I have/had insurance policies with Kotak, ICICI and Metlife(now PNB Metlife). On 21/05/2015, I surrendered my policy as I was not happy with what they did few months back.
About 3-4 months back, without my consent they did multiple partial withdrawals and paid-back the premiums for fours years. My fund value reduced by about 1.25 lakhs as they deducted premium allocation charges.
I complained and able to cancel all transactions with some difficulties. It took about a month with more than dozen calls and dozen e-mails. It was very frustrating. Finally, I decided to surrender the policy and did the same thing on 21-05-2015.
Till now they are not able to pay me the surrender value. They are giving one excuse or the other and passing the time. Not sure what is happening with PNBM, I will never buy policy or any other product from them. This is one of the worst companies that I have seen in this sector. The customer support is very poor. I hope they will resolve their internal issues very soon and clear my payments with INTEREST.
The Summary: Avoid PNB Metlife and keep an eye on what do they do with your account if you are in premium discontinue mode.