PNB MetLife Guaranteed Savings Plan

The PNB MetLife Guaranteed Savings Plan is a comprehensive investment plan designed to help you grow your savings, offer guaranteed returns, and provide life coverage. Whether you are planning for your child's education, buying a house, or building a retirement corpus, the PNB MetLife Guaranteed Savings Plan offers the flexibility to customise your savings on the basis of you affordability and needs and provides the option to choose your way of receiving maturity benefits.

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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:

Criteria Details
Entry Age Premium Payment Option Entry Age (in years)
5 Pay 8 – 60 years
7 Pay (12-year PT) 6 – 60 years
7 Pay (15-year PT) 3 – 60 years
10 Pay 3 – 60 years
Maximum Maturity Age Premium Payment Option Entry Age (in years)
5 Pay 70 years
7 Pay (12-year PT) 72 years
7 Pay (15-year PT) 75 years
10 Pay 80 years
Premium Payment Options Premium Payment Options Premium Payment Term (PPT) Policy Term (PT)
5 Pay 5 years 10 years
7 Pay 7 years 12 years
7 Pay 7 years 15 years
10 Pay 10 years 20 years
Options in Premium Payment Modes & Modal Factors Premium Payment Mode Modal Factors (to decide Premium)
  • Annually
1.0000
  • Half-Yearly
0.5131
  • Monthly
0.0886
Loan Against Plan
  • A loan facility is available against your policy once it has a Surrender Value
  • Maximum Amount of Loan: 90% of the Special Surrender Value of your policy
  • The interest rate on the loan is the prevailing rate of interest charged by PNB MetLife

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

People also read: pnb metlife small cap fund nfo

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

Scenario I: Mr Ram Survives till Maturity Period Scenario II: Mr Ram's unfortunate death during the 8th Policy Year
Sum Assured on Maturity = 130% of the Basic Sum Assured = 130% of Rs. 5,56,917 = Rs. 7,23,992 Sum Assured at Death = Higher of, (10× Annualised Premium) OR (105% of total Premium paid till the date of death) = Rs. 5,56,917
Guaranteed Additions = 10% of total premium payment during the PPT = Rs. 2,75,000 Guaranteed Additions as on Date of Death = Rs. 1,80,000
Total Maturity Benefits = Rs. 7,23,992 + Rs. 2,75,000 Total Benefits = Rs. 9,98,992 Total Death Benefits to the Nominee = Rs. 5,56,917 + Rs. 1,80,000 = Rs. 7,36,917

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

FAQ's

  • What is PNB MetLife Guaranteed Saving Plan?

    PNB MetLife Guaranteed Savings Plan is a non-linked, participating life insurance plan that helps you accumulate your savings while providing long-term financial protection for you and your family. It also provides you with accidental death and critical illness benefits.
  • What is the return of PNB MetLife guaranteed income plan?

    The PNB MetLife Guaranteed Income Plan is a non-linked, non-participating savings insurance-cum-investment plan that guarantees income returns ranging from 11% to 13% of the sum assured.
    The return on investment (ROI) of the plan will depend on the following factors:
    • The sum assured

    • The premium payment term

    • The age at entry

    • The policy term

  • What is the surrender value of the PNB MetLife guaranteed savings plan?

    The surrender value of the PNB MetLife guaranteed savings plan is the amount of money that you can get back if you cancel your policy before it matures.

    The surrender value is calculated based on the following factors:

    • The amount of premiums you have paid

    • The number of years you have been paying premiums

    • The current value of your policy

    For Example: 

    The surrender value of a PNB MetLife guaranteed savings plan is calculated in the following way:

    • You have paid premiums of Rs. 10,000 per year for 5 years

    • The current value of your Policy is Rs. 60,000

    • The surrender value of your policy is 75% of the current value, or Rs. 45,000

  • What are the advantages of a guaranteed savings plan?

    There are many advantages to investing in a guaranteed savings plan. Some of the key benefits include:
    • Guaranteed returns

    • Loan facility

    • Death benefit

    • Offers tax benefits u/ Sec 80 of the IT Act, 1961

    • Flexibility to choose the length of the plan, the amount of your monthly Premium, and the type of benefits you want to receive

    • Security of investment, as the insurance company backs the 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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