PNB MetLife Life Insurance Company comprises of numerous stakeholders some of which include MetLife International Holdings LLC, Punjab National Bank Limited, Jammu and Kashmir Bank Limited and M. Pallonji and Company Limited among others. The company being the major alliance between MetLife International Holdings, one of the pioneer insurance companies of the world and Punjab National Bank boasts of expertise in both the insurance sector and financial sector.
Insurer pays premium in case of loss of life of parent
Create wealth for child’s aspirations
Tax Free maturity amount+
12+ plans available
Invest ₹10k/month your child will get ₹1 Cr Tax Free*
The company caters to the customer’s needs through a presence across 8000 locations including banks and other financial institutions besides the insurer’s own branches.
PNB MetLife Life Insurance Company offers child plans in two varieties. While one of the plans is a traditional plan which offers guaranteed benefits, one plan is a unit linked plan which has an option of utilizing the plan as a child plan. Let us discuss the plans offered by the company and the features they have in details.
It is a unit linked plan which provides for the welfare of the child in the event of the insured’s death. The notable aspects of the plan are mentioned underneath:
Premiums under the plan have to be paid for the entire tenure of the plan
Loyalty Additions are added at the maturity of the plan @2% or 3% of the average fund value depending on the plan tenure chosen
The premiums paid after the deduction of charges are invested in a choice of 6 funds namely Protector II, Preserver II, Balancer II, Flexi Cap, Virtue II, and Multiplier II.
On death of the insured within the plan tenure, the payable value will be higher of the chosen Sum Assured or 105% of the total premiums which were paid till death. All subsequent premiums are waived off and paid by the company under the inbuilt Premium Waiver Benefit. The amount lying in equity oriented funds gets transferred to the Balancer II Fund to protect against market volatility. When the term of the plan expires, the fund value is paid to the nominee
At maturity, the value payable is the Fund Value which can either be taken in lump sum or in instalments post maturity under the feature of Settlement Option. The benefit can also be availed in a combination of lump sum and instalment option.
If 5 years of the plan are completed, the policyholder can also avail the facility of partial withdrawals which should be a minimum of Rs.5000
4 free annual switches are available
Eligibility Details
Minimum | Maximum | |
Entry Age of policyholder | 18 years | 55 years |
Entry Age of beneficiary | 90 days | 17 years |
Policy Term | 10, 15 or 20 years | |
Premium amount | Rs.18, 000 | Rs.2 lakhs |
Sum Assured | 10 times the annual premium | |
Premium Payment Term | Equal to plan tenure | |
Premium payment frequency | Annual, half-yearly, quarterly or monthly |
A traditional money back child education plan to safeguard the child’s future. The features and benefits of the plan are as follows:
The plan participates in the profits of the company by way of earning bonuses
20% of the Sum Assured is paid as survival benefits in the last 3 years of the policy
Simple reversionary bonuses accrue from the 3rd policy year and thereafter till the end of the term
In case of death of the insured during the tenure of the plan, a benefit higher of 10 times the annual premium or base Sum Assured or minimum guaranteed Maturity Sum Assured or 105% of all premiums paid till the date of death is payable along with the vested reversionary bonuses. All future premiums will be waived off but the plan continues. Survival benefits are paid in the last three years of the plan as and when they accrue. When the term expires, i.e. on maturity, the Maturity Sum Assured including the reversionary bonuses accrued post death and any Terminal Bonus is paid to the nominee
On maturity, the Maturity Sum Assured including the reversionary bonuses accrued and any Terminal Bonus is paid to the nominee
Loans are available up to a maximum of 90% of the Special Surrender Value
Tax relief is available on premiums paid as well as the claim amount received under Sections 80C and 10(10D) respectively
Eligibility Details
Minimum | Maximum | |
Entry Age | 20 years | 45 years |
Maturity Age | - | 69 years |
Policy Term | 12 years | 24 years |
Premium amount | Rs.18, 000 | Rs.42, 44, 482 |
Sum Assured | Rs.212, 040 | Rs.5 crores |
Premium Payment Term | Equal to policy tenure | |
Premium Paying Frequency | Yearly, half-yearly, quarterly or monthly |
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
Click New Quotes to compare
Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
Fill in your name, email address, city, country code, and mobile number. Click Continue.
You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
This will take you to the insurer’s website. Fill in the necessary details to buy the plan.
The amount of child plan coverage needed may vary from person to person. There are many factors that affect this like socio-economic status of the family, income of the parents, number of children in the family, other insurance plans already purchased, etc. So before you buy a child plan for your son or daughter’s future, make sure you assess the requirements properly. A staggeringly large number of people buy insurance that is either too low or too high. Don’t make that mistake and opt for the correct amount of child plan coverage.
Of course it does! Parents raise their children in a particular way and this depends greatly on their socio-economic background. Children from very affluent families may go to the most expensive private schools and colleges. However children from lower middle class families may only go to government run schools and colleges that charge considerably less. As a result, to meet the various educational costs, the coverage amounts also vary.
It is very obvious that the higher the number of children, the higher coverage you will require. A person who has only one child will require half the cover amount of a person who has two children. Of course the parents of an only child may want to create a large fund for her and so that fund may even exceed the fund created by a parent of two children. But on an average, you need to have a coverage amount that is sufficient to provide for the needs of all your children together.
A life insurance policy and a child plan are completely different. A life insurance policy would terminate once you die, but a child plan would continue till the time you had originally wanted it to continue, even after your death. So a child plan is of utmost importance as it continues to cover your child even if you die suddenly. As a result, having a life insurance policy should not prevent you from buying a child plan. However, if you have a large life insurance plan, then you can have a smaller child plan simply because a portion of the life insurance money can be used for the child’s future as well. But do not make the mistake on relying on that alone.
For this, you need to keep the following in mind:
Age of the child – The younger she is, the more number of milestones she will have left in life and so you will have to plan for and cover all of them.
Specific goals – You need to see if you or your child has any specific goals like studying in a particular university, going abroad, starting a business, having a theme wedding, etc. If any such goals are present, you would need extra coverage.
Financial health of the family – If the financial situation of the family is not very strong with loans, etc to repay, you need to have appropriate child plan coverage. You must ensure that even if the family’s finances get tested, the situation must not affect the child and her education in any way.
For online premium payment, login to your account with Client ID and password, and click on the ‘Pay Premium’ tab for completing the process.
Once all the required documents are submitted (list of documents can be found on the website) and the same is verified the claims are settled within 30 days of receipt of the same.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
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