PNB MetLife Guaranteed Savings Plan

About PNB MetLife Guaranteed Savings Plan

PNB MetLife Guaranteed Savings Plan is a non-linked, non-participating, savings, life insurance plan. This savings plan offers guaranteed returns and a life cover for the entire policy term. You can establish a corpus to achieve your short- to long-term objectives. 

Also, you can choose to receive your benefits either as a lump sum or a guaranteed income. This investment plan also offers tax benefits on premiums paid and benefits received under the IT Act of 1961.

Features of PNB MetLife Guaranteed Savings Plan

The key features of PNB MetLife Guaranteed Savings Plan in detail are as follows:

• Plan offers guaranteed benefits that helps secure your future

• Flexibility to get benefits as guaranteed income or lump sum 

• Income payouts can be customized as per your needs 

• Option to increase your corpus with wealth additions and guaranteed additions 

• Secure the future of your family with life cover for whole policy tenure 

Eligibility Criteria of PNB MetLife Guaranteed Savings Plan

Let us learn the eligibility criteria to buy this best investment plan from the table mentioned below:

Benefits of PNB MetLife Guaranteed Savings Plan

The key benefits offered by PNB MetLife Guaranteed Savings Plans are as follows:

1. Guaranteed Benefits:

   This guaranteed return plan offers assured benefits such as:

   • Death benefit

   • Maturity benefit

   • Guaranteed additions

2. Flexibility:

   The policy offers a lot of flexibility in terms of the following factors:

   • Premium Payment Term for 5/ 7/ 10 years

   • Benefit Options

   • Riders Benefits

3. Maturity Benefits:

   At the end of the maturity period, you receive the following:Sum Assured on Maturity + Guaranteed Additions

   • Sum Assured on Maturity

   • For 5 Pay PPT = 70% of Basic Sum Assured on Maturity

   • For 7 Pay PPT = 100% of Basic Sum Assured on Maturity

   • For 10 Pay PPT = 130% of Basic Sum Assured on Maturity

   Guaranteed Additions

   • For 5 Pay PPT = 5% of Total Premiums Paid

   • For 7 Pay PPT = 7% of Total Premiums Paid

   • For 10 Pay PPT = 10% of Total Premiums Paid

4. Death Benefit

   You can select among the 2 multiple options for death benefit:

   • If age 45 years/ above: Multiple of 7× or 10×

   • If age < 45 years: Multiple 10×

   Sum Assured on Death is the higher of the following:

   • Multiple option × Annualised Premium 

   • 105% of Total Premium Payment till Date of Death

   • Basic Sum Assured

5. Life Cover

   • It provides a life cover for the entire policy term

   • The sum assured is payable on the death of the life assured, provided all due premiums have been paid

   • The choice to upgrade your protection for a small additional fee by adding Accidental Death and Serious Illness rider coverage

6. Rider Features

   The PNB MetLife Guaranteed Savings Plan offers the following riders:

   • Accidental Death Benefit Rider Plus: Death benefit of up to 100% of the rider sum assured

   • PNB MetLife Serious Illness Rider: A benefit of lump sum amount is paid in a multiple of the basic sum assured

7. Tax Benefits

   • The premiums paid are eligible for a deduction of up to Rs. 1.5 lakhs

   • Available u/ Section 80C of the Income Tax Act, 1961

   • The death benefit received is tax-free

   • The maturity benefit received is also tax-free, up to a limit of ₹2 lakhs

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How Does PNB MetLife Guaranteed Savings Plan Work? 

Here is how the PNB MetLife Guaranteed Savings Plan works:

Step 1: Choose a Premium Payment Term (PPT) and Policy Term (PT)

Step 2: You pay a regular premium during the PPT

Step 3: Guaranteed Additions at 10% of total premiums paid during the PPT are added to your policy each year

Step 4: On maturity of the policy, you receive the Sum Assured along with the accrued Guaranteed Additions

Step 5: In the case of your unfortunate demise, the insurance company pays your nominee a corpus as the death benefit

Premium Illustration of PNB MetLife Guaranteed Savings Plan

Mr Ram buys the PNB MetLife Guaranteed Savings Plan as per the following details:

• Age of Mr Ram: 30 years

• Premium Payment Term: 10 years

• Policy Term: 20 years

• Annual Premium Amount: Rs. 50,000

• Basic Sum Assured: Rs. 5,56,917

Policy Details of PNB MetLife Guaranteed Savings Plan

Let us learn the major terms and conditions involved in this plan:

1. Grace Period

   If you miss a premium payment, you have the following number of days to pay the Premium without any penalty or late fee:

   • Up to 15 days (for monthly premiums) or 

   • Up to 30 days (for all other types of premiums) 

2. Premium Discontinuance

   The plan offers two options for policyholders who discontinue their premiums:

   Policy Lapse:

   • The policy will lapse if the premiums are not paid for at least 2 consecutive years

   • When a policy lapses, the death benefit and maturity benefit will be forfeited

   • You can revive the policy within 5 years of lapse by paying a revival charge

   Paid-up:

   • If the premiums are not paid for more than  consecutive years, the policy will convert to a paid-up policy

   • A paid-up policy continues to provide coverage, but the death benefit and maturity benefit gets reduced

3. Policy Revival

   • You can revive a lapsed policy within five years of the due date of the first unpaid Premium

   • You will need to pay all outstanding premiums, plus interest and revival charges

4. Policy Surrender

   • If you decide to discontinue your policy altogether, you may surrender it for a surrender value

   • The surrender value is the amount of money that you will receive from the insurance company if you surrender your policy

5. Termination of Plan 

   The policy will expire on the earliest day of the following conditions:

   • On cancellation of Policy during Free Look Period

   • On payment date of Surrender Value Payment Date

   • After the Revival period expires, assuming the policy has not been restored and has not accrued any Paid-Up Value

   • Following the receipt of the death claim or maturity claim sum

Exclusion of PNB MetLife Guaranteed Saving Plan

Exclusions in Case of Suicide: 

• If the life assured dies by suicide within the first 12 months of the policy term, the death benefit will not be paid

• If the life assured dies by suicide after the first 12 months of the policy term, the death benefit will be paid in full