PNB MetLife Achieves Highest Claim Settlement Ratio of 99.2% for Individual Claims in FY 2024

Srinagar: PNB MetLife, one of India’s leading life insurance companies, has achieved a claim settlement ratio of 99.2% for individual claims in FY2024, up from 99.06% the previous year. This accomplishment underscores PNB MetLife’s unwavering commitment to customers’ financial security and care.
This financial year, PNB MetLife paid 5,679 claims totaling Rs 462.20 crore, delivering on its promise to policyholders and their families with prompt and efficient support in their moment of need.
In the last five years, PNB MetLife has paid Rs 2,106.03 crore towards individual claims on 28,737 life policies, solidifying its position as a trusted provider of financial protection solutions.
Sameer Bansal, MD & CEO of PNB MetLife, stated, “PNB MetLife knows how important insurance is to our customers’ financial security and peace of mind.
“That’s why we have made it easy for them to sign up online, manage policies with our customer service app khUshi, and get claims decided in three hours. Our 99.2% claim settlement ratio is a result of our relentless dedication to customer satisfaction and operational excellence,” he said.
PNB MetLife has invested significantly in digital resources and automation to streamline the claims process, reducing turnaround times so claims are processed swiftly and efficiently, enhancing the overall customer experience.
It is one of the leading life insurance companies in India that combines the financial strength of MetLife, Inc. with the credibility of PNB, one of India’s oldest nationalized banks. PNB MetLife’s purpose, Milkar Life Aage Badhaein, is demonstrated through its customer-centric innovations and employee empowerment practices. With a strong presence in 150 branches and access to customers in over 18,600 locations (as of March 31, 2023) through bank partnerships, PNB MetLife offers a comprehensive product portfolio covering Child Education, Family Protection, Long-Term Saving and Retirement.
The Company has a wide range of protection and retirement products available through its sales channel of over 19,500 financial advisors and multiple bank partners and caters to over 590+ group relationships in India.