PNB MetLife Saral Jeevan Bima

PNB MetLife saral jeevan bima 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 pure risk coverage 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 suitability and choose the desired tenure of premium payment, coverage amount, and mode of payment. 

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₹20 Lacs Life Cover at just ₹372/month+
In case of your death, your family will receive fixed amount, tax free
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Key Features of PNB MetLife Saral Jeevan Bima Policy

Here is the list of key features of this Saral Jeevan Bima plan offered by PNB MetLife Insurance:

  • This plan is especially available for Policybazaar’s customers and can be purchased online without income proof and medical examinations.

  • 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 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.

  • This PNB MetLife insurance plan also allows customers to avail of tax benefits as per the prevailing tax laws.

  • The policyholder can pay the premiums through single, regular, or limited payment options.

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PNB MetLife Saral Jeevan Bima Eligibility Criteria

Let’s take a look at the eligibility criteria of the policy.

Eligibility Minimum Maximum
Entry age of Life Assured 18 years 44 years
Maturity Age 23 years 70 years
Policy Term 5 Yrs 40 yrs
Sum Assured Rs. 10 Lacs Rs. 50 Lacs
Payment Term
  • Single Pay
  • Regular pay – Equal to the policy term
  • Limited Pay – 5/10 yrs
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

Let us see the benefits offered under this PNB MetLife Term Insurance Plan:

  • Death Benefit
    In case of death after the end of the waiting period*

    • For Limited and Regular Pay:

      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 the 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 the 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 the demise of the life assured due to any pandemic like COVID-19.

      In case of death during the waiting period*

    • For accidental death in regular or limited pay:

      On accidental death of the policyholder, the higher of the following will be paid to the nominee:

      • 10 times of annualized premium

      • 105% of the premiums paid as on the date of death.

      • Absolute amount assured to be paid on death.

    • For accidental in single pay:

      On accidental death of the policyholder, the higher of the following will be paid to the nominee:

      • 125% of the single premium

      • Absolute amount assured to be paid on death

    • For death due to reason other than accident:

      In case the policyholder dies due to non-accidental reasons during the waiting period, 100% of the premiums (excluding taxes) will be paid to the nominee as a death benefit.

      * The waiting period for this plan is 45 days from the date of commencement of risk. In case of policy revival, the waiting period will not be applicable. 

  • Maturity Benefit
    As a pure term insurance plan, the PNB MetLife Saral Jeevan Bima plan offers no maturity benefit.

  • Tax Benefits

    You can claim term insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act of 1961.

How PNB MetLife Saral Jeevan Bima Works?

Let us understand this with an example:

Karan is a 40-year-old contractual painter who wants to secure his wife and child. He purchases a PNB saral Jeevan bima plan of Rs. 15 Lacs for a 20 year policy term. The insurer provides his family with financial protection during this term in exchange for the premiums paid on a regular basis. Unfortunately, Karan suffered an untimely death in the 7th policy year. In his absence, the insurer paid the entire sum assured to the nominee of the policy and the policy terminated. His wife used the 15 Lacs sum assured to pay for their rent, child’s fees, and other financial obligations.

Other Features of PNB MetLife Saral Jeevan Bima Plan

  • Surrender Value
    There is no surrender benefit offered under the policy.

  • Policy Loan
    Policy Loan is not applicable for PNB MetLife Saral Jeevan Bima Plan.

  • Policy Lapse

    If the customer fails to pay the premiums during the grace period, the policy will go into lapse. This means that the policy will no longer cover the policyholder’s family in case of the policyholder’s death and will not provide them with any death benefits. 

  • Policy Revival

    Customers can revive their lapsed policies within 5 years from the date of their first unpaid premiums and before the maturity date of the policy. The policyholder needs to pay all the remaining premiums, applicable interest, proof of good health, and other documents that the insurer may require.

  • Policy Cancellation Value

    The policyholder can cancel their PNB Saral Jeevan Bima and receive the following amount in case of limited and single pay policies:

    70 percent x single premium/total premium x unexpired policy tenure / Total policy tenure

    For regular pay policies, no cancellation value will be payable.

  • 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.

  • Free-look Period
    A free-look period of 15 days is offered for offline policies (30 days for policies purchased online) by the insurance company from the date of receiving the policy documents 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 the life assured 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.

  • 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.

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