PNB MetLife is a pure term plan, which provides insurance coverage to the family of the life assured as a lump sum benefit in case of an unfortunate demise of the life assured during the policy tenure. As a non-linked non-participating pure risk coverage term plan, PNB Saral Jeevan Bima Plan ensures the financial security of the family and also offers flexibility. The buyers can customize the plan as per their requirement and suitability and choose the desired tenure of premium payment, coverage amount, and mode of payment.
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Saral Jeevan Bima Yojana
- PNB MetLife Saral Jeevan Bima
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
Reasons to Have PNB MetLife Saral Jeevan Bima Policy
- This plan can be availed by all individuals irrespective of their gender, place of residence, education qualification, and occupation.
- The customers have the option to select the policy term as per their suitability and requirement ranging from a minimum of 5 years to a maximum of 40 years.
- The policy can be purchased online in a simple and hassle-free way.
- Besides, creating a security net for the family, the buyers can also avail of tax benefits.
- The policyholder can pay the premiums through single, regular, or limited payment options.
PNB MetLife Saral Jeevan Bima Eligibility Criteria
Let’s take a look at the eligibility criteria of the policy.
| Eligibility | Minimum | Maximum |
| Sum Assured | Rs.5,00,000 (sum assured would be allowed only in multiple of Rs.50,000) | Rs. 25,00,000 (Subject to board approval underwriting policy) |
| Policy Term | 5 Yrs | 40 yrs |
| Payment Term | Single Pay Regular pay – Equal to the policy term Limited Pay – 5/10 yrs40 years |
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| Entry age of Life Assured | 18 years | 65 years |
| Min Premium | Single-Premium Payment Term - Rs. 7,793, Regular and Limited Premium Payment Term- Rs. 1, 576 per annum | Single-Premium Payment Term – Rs. 3, 29,200, Regular and Limited Premium Payment Term- Rs.1,03,038 |
| Maturity Age | 23 years | 70 years |
| Premium Paying Frequency | For Regular & limited pay: Annual, half-yearly & monthly ( only under ECH/NACH) For Single Pay: Lumpsum |
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PNB MetLife Saral Jeevan Bima Benefits
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Death Benefit
If the life assured, unfortunately, dies during the policy tenure, the nominee of the policy is entitled to receive the death benefit as the total sum assured amount. The death benefit for PNB MetLife Saral Jeevan Bima will be higher of the following:
- 10 times of annualized premium
- 105% of the premiums paid as on date of death.
- Absolute amount assured to be paid on death.
Annualized premium considered is the total amount of premium payable in a policy year excluding the taxes, underwriting extra premium, and loading for modal premiums, if any.
Premiums referred shall not include any extra amount chargeable under the policy due to underwriting decision.
For Single Pay:
- 125% of the single premium
- Absolute amount assured to be paid on death
The death benefit will also be payable to the beneficiary of the policy in case of demise of the life assured due to any pandemic like COVID-19.
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Maturity Benefit
As a pure term insurance plan, the PNB MetLife Saral Jeevan Bima plan does not offer any maturity benefit.
Other Features of PNB MetLife Saral Jeevan Bima Plan
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Tax Benefit
Based on the tax law applicable, the life assured can save on taxes by availing tax exemption on the premium paid towards the policy U/S 80C of the Income Tax Act. The tax benefits are subject to changes in the tax law. Thus, to get detailed information on tax/benefits implications it is advised to consult the tax advisor.
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Waiting Period
The waiting period of PNB MetLife Saral Jeevan Bima is 45 days from the date of commencement of risk. In case of policy revival, the waiting period will not be applicable. Death coverage due to an accident is offered only during the 45 days waiting period from the commencement of risk. In the case of demise of the life assured as a result of an accident during the waiting period then an amount equal to 100% of the premium paid excluding the taxes will be paid to the nominee and no sum assured amount will be paid.
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Surrender Value
There is no surrender benefit offered under the policy.
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Policy Loan
Policy Loan is not applicable for PNB MetLife Saral Jeevan Bima Plan.
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Grace Period
The insurer offers a grace period of 30 days in the case of yearly and half-yearly premiums and 15 days in the case of the monthly premium. Under the grace period, the policyholder can pay the due premiums in case he/she fails to pay the premium during the premium paying tenure. If the policyholder fails to pay the premium within the grace period then the policy will lapse.
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Free-look Period
A free-look period of 15 days is offered by the insurance company from the date of policy initiation during which, the policyholder can cancel the policy if he/she is dissatisfied with the terms and conditions of the policy.
Exclusions
Suicide Exclusion
- If a person insured whether insane or sane commits suicide within one year from the date of policy inception, the beneficiary/nominee will be entitled to receive 80% of the premium paid without interest provided by the policy in force or,
- From the date of policy revival, the beneficiary/nominee will be entitled to receive the amount higher of either policy cancellation value on the date of death or, 80% of the premium paid till the date of death.
- The full death benefit will be paid if the insured commits suicide after completion of 1 year of policy from the date of inception and the date of policy revival.
- The waiting period will not apply to the suicide clause. The benefit would be the same during the waiting period or post waiting period.
- For Regular & Limited Pay Policies, in case of death due to suicide within 12 months from the date of commencement of risk under the policy or the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to 80% of the total premiums paid till the date of death
- For Single Pay Policies, in case of death due to suicide within 12 months from the date of commencement of risk under the policy, the nominee or beneficiary of the policyholder shall be entitled to 90% of the Single Premium Paid only.
