PNB Met Life Guaranteed Income Plan

Key Features of PNB MetLife Guaranteed Income Plan:

Mentioned below are the features of the PNB MetLife Guaranteed Income Plan:

Benefits/Advantages of the PNB MetLife Guaranteed Income Plan:

Some of the benefits offered by the PNB MetLife Guaranteed Income Plan are as follows:

1. 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.
2. 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 TypeGuaranteed Income BenefitPay-out Period5 Pay11%Total of 5 payments that starts from the 6th policy anniversary to maturity.7 Pay11%Total of 8 payments that starts from the 8th policy anniversary to maturity.10 Pay13%Total of 10 payments that starts from the 11th policy anniversary to maturity.
3. Death Benefit - Policyholders can select the 2 multiples mentioned below at the start of the policy.Entry AgeApplicable MultipleMultiple of Annual Premium that is appliedMinimum 45 years10x or 7x7 or 10Below 45 years10x10In 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:
   1. Annualised Premium X Multiple of Annual Premium (depending on the multiple that has been chosen).
   2. 105% of all the premiums that have been paid on the date of death.
   3. Basic Sum Assured.
   4. Sum Assured at the time of maturity.
4. Tax Benefits - Policyholders can avail tax benefits on the premium that they paid and the benefits they receive from this plan.
5. 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 TypeGuaranteed Maturity Benefit5 Pay30%7 Pay35%10 Pay55%
6. High Sum Assured Discount - Policyholders can avail a High Sum Assured discount, provided they are eligible for it.Premium Payment TypeBasic Sum Assured BandPremium Discount (Rs. Per 1000 Basic Sum Assured)5 PayBelow Rs.7 LakhsNo discountEqual to or above Rs.7 Lakhs and below Rs.10 Lakhs1Equal to or above Rs.10 Lakhs and below Rs.25 Lakhs2Equal to Rs.25 Lakhs and above37 PayBelow Rs.3.5 LakhsNo discountEqual to or above Rs.3.5 Lakhs and below Rs.5 Lakhs2Equal to or above Rs.5 Lakhs and below Rs.10 Lakhs5Equal to or above Rs.10 Lakhs and below Rs.25 Lakhs6Equal to Rs.25 Lakhs and above710 PayBelow Rs.3 LakhsNo discountEqual to or above Rs.3 Lakhs and below Rs.5 Lakhs3Equal to or above Rs.5 Lakhs and below Rs.10 Lakhs6Equal to or above Rs.10 Lakhs and below Rs.25 Lakhs8Equal to Rs.25 Lakhs and above10

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:

1. Choose a premium payment term (5 Pay, 7 Pay or 10 Pay).
2. 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