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
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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:
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:
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 |
Online
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
Intermediaries
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
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.
Does the socio-economic status affect the coverage amount?
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.
How much child plan coverage to opt for if I have more than one child?
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.
How much child plan coverage to opt for if I already have a life insurance policy?
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:
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.