PNB Metlife Bachat Yojana Plan

PNB Metlife  Bachat Yojana Plan is a traditional savings and investment plan that provides policyholders with the facility of long-term savings, thus enabling them to build a reasonably sized savings portfolio with affordable premiums.

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PNB Metlife  Bachat Yojana - Key Features  

  • The policy has a limited pay period of ten years, but coverage is provided for 15 years.
  • It is specifically designed for long-term savings with the added benefit of affordable premiums.
  • On maturity of the policy, the policyholder receives Sum Assured plus Bonus.  

PNB Metlife  Bachat Yojana - Benefits 

Maturity Benefits: If the insured survives till the maturity date, the he shall receive the Base Sum Assured plus accrued Simple Reversionary Bonus plus Terminal Bonus.

Death Benefits: In the event of the passing away of the person insured,

     Higher of, 

     Death Sum Assured + Accrued Reversionary Bonus + Terminal Bonus

     Or 105% of Premiums Paid.

     Simple Reversionary Bonus and Terminal Bonus are added to the policy from the start of the third policy year and continue until maturity.

Tax benefits are eligible under sections 80(C) and 10 (10D) of the Income Tax Act on purchase of the plan and the premiums paid for it. 

PNB Metlife  Bachat Yojana - Product Specification:




Entry Age (Last Birthday)

20 years

60 years

Maturity Age (Last Birthday)


75 years

Policy Term (PT) in years

15 years

Premium Paying Term (PPT) in years

10 years Limited Pay

Premium Paying Frequency

Annual, Semi-annual, Monthly and Payroll Savings Program

Yearly Premium

Rs. 6000

Rs. 23,999

Sum Assured

Rs. 64,800

Rs. 5 lakhs

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Details About Premium

Annual premium in Rupees


Annual Premium (Rs.)

Policy Term

Payment Mode

Base Premium (Rs.)

Sum Assured (Rs.)










Semi Annual






Monthly / PSP












Semi Annual






Monthly / PSP




PNB Metlife  Bachat Yojana - Policy Details 

Grace Period: If the insured fails to pay his monthly premiums, then he is allowed a grace period of 15 days. And, if the insured fails to pay his any other premium payment modes, then he shall be allowed a grace period of 30 days. The plan is subject to lapse if the insured fails to pay his premiums even within the grace period and is further subject to non forfeiture benefits. 

Policy Termination or Surrender Benefit: This policy acquires Surrender Value on the completion of three full policy years with the provision that all premiums were paid. The policy is terminated on occurrence of any of the following events: on payment of the Surrender Benefit, or Death Benefit or Maturity Benefit; after the end of 2 years from the date of lapse. 

Free Look Period: If the insured feel that he is not happy with any of the benefits provided by the plan, then he is free to cancel it within 15 days of receiving the policy documents. The insured is free to cancel his plan, after reviewing it by sending a documented notice stating the reason for dissatisfaction.  The company shall make refunds of all the premiums paid after making the required deductions of medical expenses, stamp duty charge, administration expenses and etc.

Additional Features or Riders 

  • A Policy loan facility can be availed, provided it does not exceed 90% of the policy's Special Surrender Value at the year end of the relevant policy year.
  • If the policyholder makes the premium payments for a minimum of 3 years and subsequently does not pay premiums thereafter, then the benefits under the policy shall be reduced proportionate which is called Reduced Paid-up Value.
  • Reinstatement of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the lapse. Sufficient evidence of insurability has to be provided to the company, and all due premiums and interest accumulated have to be paid at the time of reinstatement.
  • A surrendered policy is not eligible for reinstatement. 


Suicide: If the insured commits suicide within the first 12 months, then the company shall refund 80% of the premiums to his family. And, if the insured commits suicide, within 1 year of plan renewal, then the higher of the Surrender Value and 80% of the premiums paid till death shall be paid to the nominees of the insured. 

Documents Required

Below are the documents which are required to be insured under MetLife Bachat Yojana Plan:

  • Duly filled Application form/Proposal form
  • Age Proof
  • Bank Account Proof
  • Residential Proof
  • Other KYC documents; PAN Card, Adhaar Card, Tax Details etc
  • Past Medical History 

**The documents required are subject to the plan options and the sum assured chosen.

You may also like to read: PNB - MetLife Investment Plans

*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.
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