PNB MetLife Saral Jeevan Bima

Besides, it allows for some customisation flexibility. Buyers can tailor the plan to suit their needs and thereby select the desired tenure of premium payment, coverage amount, and mode of payment.

PNB MetLife Saral Jeevan Bima - An Overview

PNB Saral Jeevan Bima plan is a basic term insurance scheme designed by PNB MetLife Insurance under the insurance regulatory guidelines of IRDAI (Insurance Regulatory and Development Authority of India). This, commonly known as PNB Saral Jeevan Bima, delivers the same features and policy clauses across different insurance companies.

The plan gives a death benefit ranging between 5 lakh and 50 lakh and is a means of protecting the family's financial future in the event of your sudden death. You could go for a one-time payment, limited payment for a specified period (5 or 10 years) or even regular premiums based on your income and other needs. PNB Saral Jeevan Bima offers the facility of purchase online as well as offline, which makes it very easily available. Saral Jeevan Bima PNB MetLife is a combination of the benefits of simplicity, affordability and the joint legacy of the trusted Punjab National Bank and MetLife.

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:

• PNB MetLife Saral Bima Yojana is especially available for Policybazaar’s customers and can be purchased online without income proof and medical examinations.

• PNB Saral Jeevan Bima plan can be availed by all individuals irrespective of their gender, place of residence, educational 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 PNB MetLife Saral Bima Yojana 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.

PNB MetLife Saral Jeevan Bima Eligibility Criteria

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

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 how PNB MetLife Saral Jeevan Bima works 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 PNB MetLife Saral Jeevan Bima 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 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 premium payment 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.

Waiting Period

There is a waiting period of 45 days from the date of commencement of the risk. Such a waiting period is applicable only in case of the policyholder's illness or disability. If death occurs because of an accident, the waiting period is not imposed. In case of revival of the policy, the waiting period will not be a barrier either. An accident is defined as an event that happens suddenly, without our will and against our will. It should be caused by something external, visible, and violent that is beyond our control.

Nomination

If the Insurance Policy has been purchased under Section 6 of the Married Women's Property Act 1874, nomination under such Insurance Policy shall not apply. Still, if the Policy has not been purchased under Section 6, nominations shall be carried out as per the provisions of Section 39 of the Insurance Act, 1938 (from time to time).

Assignment

If the Insurance Policy has been purchased under Section 6 of the Married Women's Property Act, 1874, assignment under such Insurance Policy shall not apply. Yet, Assignment shall be made in accordance with the provisions of Section 38 of the Insurance Act, 1938 (as amended, if any).

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.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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