PNB Metlife Super Saver Plan

What is the PNB Metlife Super Saver Plan?

The PNB Metlife Super Saver Plan is an individual, non-linked, participating, savings, and life insurance plan designed to help you achieve your financial aspirations and protect your family. As you embark on your career journey, this plan allows you to accumulate savings systematically while providing long-term financial security. The plan also includes a waiver of premiums benefit, ensuring that your savings goals are not compromised in the event of critical illness or unforeseen circumstances.

Features of PNB Metlife Super Saver Plan

Below are the features of the PNB Super Saver Plan: 

• Financial Strength and Goal Achievement: This investment plan helps you accumulate a substantial sum of money over time, enabling you to achieve your financial aspirations.

• Savings and Family Care: The Savings + Family Care option provides dual benefits. It ensures long-term savings for your future while also offering financial protection for your family. In the unfortunate event of the policyholder's death, the maturity benefit is paid as scheduled, and no further premiums are required.

• Critical Illness Protection: With the Waiver of Premium benefit on critical illnesses, you can safeguard your financial goals in case of an unexpected health challenge. If diagnosed with a covered critical illness, the insurer will waive future premiums, allowing you to focus on your recovery.

• Retirement Security: PNB Metlife Super Saver Plan can help you build a financial safety net for your retirement years. By investing regularly, you can create a corpus that provides a steady income stream during your golden years.

Eligibility Criteria for PNB Metlife Super Saver Plan

Benefits of PNB Metlife Super Saver Plan

Below are the benefits of the PNB Super Saver Plan: 

• Maturity Benefit: Upon maturity, you receive a lump sum payment consisting of the sum assured, reversionary bonuses (if declared), and a terminal bonus (if declared). The payout option you choose will determine how these benefits are distributed.

• Flexible Premium Payment Terms: You have the flexibility to select a premium payment term that suits your financial situation. Options include 5, 7, 10, 12, or 15 years.

• Bonus Payout Options: The plan offers two bonus payout options:

  • Accumulation: Reversionary bonuses, if declared, are accumulated throughout the policy term and paid out in a lump sum at maturity.

  • Liquidity: Reversionary bonuses, if declared, are accrued during the premium payment term and paid out at maturity. Additionally, cash bonuses, if declared, are paid annually after the premium payment term.

• Comprehensive Protection: The PNB Metlife Super Saver Plan provides you with life cover for the entire policy term, ensuring your family's financial security even in your absence. The "Savings + Family Care" option offers additional protection, with no future premiums payable after your death. Moreover, the "Savings + Health Care" option provides a waiver of premium benefits for 35 critical illnesses.

• Additional Riders: You can enhance your coverage by purchasing optional riders like accidental death and serious illness riders at an additional cost.

• Tax Benefits: This PNB investment plan may offer tax benefits on premiums paid and benefits received, subject to prevailing tax laws.

Riders Under the PNB Metlife Super Saver Plan

Policy Details of PNB Metlife Super Saver Plan 

Below are the policy details of PNB Super Saver Plan: 

• Loans: You can avail of a loan once your policy acquires a Surrender Value. The maximum loan amount is 90% of the Special Surrender Value minus unpaid premiums and interest. The current interest rate is 10.5% p.a., reviewed annually based on the 10-year G-Sec rate.

• Grace Period: A grace period of 30 days (15 days for monthly payments) is allowed for paying overdue premiums.

• Revival: Lapsed policies can be revived within 5 years by paying outstanding premiums with 8% interest. Accrued bonuses will also be revived. Surrendered policies cannot be revived.

• Termination: The policy terminates upon policy surrender, expiry of the revival period, free-look cancellation, or upon death/maturity claim.

• Free Look Period: If unsatisfied, you may cancel the policy within 15 days (30 days for distance marketing) of receipt for a refund of premiums.

• Waiting Period: Under the Savings + Health Care option, there’s a 90-day waiting period for premium waiver benefits. The death benefit is paid to the nominee if death occurs during this period.

Exclusions Under PNB Metlife Super Saver Plan

If the Life Assured commits suicide within twelve months from the date the risk begins or from the date of policy revival, the nominee or beneficiary will receive either 80% of the total premiums paid up to the date of death or the available surrender value, whichever is higher, as long as the policy is active. No interest will be paid on this amount.