PNB MetLife Guaranteed Income Plan is a non-linked and non-participating life insurance plan, which provides income benefit to the policyholders. Apart from providing life cover, this policy acts as a second source of income for the customers, which they can use to achieve their goals, travel, fund their child’s education, secure their own and their family’s future, etc.
Eligibility Criteria for PNB MetLife Guaranteed Income Plan:
Mentioned below are the eligibility criteria for the PNB MetLife Guaranteed Income Plan:
|Particulars||5 Pay||7 Pay||10 Pay|
|Minimum Age at Entry||8 years||3 years||3 years|
|Maximum Age at entry||60 years||60 years||60 years|
|Maximum Age at Maturity||70 years||75 years||80 years|
|Premium Payment Term||5 years||7 years||10 years|
|Policy Term||10 years||15 years||20 years|
|Minimum Annual Premium||Rs.52,900||Rs.23,864||Rs.16,666|
|Minimum Sum Assured||Rs.4,00,000||Rs.2,00,000||Rs.1,50,000|
Key Features of PNB MetLife Guaranteed Income Plan:
Mentioned below are the features of the PNB MetLife Guaranteed Income Plan:
|Type of plan||Non-linked, non-participating Life Insurance plan.|
|Modes of Premium payment||Yearly, half yearly and monthly payments via cash, credit card, cheque, online payment, ECS, Demand Draft, direct debit, etc.|
|Free look period||15 days (30 days in case of applications made using the official website).|
|Policy Revival||Within 2 years from the date of the 1st unpaid premium instalment.|
|Nomination||Nominations can be made as per the policy terms and conditions|
|Policy Loan||Policyholders can avail a maximum of 90% of the Special Surrender Value of their policy as policy loan. They can avail the loan at the end of the concerned Policy year minus unpaid premiums (if any) for the year and accrued loan interest.|
|Policy Riders||Policyholders can choose to take the following Riders at the start of the policy or on the policy anniversary.|
Benefits/Advantages of the PNB MetLife Guaranteed Income Plan:
Some of the benefits offered by the PNB MetLife Guaranteed Income Plan are as follows:
- Premium Payment Terms – The PNB MetLife Guaranteed Income Plan offers 3 premium payment term options to the policyholders. These are 5 years, 7 years and 10 years premium payment terms.
Guaranteed Income Benefit – This plan will provide you with regular income annually, which is a percentage of the Basic Sum Assured. This percentage generally ranges from 11% to 13%. Policyholders will receive the benefit amount on the policy anniversary.
Premium Payment Type Guaranteed Income Benefit Pay-out Period 5 Pay 11% Total of 5 payments that starts from the 6th policy anniversary to maturity. 7 Pay 11% Total of 8 payments that starts from the 8th policy anniversary to maturity. 10 Pay 13% Total of 10 payments that starts from the 11th policy anniversary to maturity.
Death Benefit – Policyholders can select the 2 multiples mentioned below at the start of the policy.
Entry Age Applicable Multiple Multiple of Annual Premium that is applied Minimum 45 years 10x or 7x 7 or 10 Below 45 years 10x 10
In case the policyholder passes away during the term, then the Sum Assured will be paid by the company, which is the highest of the following:
- Annualised Premium X Multiple of Annual Premium (depending on the multiple that has been chosen).
- 105% of all the premiums that have been paid on the date of death.
- Basic Sum Assured.
- Sum Assured at the time of maturity.
- Tax Benefits – Policyholders can avail tax benefits on the premium that they paid and the benefits they receive from this plan.
Guaranteed Maturity Benefit – Policyholders will receive a Guaranteed Maturity Benefit, if they survive till the end of the policy term. This benefit is not the same for the different Premium Payment Type (PTT).
Premium Payment Type Guaranteed Maturity Benefit 5 Pay 30% 7 Pay 35% 10 Pay 55%
High Sum Assured Discount – Policyholders can avail a High Sum Assured discount, provided they are eligible for it.
Premium Payment Type Basic Sum Assured Band Premium Discount (Rs. Per 1000 Basic Sum Assured) 5 Pay Below Rs.7 Lakhs No discount Equal to or above Rs.7 Lakhs and below Rs.10 Lakhs 1 Equal to or above Rs.10 Lakhs and below Rs.25 Lakhs 2 Equal to Rs.25 Lakhs and above 3 7 Pay Below Rs.3.5 Lakhs No discount Equal to or above Rs.3.5 Lakhs and below Rs.5 Lakhs 2 Equal to or above Rs.5 Lakhs and below Rs.10 Lakhs 5 Equal to or above Rs.10 Lakhs and below Rs.25 Lakhs 6 Equal to Rs.25 Lakhs and above 7 10 Pay Below Rs.3 Lakhs No discount Equal to or above Rs.3 Lakhs and below Rs.5 Lakhs 3 Equal to or above Rs.5 Lakhs and below Rs.10 Lakhs 6 Equal to or above Rs.10 Lakhs and below Rs.25 Lakhs 8 Equal to Rs.25 Lakhs and above 10
How the PNB MetLife Guaranteed Income Plan Works?
PNB MetLife Guaranteed Income Plan helps policyholders in creating a second source of income, which can be used by them to achieve their goals. This working process of this policy is very simple to understand. At the start, policyholders have to select a PNB MetLife Guaranteed Income Plan and do the following:
- Choose a premium payment term (5 Pay, 7 Pay or 10 Pay).
- Pay the annual premium that is applicable for your policy.
Based on the premium amount and policy term, the Basic Sum Assured will be calculated. This Basic Sum Assured will include the High Sum Assured discount (if applicable). Policyholders will receive the Guaranteed Income Benefit as per the boundary conditions of the premium payment term selected. Apart from this, he/she will also get Guaranteed Maturity Benefit, if he/she survives till the end of the policy term. The percentage of benefit will depend on his/her premium payment term. In case, the policyholder passes away, then his/her nominee will receive a death benefit from the company.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017