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.

2. 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

3. Loan

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.

4. 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.

5. 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.

6. 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.

7. Revival

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.

8. 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.