PNB Metlife vs Aviva Life
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PNB Metlife Life vs Aviva Life Insurance 2024

PNB Metlife and Aviva Life 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 PNB Metlife is 97.33% whereas Aviva Life has 98.39% 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 PNB Metlife

PNB Metlife

 Edit aviva-life

Aviva Life
Number of life insurance plans and add-ons
Entry Age (Min-Max) 18-60 years 18-60 years
Policy Term 10- 40 years 5 - 40 years
maturity Age (Min-Max) 28-75 years 18-80 years
Claim settlement ratio (CSR) 97.33% 98.39%
Asset under managment (AUM) 1200 Crores 35800 Crores
Solvency ratio 1.9 2.1
Policy Type
  • Term insurance
  • Whole life policy
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
  • Term insurance
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
Coverage Amount
  • Minimum- 2.2 Lakh
  • Maximum- No Limit
  • Minimum- 5 Lakh
  • Maximum- No Limit
Optional Additional Riders
  • Premium waiver rider
  • Accidental death rider
  • Accidental disability rider
  • Critical illness rider
  • Terminal illness rider
  • Family income benefit rider
  • Waiver of premium rider
  • Premium waiver rider
  • Accidental death rider
  • Accidental disability rider
  • Critical illness rider
  • Terminal illness rider
  • Family income benefit rider
  • Waiver of premium rider
Number of term plans 7 4
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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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

Aviva Life Term Insurance Plans

Aviva Signature 3D Term Plan

The plan offers coverage of up to 1 crore for terminal illnesses, providing comprehensive financial protection against Death, Disability, and Diseases (3D).

Unique Features

  • 4 Plan Options
  • Special Premium Rates for Female
  • 3D-TROP Option

Signature 3D Term Plan (Pros)

  • Whole life Coverage
  • Critical/Terminal Illness
  • Additional Protection Through 3 Riders

Signature 3D Term Plan (Cons)

  • No Tumor Treatment Cover
  • No Thyroid Cancer Cover
  • No HIV Cover

Signature 3D Term Plan (Other Benefits)

  • Waiver of Future Premiums
  • Buy Policy Under MWP Act
  • Additional SA on Accidental Death

Signature 3D Term Plan (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - 10 to 30 Yrs (LP)

Aviva Jana Suraksha

The Aviva Jana Suraksha is a life insurance plan that helps you protect your children’s future. It is a low-cost life insurance plan with flexible premium payment terms.

Unique Features

  • No medical test required
  • Avail tax benefit
  • 2X SI for accidental death

Jana Suraksha (Pros)

  • Suicide Cover
  • Flexible Payment Frequency
  • Annual Premium: Depends on life cover

Jana Suraksha (Cons)

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

Jana Suraksha (Other Benefits)

  • Grace Period 30 Days
  • Minimal Documentation
  • Affordable Plan

Jana Suraksha (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 45 years
  • Minimum Sum Assured - 30K
  • Maximum Maturity Age - NA
  • Premium Payment Term -SP

Aviva Saral Jeevan Bima

Aviva Saral Jeevan Bima Plan is a term life insurance plan which provides financial security to your loved ones. The sum assured can be up to 25 lakhs with a death benefit.

Unique Features

  • Affordable Plan
  • Avail tax benefit
  • Revive lapsed policy

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
  • Easy Claim Settlement

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)

Aviva Protection Plus

A plan that comes with basic/additional and maturity sum assured, discounts on the higher sum assured and Return of Premiums.

Unique Features

  • Covers Transgenders
  • Enriched Protection Option
  • Savings Booster Option

Protection Plus (Pros)

  • Enriched Protection Option
  • Savings Booster Option
  • Rebate for High Sum Assured

Protection Plus (Cons)

  • No Loan Allowed
  • No Surrender Benefit
  • No HIV Cover

Protection Plus (Other Benefits)

  • Pick the Premium Frequency
  • Term Plan with Return of Premium
  • Guaranteed Surrender Value

Protection Plus (Eligibility Criteria)

  • Entry Age - 20 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - NA
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - RP/One Pay

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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.