Private insurer PNB MetLife India Insurance today announced its foray into health segment with the launch of MetLife Major Illness Premium Back Cover.
The plan returns all the premiums paid in case there is no claim from the policy holder during the policy term and upon survival, PNB MetLife said in a statement.
The plan also provides the policy holder with a lump sum amount on diagnoses of any critical illness covered by the policy, so that the family has adequate funds to meet the unplanned medical expenses, it added.
"MetLife Major Illness Premium Back Cover is the only product in the market which returns all the premiums paid at the end of the policy term in case of no claim and provides cover against 35 critical illnesses," PNB MetLife Managing Director and CEO Tarun Chugh said.
The claim process is simpler without the involvement of a third party administrator, he said, adding that the plan would help a family cover unplanned medical expenses over and above the hospitalisation cost.
The plan provides coverage against 35 critical illnesses, return of premium on maturity in case of survival and no claim made during the policy term, guaranteed lump sum payout in case diagnosis of any of the critical illnesses and term of 10 years with an entry age of 18-55 years.
