PNB MetLife Bhavishya Plus Plan


The MetLife Bhavishya Plus Plan ensures that you will be able to accomplish your primary duty as a provider – to provide and take care of your family – even in your absence. It’s specifically designed to ensure that your family gets the maximum financial benefit by giving you comprehensive life insurance coverage. Invest in this Metlife plan and enjoy the triple-layered benefits of comprehensive insurance cover, money back, and guaranteed savings.

Eligibility Criteria of PNB MetLife Bhavishya Plus Plan

EntryAge Minimum – 20 years. Maximum – 25 years.
MaturityAge Maximum – 69 years.
Sum Assured Minimum: Rs.92,320. Maximum: Rs.5,00,000.

Key Features of PNB MetLife Bhavishya Plus Plan

Type Non-linked, deferred, participating endowment plan.
Coverage Death Benefit – In the unfortunate event that the life insured dies, his / her nominees will be entitled to:
  • Sum Assured on Death, plus
  • Accrued Simple Reversionary Bonus, plus
  • Terminal Bonus (if any, as applicable).

Death Sum Assured is the higher of:

  • 10 times the annualized premium paid, or
  • Minimum guaranteed Sum Assured on Maturity, or
  • Absolute amount assured to be paid on death of the policyholder, or
  • 105% of all premiums paid.

Survival Benefit – 20% of the Base Sum Assured is payable as a fixed amount at the end of each policy year (in the last 3 years before the maturity date), depending on whether the life insured survives till then.

Maturity Benefit – On completing the policy term by surviving till the maturity date, the policyholder will be entitled to get the Maturity Sum Assured, plus Accrued Simple Reversionary Bonus, plus Terminal Bonus (if any).

The Maturity Sum Assured is the minimum guaranteed sum assured on maturity – which is 40% of the Base Sum Assured.

The Simple Reversionary Bonus will start to accrue from the 3rd policy year onwards, and is payable on the earlier of:

  • Death of the life insured.
  • Maturity of the policy.
  • Surrender of the policy.

The Simple Reversionary Bonus will not accrue from the date of lapse or death.

The Terminal Bonus will start to accrue from the 5th policy year onwards. It is accrued as a percentage of the accrued Simple Reversionary Bonus. The Terminal Bonus is payable on the Maturity of the policy.

Basis Single.
Policy term Minimum: 12 years.

Maximum: 24 years.

Premium paying Term Options Regular.
Premium paying mode
  • Annual.
  • Semi-annual.
  • Monthly (only through the process of ECS)
  • Payroll Savings Program.

Modal Premium

Yearly Half Yearly Monthly (only ECS)
Rs.8,000 Rs.10,000 Rs.15,000
Premiums payable Minimum:
Annual Rs.8,000
Semi Annual Rs.10,000
Monthly / Payroll Savings Program Rs.15,000


Rs.17,999 – per annum.

Surrender Value If the premiums are paid for 3 full policy years and the policy has been in force for 3 full policy years, the policy will acquire a surrender value.

The Surrender Value is equal to the maximum of the Guaranteed Surrender Value and Special Surrender Value.

The Guaranteed Surrender Value is based on the percentage of the total premiums paid and the discounted value of Accrued Simple Reversionary Bonus.

Special Surrender Value will be quoted on the receipt of the Surrender Request – and this amount depends on the market conditions prevailing when the Surrender Request is sent.

A policy that’s been surrendered cannot be reinstated.

Loans Loan is provided against the policy. The maximum loan amount offered is limited to 90% of the Special Surrender Value of the end of the relevant policy year. The rate of interest is determined by the company.
Tax benefits Tax benefits are applicable as per applicable taxation laws.

You can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Grace Period There is a grace period of 30 days on non-payment of the unpaid premium. 15 days in the case of monthly and PSP modes.
Free Look Period There is a free look period of 15 days from the date of receipt of policy documents.
Reinstatement When the premiums are not paid within the grace period, the policy will lapse and is subject to non-forfeiture provisions.

Reinstatement can be requested up to 2 years from the date of the first unpaid premium with a letter requesting the same.

Reinstatement is subject to receipt of a letter showing proof of insurability along with a formal request for reinstatement, and all the unpaid premiums, along with interest.

All premiums due till the date of reinstatement must be paid along with compound interest at the rate prescribed by the company.

Revival fees is Rs.250.

Termination The policy stands terminated on the earliest among the following scenarios:
  • Date on which the policy is surrendered.
  • Upon the expiry of two years from the date of policy lapse. When the policy is not reinstated, provided that the policy has not acquired any paid up value.
  • On the payment of the maturity benefit.
  • Upon payment of death benefit.
  • In the event that the policyholder commits suicide within one year from the commencement of insurance coverage, the insurance cover will be void and the company will not be liable to pay any benefits (including but not limited to the Sum Assured) except refunding 80% of the premiums received without any interest.
  • If the policyholder commits suicide within one year from reinstatement of the policy, insurance coverage will be void and the company will not pay any benefits except the GSV and will refund the premiums paid without interest to the nominee.

Advantages of PNB MetLife Bhavishya Plus Plan

  • Plan offers flexibility in the way you want to save – with a 12 year term or a 24 year term.
  • Your family will enjoy guaranteed payouts during the last 3 years of the policy term – ensuring that some financial needs are taken care of.
  • Maturity payout can be boosted with a Reversionary Bonus and Terminal Bonus.
  • Premiums are very affordable, and the policy offers comprehensive coverage.
  • Tax Benefits under Section 80C and Section 10(10D).

How The Plan Works

Step 1: Pick a premium amount to pay, depending on the coverage you require.

Step 2: Choose a premium paying mode.

Step 3: Pay regular premiums for 12 - 24 years, accrue all bonuses and build sum assured.

Step 4: On surviving till the maturity date in – you will receive the Sum Assured + Simple Reversionary Bonus + Terminal Bonus – making your long-term investment goals a reality.

Step 5: In the event of your death during the policy term, your family will receive financial assistance in the form of Sum Assured + Bonuses.


There are no additional riders available with this plan.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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