PNB Metlife Century Plan

Maturity Benefit:

This product provides an option to choose the Maturity date to the policyholder as age 80 years or 100 years. On survival of the Life Assured till the Maturity Date (as chosen), provided that the Policy is in In-force Status, the policyholder will receive an aggregate of:

• Sum Assured on Maturity;

• Accrued cash bonuses, if not paid earlier;

• Fixed Income, if applicable and not paid earlier;

• Terminal Bonus, if declared.

Sum Assured on Maturity is defined as the sum of all Annualized Premiums paid during the Premium Payment Term plus additional benefit, if applicable. The policy shall terminate on payment of the Maturity Benefit, and no more benefits will be payable.

Family Care Benefit:

If the Family Care Benefit option is chosen at the inception of the policy, then in case of Death of Life Assured, all future premiums payable (if any) shall be waived off. Sum Assured on Death shall be payable as lumpsum and all future Survival Benefits and Maturity Benefits will be paid to the nominee. The annualized premium used to derive the benefits on survival and maturity, for a policy opting for Family Care Benefit will be subject to a guaranteed rate of reduction to cover the additional cost of mortality arising from such policies. The guaranteed rate of reduction varies by age at entry, premium payment term, Maturity age option, and Plan option.

Death Benefit:

In the event of the unfortunate death of the Life Assured during the policy term provided that the policy is still In-force status on the date of death, and all due premiums are paid, the nominee shall receive Death Benefit and the Policy shall terminate. Death Benefit shall be equal to the following and payable as lumpsum:

• Sum Assured on Death, plus;

• Accrued cash bonuses, if not paid earlier, plus;

• Accrued Simple Reversionary Bonus less Sum of all Fixed Incomes already paid (if applicable),

• Interim Cash/Simple Reversionary Bonus (if any) plus

• Terminal Bonus on death (if declared)

Death Benefit shall not be less than 105% of Total Premiums Paid as of the date of death. If Family Care Benefit has been chosen at the inception of the policy, then in case of death of Life Assured, all future premiums (if any) shall be waived off and Sum Assured on Death shall be payable as lumpsum and all future survival benefits and maturity benefit shall continue to be paid to the nominee.

Flexibility To Accumulate Survival Benefit Payout:

At any point during the Policy term, the Policyholder shall have the option to defer the Survival Benefit(s), arising out of declared Cash Bonuses and/or Fixed Income, if applicable, and accrue them instead. The accrued Cash Bonuses and/or Fixed Income payouts will be accumulated monthly at Reverse Repo Rate published by RBI and the current Reverse Repo Rate is 3.35% per annum. The policyholder can withdraw the accrued Cash Bonuses and/or Fixed Income partly/ fully at any point during the policy term. If the unpaid Survival Benefits are not taken by the policyholder during the policy tenure, the same shall be payable along with benefits payable at the time of termination of the policy in the form of death, maturity, or surrender. This option can be availed under an in-force as well as a reduced paid-up policy. The policyholder can choose to opt in or opt-out of this feature at any point during the policy term.

Flexibility to choose a mode of Survival Benefit payout:

The Policyholder will have the option to choose to receive the Cash bonus and Fixed Income installments as yearly, half-yearly, quarterly, or monthly installments at any point during the policy term 30 days prior to the next Policy Anniversary. Installments for Cash Bonus and Fixed Income for frequencies other than annual mode shall be arrived at by multiplying Cash Bonus and/or Fixed Income by the Income Payout Factor as given below and will be paid out at the end of the period for the chosen frequency.