PNB MetLife Guaranteed Income Plan

The PNB MetLife Guaranteed Income Plan is an individual, non-linked, non-participating, savings life insurance that guarantees income returns ranging from 11% to 13% of the sum assured. The policy ensures the accumulation of a person’s savings and its gradual growth to support the needs of the life insured and their family in the future.

It is an endowment policy that provides additional economic gains to support different goals of a person’s life. Total guaranteed benefits of the PNB MetLife Guaranteed Income Plan can go up to 185% of the Sum Assured. The plan also guarantees protection against sudden financial losses or emergencies.

Eligibility Criteria of PNB MetLife Guaranteed Income Plan

The table below shows the eligibility criteria of PNB MetLife Guaranteed Income Plan:     

Parameters

Age (in years)

Policy Term

Premium Payment Type

Entry Age (Minimum)

8

10

5 Pay

3

15

5 Pay

3

15

7 Pay

3

20

10 Pay

3

20

12 Pay

Entry Age (Maximum)

60 years

Maturity Age (Maximum)

70

10

5 Pay

75

15

5 Pay

75

15

7 Pay

80

20

10 Pay

80

20

12 Pay

Premium Payment Mode

Monthly/ half-yearly/ Yearly

Sum Assured (Minimum)

Sum Assured (Rs)

 

Premium Payment Type

Rs 4 lakh

 

5 Pay

Rs 2 lakh

 

7 Pay

Rs 1.5 lakh

 

10 Pay

Rs 1.5 lakh

 

12 Pay

Sum Assured (Maximum)

Underwriting Policy as approved by the Board

Benefits of the PNB MetLife Guaranteed Income Plan

The following are the key benefits of PNB MetLife Guaranteed Income Plan:

Choice of Premium Payment

The policyholder can choose between 5, 7, 10, and 12 years of premium payment.

Guaranteed Income Benefit

A percentage of Basic Sum Assured will be payable as a benefit on certain policy anniversaries according to the income benefit chart.

Guaranteed Maturity Benefit

On survival of the policyholder till the end of the policy term, the maturity benefit is payable as follows:

  • 30% of Basic Sum Assured for 10-year Policy Term
  • 35% of Basic Sum Assured for 15-year Policy Term
  • 55% of Basic Sum Assured for 20-year Policy Term

Death Benefit

Sum Assured on death is payable upon the demise of the policyholder.

Tax Benefits

The policyholder is eligible for tax benefits under the Income Tax Law of 1961. 

Note: Tax benefits are subject to change according to tax laws

Premiums for PNB MetLife Guaranteed Income Plan

The PNB MetLife Guaranteed Income Plan premium can be paid monthly, half-yearly, or yearly for 5, 7, 10, or 12 years. 

  • The minimum annual premium is – 
    • Rs 52,900 for 10-year policy term with 5-year premium pay
    • Rs 76,656 for 15-year policy term with 5-year premium pay
    • Rs 23,864 for 15-year policy term with 7-year premium pay
    • Rs 16,666 for 20-year policy term with 10-year premium pay
    • Rs 12,357 for 20-year policy term with 12-year premium pay
  • The maximum annual premium is decided according to Board approved underwriting policy.

Additional riders for PNB MetLife Guaranteed Income Plan

The policy offers the following riders to protect against unforeseen circumstances:

  • PNB MetLife Accidental Death Benefit Rider Plus: Protects the policyholder's accidental death over and above the death benefit.
  • PNB MetLife Serious Illness Rider: Provides protection in case the policyholder is diagnosed with any of the critical illnesses listed in the rider list.

Documents Required to Buy PNB MetLife Guaranteed Income Plan

To buy PNB MetLife Guaranteed Income Plan, the following documents are required: 

  • Government IDs and other necessary documents to be submitted as identity proof and address proof
  • Self- attested and completed copy of the policy application
  • Passport-sized photograph of the applicant

How to Buy PNB MetLife Guaranteed Income Plan Online?

Online PNB MetLife Guaranteed Income Plan purchase can be done as follows:

  • Visit the PNB MetLife website
  • Fill out the necessary details on the application form.
  • Locating the nearest PNB MetLife office, schedule a meeting with an advisor and finding their toll-free contact number is also possible online regarding any purchase queries. 

Exclusions of PNB MetLife Guaranteed Income Plan

The PNB MetLife Guaranteed Income Plan states suicide as an exclusion. In the unfortunate event of death by suicide of the life insured within 12 months from the date of commencement or revival of the policy, 80% of the total premium paid till death or surrender is payable to the nominee or beneficiary. This sum shall not include any interest from PNB MetLife. 

FAQs

Written By: PolicyBazaar - Updated: 30 March 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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