PNB Metlife Guaranteed Future Plan
PNB MetLife Guaranteed Future Plan is a plan that encourages systematic saving and promises rewards. Additionally, it protects you from some unforeseen life situations. The plan guarantees your ability to accomplish your financial goals for the rest of your life with more confidence. The plan gives you the freedom and flexibility to adjust your savings schedule by your needs and financial situation. Additionally, you can select the payment method (i.e., income, lump sum, or a mix of the two) and the schedule to best suit your needs.
One of the plan’s major highlights is that you can choose from different flexible premium payment options from 5,7 and up to 15 years or Single Pay. Additionally, you will be free to choose the day you want to get your income payout.
Read on to learn more about the PNB Metlife Guaranteed Future Plan’s eligibility parameters, features & benefits, exclusions, and more.
Here is the eligibility criteria for PNB MetLife Guaranteed Future Plan.
Minimum- 0 (30 days), Maximum- 60 years
(The maximum age of entrance for policies acquired through the POS channel will be 55 years old by current POS criteria, as revised from time to time.).
|Maximum age6 at Maturity|
Single pay: 80, Limited pay: 75 Years
According to current POS criteria, which are periodically revised, the maximum age at maturity for Limited pay policies purchased through the POS channel will be 65 years.
|Minimum Annualised Premium (Rs.)|
Single Pay: Rs. 2,00,000
Limited Pay (Other than POSP): Rs. 24,000
Limited Pay (Sourced through POSP): Rs. 12,000
|Maximum Annualised Premium (Rs.)||1,00,00,00,000 subject to maximum Basic Sum Assured limit as per Board Approved Underwriting Policy.|
|Minimum Basic Sum Assured|
· For Limited pay: 10 x Annualised premium
· For Single pay: 1.25 x Annualised premium
|Maximum Basic Sum Assured||As per the underwriting policy approved by the Board, the maximum Sum Assured for policies acquired through the POS channel shall be Rs. 10 lakh by the current POS standards, as updated from time to time.|
|Premium Payment modes||Single/Yearly / Half Yearly / Monthly|
· PNB MetLife Accidental Death Benefit Rider Plus
· PNB MetLife Serious Illness Rider
· Riders will not be available for policies purchased through the POS channel.
Important Features & Benefits of PNB MetLife Guaranteed Future Plan
Here is the list of the important features and benefits of the PNB MetLife Guaranteed Future Plan.
- Survival Benefit
The following benefit will be paid on each Option upon the survival of the Life Assured until the conclusion of the Premium Payment Term, provided that the Policy is in In-force Status and all due Installment Premiums have been paid in full.
Option 1: Endowment Option – Under this option, no survivor benefit will be paid.
Option 2: Income Option – The Guaranteed Income Payouts will be paid out on policy anniversaries during the Income Payout period, following the conclusion of the premium payment term and deferral period, if specified, if this option is selected. The Guaranteed Income Payouts will be equal to the Guaranteed Addition if Single Pay is selected.
- Death Benefit
If the Life Assured passes away untimely during the policy term and the policy is still in effect on the date of death, the nominee will receive the Death Benefit, and the Policy will expire.
The Death Benefit granted upon death must exceed the Death Sum Assured: The amount assured upon death should be greater of:
- The basic sum assured (BSA), which is the guaranteed total sum payable upon death.
- A single premium compounded by the Death Benefit Multiple or an annualized premium
- 105% of all premium payments made up until the day of death
Once your insurance has a Surrender Value, you can borrow money against it. The most that can be borrowed is 90% of your policy’s Special Surrender Value at the end of the applicable Policy Year, less any unpaid premiums for that year and any loan interest that has accrued, if one has already been taken out on the policy, up to that point. Your Policy must be assigned to the Company to the extent of the outstanding loan while you are utilizing the loan.
- Maturity Benefit
The Guaranteed Maturity Benefit, which is equal to the total Total Premiums Awarded, accrued Guaranteed Additions, and accumulated Wealth Additions, will be payable at maturity if the Life Assured survives until the Maturity Date and the Policy is in In-force Status. From the commencement of the first policy year until the conclusion of the premium payment term, Guaranteed Additions will begin to accrue. Guaranteed additions will be determined by the Premium Payment Term (PPT) and Policy Term and expressed as a percentage of the Annualized premium.
- Grace Period
The grace period is the amount of time given from the premium payment due date that is granted without any penalties or late fees, and during which the policy is regarded to remain in force with uninterrupted risk coverage by the terms and conditions. If the policyholder pays the premium every month, the grace period for payment of the premium is 15 days; otherwise, it is 30 days.
- Surrender Value
The Policy will obtain a Guaranteed Surrender Value if all due Instalment Premiums have been paid for at least two consecutive Policy Years. After the Surrender Value has been paid, the Policy will immediately expire. The higher of the Guaranteed Surrender Value and Special Surrender Value shall be the Surrender Value payable.
Within five years after the first unpaid premium’s due date but before the policy’s maturity, you can reinstate your lapsed or paid-up policy and any riders for full coverage. To do this, pay all outstanding premiums and any applicable interest. The interest for the policy’s renewal will be charged at periodically adjusted rates set by the company that is based on the market. This interest rate may occasionally fluctuate at the Company’s discretion. Currently, the Company assesses an interest rate of 8.0% p.a. on revivals.
- Free Look Period
If you disagree with any of the terms and conditions of your policy, you may cancel it by sending us a signed written notice within 15 days (or 30 days if the policy was sold to you through distance marketing), outlining your objections. You will then be entitled to a refund of the premium you paid, less the proportionate risk premium for the period of coverage, any applicable taxes, and any expenses you incurred.
Exclusion Under PNB MetLife Guaranteed Future Plan?
The Nominee of Beneficiary of the Policyholder shall be entitled to 80% of the total Premium paid under the Policy up to the date of death or Surrender Value available as on the date of death, whichever is higher, provided the Policy is in Inforce status, if the Life Assured’s death is caused by suicide within twelve months from the date of commencement of the risk or the Date of Revival of the Policy, as applicable. The business won’t be required to pay any interest on this sum.
How Does the PNB MetLife Guaranteed Future Plan Work?
Sameer, a successful serviceman, is working at Accenture looking to safeguard his financial future for his 3-year-old daughter. He wants to invest in a plan which provides a guaranteed corpus to secure his daughter’s future. After getting suggestions from friends and family, he invests in PNB MetLife Guaranteed Future Plan and selects:
|Option||Premium payment term||Policy term||Annualized Premium||Basic Sum Assured||Guaranteed Maturity Benefit|
|Endowment Option||7 Years||15 Years||Rs. 1, 00, 000||Rs.10,00,000||Rs. 13,04,240|
Frequently Asked Questions
The Income Tax Act of 1961’s provisions and conditions govern the tax benefits provided by this plan, and they are subject to future changes to the tax code. For guidance on the availability of tax benefits for the premiums paid and proceeds received under the policy, consult your tax advisor.
When premiums are not paid in full for two years in a row, even during the grace period, the PNB MetLife Guaranteed Income Plan policy status may lapse.
It is possible to nominate someone for the PNB MetLife Guaranteed Income Plan by Section 39 of the 1938 Insurance Act and Section 38 of the 1938 Insurance Act, respectively. However, these may also be altered by the law.