SRINAGAR: PNB MetLife Thursday launched its first benefit based health product MetLife Major Illness Premium Back Cover.
The product, the company said in a press statement, was launched on recognizing the rise in lifestyle diseases in India.
“PNB MetLife India Insurance Co Ltd announced its foray into health segment with the launch of MetLife Major Illness Premium Back Cover (MMIPBC),” it said.
The plan, it said, returns all the premiums paid in case there is no claim from the policyholder during the policy term and upon survival.
The company said the plan provides the policyholder with a lump sum amount on diagnoses of any critical illness covered by the policy, ensuring that the family has adequate funds to meet the unplanned medical expenses and get the best possible treatment.
Speaking at the launch ceremony, Tarun Chugh, MD & CEO of PNB MetLife said, “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.”
“As this is a benefit based plan, the claim process is simpler without the involvement of a third party administrator like in the case of indemnity based health plans,” he added.
Chugh said a product like MMIPBC typically helps a family cover unplanned medical expenses over and above the hospitalization cost.