PNB Metlife – Met College Plan

PNB Metlife Met College Plan is a traditional insurance-cum-investment policy aimed towards meeting the future financial requirements of a child’s education. It is a participating policy dependent on the periodic bonuses declared by the insurer.

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Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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Key Features

  • Flexibility in saving options from 12 to 24 years

  • This policy provides a guaranteed fund for the child’s education for three policy years prior to the maturation of the policy.

  • Tax benefits are available under this policy under sections 80C and 10 (D) of the Income Tax Act.

Benefits

  • As a survival benefit, 20% of the Base Sum Assured is payable at the end of each policy year, for three policy years prior to policy maturity.

  • On the death of the policyholder, the beneficiary receives the following Death Benefits: (1) Death Sum Assured plus Accrued Simple Reversionary Bonus. (2) All future remaining premiums do not need to be paid even though the policy remains in force until maturity.

  • On maturation, the policy pays a guaranteed amount of 40% of Base Sum Assured plus accrued Simple Reversionary Bonus and Terminal Bonus if applicable.

  • The policyholder can avail of a policy loan that is a maximum of 90% of the Special Surrender Value of the policy at the end of the relevant policy year.

Product Specification:

  Minimum Maximum
Entry Age (Last Birthday) 20 years 45 years
Maturity Age (Last Birthday) - 69 years
Policy Term (PT) in years 12 years 24 years
Premium Paying Term (PPT) Regular
Premium Paying Frequency Yearly, half-yearly, quarterly, monthly and Payroll Savings Program
Yearly Premium Rs. 18000 Rs. 42,44,482
Sum Assured Rs. 2,12,040 Rs. 5 crores

Details About Premium

Annual premium in Rupees

Annual Premium (Rs.) Sum Assured (Rs.) Base Premium Age of policyholder Policy Term
18000 221400 18556 28 12 years
50000 615000 51545 28 12 years
100000 1908000 103090 28 18 years
250000 5320000 257725 28 20 years
360000 8427600 371124 28 22 years
420000 10684800 432978 28 24 years
18000 219600 18556 35 12 years
50000 610000 51545 35 12 years
100000 1876000 103090 35 18 years
250000 5210000 257725 35 20 years
360000 8218800 371124 35 22 years
420000 10365600 432978 35 24 years

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₹10,000/Month
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₹1 Crore*
*Standard T & C Apply

Policy Details

  • Grace Period: The policyholder has no more than 30 days to pay the unpaid premium. In case of monthly and Payroll Savings Program payments, the timeframe is 15 days. Failure to pay the premium within this timeframe causes the policy to lapse and it will be subject to non-forfeiture benefits.

  • Policy Termination or Surrender Benefit: The policy gets terminated on the earliest of the following: (1) the date on the which the policy is surrendered. (2) At the end of two years from the date that the policy lapsed; and (3) on the payment of maturity benefit in case the policy matures.

  • If all policy premiums have been paid for three policy years, then the policy acquires a Surrender value. This value is equal to the maximum of Guaranteed Surrender Value (GSV)and the Special Surrender Value (SSV). The GSV is based on a percentage of Total Premiums paid and the discounted value of accrued Simple Reversionary Bonus. The SSV depends on the then prevailing market conditions and is not guaranteed.

  • Free Look Period: The policy may be returned within a timeframe of 15 days on receiving the policy documents and on stating the reasons for the objections to the terms and conditions of the policy. The policyholder is then entitled to a refund of the premium minus a proportionate premium for the time on risk that the company has borne.

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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Inclusions

  • The policy acquires Paid Up Value if premiums are paid for a minimum of three policy years and no further due premiums are paid. It will then be eligible for a Reduced Paid Up Value.

  • The policyholder can reinstate a lapsed policy by submitting a written request within two years from the date of the first unpaid premium. Reinstatement is subject to sufficient evidence being provided of insurability to the company. Furthermore, the policyholder has to pay all due premiums and interest accrued up to the date of reinstatement.

People also read: pnb metlife small cap fund nfo

Exclusions

The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The same is applicable if the person insured commits suicide within one year from the date of last reinstatement.

Documents Required

The policyholder has to fill up an ‘Application form’ with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof.

*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
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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