PNB MetLife India Insurance Company
With its headquarters in Mumbai, PNB MetLife India Insurance Company Limited is a joint venture between Punjab National Bank Limited (PNB), one of India’s leading nationalized banks, and MetLife, Inc., a global provider of life insurance, annuities and asset management. Now serving over 7000 locations in India, PNB MetLife provides a range of health, life and retirement insurance products.
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History
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PNB MetLife was initially launched as MetLife India Insurance Company Limited in 2001. In 2011, PNB picked up a 30% stake in MetLife India Insurance. Both PNB and MetLife India approached the Competition Commission of India (CCI) on December 7, 2012. In January 2013, PNB received full approval for acquiring 30% stake in MetLife India Insurance. This new private sector life insurer was re-branded as PNB MetLife India Ltd.
PNB MetLife is now present in over 150 locations across the country and serves customers in more than 7,000 locations through its bank partnerships with PNB, Jammu and Kashmir Bank Limited (JKB) and Karnataka Bank Limited.
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Key People
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The key people of PNB MetLife India Insurance Company Limited as defined by Insurance Regulatory and Development Authority of India (IRDA) are as follows:
Name of Key Person |
Designation |
|---|---|
Tarun Chugh |
Chief Executive Officer |
P K Dinakar |
Appointed Actuary |
Sanjay Kumar |
Chief Investment Officer |
Viraj Taneja |
Chief of Internal Audit |
Niraj Ashwin Shah |
Chief Finance Officer |
Sarang Cheema |
Chief Compliance Officer |
Anjan Bhattacharya |
Chief Risk Officer |
Abhishek Rathi |
Chief Marketing Officer |
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Products and Services
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PNB MetLife’s product portfolio caters to a variety of customer needs including protection, savings, retirement, health and investment. The company is dedicated to creating a product suite that comprehensively covers customer needs. Some key plans include:
- MetLife Endowment Savings Plan – Endowment plan
- MetLife Money Back Plan – Money back at regular intervals
- MetLife Major Illness Premium Back Cover – Protection from 35 illnesses
- MetLife Mera Tera Plan – Protection for your family
- MetLife College Plan – Children’s education policy
- MetLife Retirement Savings Plan – Retirement plan
- MetLife Mera Wealth Plan – Life protection
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Awards
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2016: PNB MetLife won the ‘Website of the Year’ award at the E-Commerce Summit & Awards in Mumbai.
2016: PNB MetLife won ‘Celent Model Insurer Asia’ award for the most responsive eCommerce platform on a mobile.
2016: PNB MetLife won honors at the prestigious Asia Training & Development Excellence Awards 2016 held in Singapore in two categories – Best Education Training Campaigns and Programs and Best Sales Development Program.
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Other Achievements
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The company launched its corporate social responsibility programme in August 2014 in support of the education of children in Karnataka. This project, which is part of the existing Rajiv Gandhi Crèche Scheme, works in tandem with the Government agenda towards strengthening and supporting the 30 crèche centres.
On the occasion of World Health Day, PNB MetLife announced the fifth edition of Guinness Record-holding PNB MetLife Satara Hill Half Marathon 2016.
In June 2016, PNB MetLife rolled out a new digital campaign, which includes a 75-second film conceptualised by McCann Erickson.
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References
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