PNB MetLife India Insurance has introduced a new health insurance product, MetLife Major Illness Premium Back Cover, marking its entry into health segment.
The new product has been designed in such a way that it returns all the premiums paid, if there is no claim from the policy holder during the policy term and upon survival, according to PNB MetLife.
PNB MetLife India managing director and CEO Tarun Chugh was quoted by the news agency as saying: "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."
In addition, the plan offers lump sum amount to the policy holder in the event of diagnoses of any critical illness covered by the policy, reported Press Trust of India.
With no involvement of a third party administrator, the plan will also cover unplanned medical expenses over and above the hospitalisation cost, according to Chugh.
The plan is said to provide coverage for 35 critical illnesses with a term of ten years for individuals aged between 18 and 55 years.
Image: PNB MetLife India has introduced a new health insurance product. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.