suicide
  • No Policy Loans
  • No Pre-existing Conditions

Term Plan with Return of Premium (Other Benefits)

  • Death Benefit in Instalments
  • RP, WOP & 3 Riders
  • Additional Cover for Spouse

Term Plan with Return of Premium (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 84 years
  • Minimum Sum Assured - Adaptable
  • Maximum Maturity Age - 85 years
  • Premium Payment Term - RP/SP/LP

Max Life Saral Jeevan Bima

A simple, uncomplicated pure protection term plan that protects you and your family against fixed premiums.

Unique Benefits

  • Flexible premium payments
  • Long-term coverage
  • Least restrictions

Saral Jeevan Bima (Pros)

  • 105% Death Benefit
  • Choose to pay Premium Once
  • Max Sum Assured 25 L

Saral Jeevan Bima (Cons)

  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

Saral Jeevan Bima (Other Benefits)

  • Suicide Cover After 12 Months
  • Spouse Cover
  • Policy Revival Within 5 Years

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP(5&10 Years)

Max Life Smart Term Plan

A high sum assured term plan that offers two death benefits namely Life Cover or Increasing Life Cover.

Unique Features

  • Different payout options available
  • Terminal illness cover
  • Maturity benefit available

Smart Term Plan (Pros)

  • Income Protector
  • Rider Options
  • Premium Return (ROP)

Smart Term Plan (Cons)

  • Limited Maturity Benefit
  • Plan Complexity
  • No Loan Benefit

Smart Term Plan (Other Benefits)

  • Enhance Cover at Milestones
  • Accelerated Critical Illness Benefit
  • Accident Cover

Smart Term Plan (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - Adaptable
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP

Premium Return Protection Plan

A plan that provides life insurance with ROP at policy maturity, offering limited premium payment terms and flexible protection period choices.

Unique Features

  • Limited PPT (11 years)
  • RoP at Maturity
  • Flexibility in the Policy Period

Premium Return Protection (Pros)

  • Coverage with Premium Return
  • Short Premium Payment Duration
  • Maturity Benefit with Premium Return

Premium Return Protection (Cons)

  • No Additional Investment Benefits
  • Higher Premiums
  • Limited to Premium Return at Maturity

Premium Return Protection (Other Benefits)

  • Lifetime Coverage up to Age 75
  • Max Sum Assured is 1 Cr
  • Choice of Protection Periods (20/25/30 years)

Premium Return Protection (Eligibility Criteria)

  • Entry Age - 21 Years
  • Max Entry Age - 55 years
  • Minimum Sum Assured - NA
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - 20/25/30 Years

Max Life Online Term Plan Plus

A pure risk premium life insurance plan offering comprehensive protection for individuals, including death benefit options and additional riders.

Unique Features

  • Customizable Death Benefit
  • Accelerated CI Benefits
  • Life Stage Event Benefit

Online Term Plan Plus (Pros)

  • Max SA Is 100 Crore
  • Additional Riders Benefit
  • Flexible Premium Payment Options

Online Term Plan Plus (Cons)

  • No Maturity Benefit
  • No Surrender Benefit
  • No Policy Loan Allowed

Online Term Plan Plus (Other Benefits)

  • Discount for Non-Smokers
  • No Restrictions on Travel
  • High SA Discounts & Waiver of Premium

Online Term Plan Plus (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 85 Yrs
  • Premium Payment Term - RP

PNB Metlife Term Insurance Plans

PNB MetLife Mera Term Plan Plus

Offers financial protection to your loved ones and gives the flexibility to customize the plan according to your needs.

Unique Features

  • Tax Benefits
  • Joint Life Cover
  • Critical illness benefit

Mera Term Plan Plus (Pros)

  • Terminal Illness
  • Waiver Of Premium on (ATPD)
  • Accelerated Critical Illness Benefit

Mera Term Plan Plus (Cons)

  • No Policy Discount
  • No Policy Loan Allowed
  • No Maturity Benefit Without ROP Option

Mera Term Plan Plus (Other Benefits)

  • 4 Rider Option
  • 10% Step-up Benefit
  • Rebate on High Sum Assured

Mera Term Plan Plus (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 25L
  • Premium Payment Term - SP/RP/LP
  • Maturity Age - 99 years (Whole Life)

PNB Metlife Ajeevan Suraksha Plan

The plan offers protection against terminal illness. It provides two cover options: Fixed Term Cover and Whole Life Cover, along with two rider options.

Unique Features

  • Return of Premium Benefit
  • Death or Terminal Illness Benefit
  • Enhance with Riders

Ajeevan Suraksha Plan (Pros)

  • Maturity Benefit
  • 4 Payout Options
  • Option To Cover Spouse

Ajeevan Suraksha Plan (Cons)

  • No Policy Loan Available
  • Complexity In Payout Options
  • No Maturity Benefit Without ROP Option

Ajeevan Suraksha Plan (Other Benefits)

  • Special Benefits For Women
  • PNB MetLife Serious Illness Rider
  • PNB MetLife Accidental Death Benefit Rider

Ajeevan Suraksha Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 25L
  • Max Maturity Age - 99 Years
  • Premium Payment Term - RP/SP/LP (5 To 15 Yrs)

PNB MetLife Mera Jeevan Suraksha Plan

The plan offers a monthly income and a lump sum benefit equal to 100 times the monthly income. Cover you spouse under the Joint Life Cover Benefit.

Unique Features

  • Return of Premium Benefit
  • Death or Terminal Illness Benefit
  • Surrender Benefit

Mera Jeevan Suraksha Plan (Pros)

  • Maturity Benefit
  • 4 Payout Options
  • Rebate on High Sum Assured

Mera Jeevan Suraksha Plan (Cons)

  • No Policy Loan Available
  • Only Regular Pay Option
  • No Surrender Benefit Without ROP Option

Mera Jeevan Suraksha Plan (Other Benefits)

  • Spouse Cover
  • Monthly Income For 10 Years
  • Suicide Cover After 12 Months

Mera Jeevan Suraksha Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 25L
  • Max Maturity Age - 80 Years
  • Premium Payment Term - RP/SP/LP (5 To 15 Yrs)

PNB MetLife Saral Jeevan Bima Plan

The plan is a standard, simple pure protection term plan that comes with affordable premiums and offers Sum Assured up to INR 50 Lakhs.

Unique Features

  • SA from 5 to 50 L
  • Fixed Term - 5 to 40 Years
  • Premium Payment Options

Saral Jeevan Bima Plan (Pros)

  • Affordable Plan
  • Easy Claim Settlement
  • Flexible-Premium Payment Modes

Saral Jeevan Bima Plan (Cons)

  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

Saral Jeevan Bima Plan (Other Benefits)

  • Spouse Cover
  • Suicide Cover
  • Policy Revival Within 5 Years

Saral Jeevan Bima Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 5L
  • Max Maturity Age - 70 Yrs
  • Premium Payment Term - RP/SP/LP (5 To 10 Yrs)

PNB MetLife Family Income Protector Plus

A non-participating life insurance plan that provides guaranteed monthly income with the option to return premiums if no claim occurs.

Unique Features

  • Death Benefit
  • 110% Return 0f Premium Benefit
  • Guaranteed Surrender Benefit

Family Income Protector Plus (Pros)

  • Maturity Benefit
  • Fixed Premium Payments
  • Guaranteed Monthly Income

Family Income Protector Plus (Cons)

  • Limited Investment Component
  • No Policy Loan Allowed
  • No Cash Value or Savings Accumulation

Family Income Protector Plus (Other Benefits)

  • Tax Benefits
  • Max Sum Assured 1.42 Cr
  • Freedom to Customize Benefits

Family Income Protector Plus (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 14.20L
  • Max Maturity Age - 75 Yrs
  • Premium Payment Term - 10/15/20 Yrs

PNB MetLife Income Protection Plan

The plan is a flexible life insurance offering a lump sum or monthly income with guaranteed payouts of up to 150% and tax benefits.

Unique Features

  • Death Benefit
  • Guaranteed Surrender Benefit
  • Guaranteed Premium Payout

Income Protector Plan (Pros)

  • Maturity Benefit
  • Loans Are Allowed
  • Additional SA for employees of listed banks

Income Protector Plan (Cons)

  • 1 Yr WP For Suicide
  • Unpaid Policy Lapses
  • Limited Revival Window After Policy Lapse

Income Protector Plan (Other Benefits)

  • Easy Enrollment
  • Flexible Premium Payment Modes
  • Life Cover for the Entire Policy Term

Income Protector Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 55 Years
  • Min Sum Assured - NA
  • Max Maturity Age - 75 Yrs
  • Premium Payment Term - 5 to 20 Yrs

PNB MetLife POS Suraksha

The plan provides guaranteed monthly income and returns a 100% premium on maturity, ensuring financial security for loved ones.

Unique Features

  • 100% Premium Return
  • Guaranteed Monthly Income
  • Guaranteed Surrender Benefit

POS Suraksha (Pros)

  • Maturity Benefi
  • Death Benefit Options
  • Flexible-Premium Payment

POS Suraksha (Cons)

  • No Suicide Cover
  • 90 Days Waiting Period
  • No Policy Loan Allowed

POS Suraksha (Other Benefits)

  • Surrender Value
  • Level Monthly Income
  • Revival Option

POS Suraksha (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 55 Years
  • Min Sum Assured - 50 K
  • Max Maturity Age - NA
  • Premium Payment Term - 5/10/15 Yrs

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.