PNB MetLife ULIP Plans

PNB Metlife Life Insurance Company comprises of numerous stakeholders some of which include Metlife International Holdings LLC, Punjab National Bank Limited, Jammu and Kashmir Bank Limited and M. Pallonji and Company Limited among others. The company being the major alliance between Metlife International Holdings, one of the pioneer insurance companies of the world and Punjab National Bank boasts of expertise in both the insurance sector and financial sector.

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Top PNB MetLife ULIP Plans

Fund Name
Fund Size
NAV
5 Year
7 Year
10 Year
PNB MetLife ULIP Plans Flexi Cap
1,022 Cr
35.42 -0.21%
11.29%
10.51%
13.26% Highest Returns
13.26% Highest Returns
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Fund Name
Fund Size
NAV
5 Year
7 Year
10 Year
PNB MetLife ULIP Plans Virtue II
1,252 Cr
44.99 -0.22%
15.99%
13.68%
16.45% Highest Returns
16.45% Highest Returns
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Fund Name
Fund Size
NAV
5 Year
7 Year
10 Year
PNB MetLife ULIP Plans Balancer II
558 Cr
28.87 -0.13%
8.87%
8.97%
10.19% Highest Returns
10.19% Highest Returns
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Fund Name
Fund Size
NAV
5 Year
7 Year
10 Year
PNB MetLife ULIP Plans Protector II
797 Cr
24.3 -0.07%
5.04%
7.27% Highest Returns
6.98%
6.98%
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PNB MetLife ULIP Plans Preserver II
79 Cr
23.64 -0.06%
5.47%
7.04% Highest Returns
6.85%
6.85%
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The company caters to the customer’s needs through a presence across 8000 locations including banks and other financial institutions besides the insurer’s own branches. The range of products offered by PNB Metlife include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

What are ULIPs?

Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIP are as follows:

  • The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund.
  • Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc.
  • Insurance coverage depends on the amount of premium paid
  • The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value
  • Switching option is available which enables the policyholder to switch his investment between funds

Types of PNB Metlife ULIP Plans

PNB Metlife Life Insurance Company offers different types of unit linked insurance plan to its customers. Let us take a look at the different plans offered by the company and the features and benefits of each plan in details

  • Metlife Smart Platinum Plan
  • Metlife Easy Super
  • Metlife Dhan Samriddhi
  • Metlife Smart One Plan
  • MetLife Smart Child Plan
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Metlife Smart Platinum Plan

  • The premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure.
  • The Sum Assured can be increased or decreased subject to certain terms and conditions
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • On maturity, when the policyholder reaches 99 years of age, the Fund Value is payable
  • The premiums net of charges can be either invested in a choice of 6 funds or invested under the Automatic Asset Rebalancing Strategy
  • Under the strategy, the net premium is invested in a specified ratio in the Flexi Cap Fund and Protector II Fund at a specified chosen ratio. The ratio rebalances itself if the fund value exceeds the prescribed ratio.
  • Under the Self-Managed Option, the policyholder manages his investments himself and he has a choice of 6 investment funds to choose from namely Protector II, Preserver II, Balancer II, Flexi Cap, Virtue II, Multiplier II.
  • Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000
  • 4 free annual switches are available and also the feature of premium redirection is available to redirect future premiums to a new fund than the actual chosen one
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

70 years

Policy Term

100-age at entry

Premium amount

Rs.30, 000

No limit

Sum Assured

Depends on the age of the policyholder

Premium Payment Term

Equal to policy term or 5 or 10 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

Metlife Easy Super

  • On maturity, the Fund Value is payable which can either be taken in lump sum or in instalments post maturity under the Settlement Option feature
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • The premiums net of charges can be either invested in a choice of 6 funds or invested under the Automatic Asset Rebalancing Strategy
  • Under the strategy, the net premium is invested in a specified ratio in the Flexi Cap Fund and Protector II Fund at a specified chosen ratio. The ratio rebalances itself if the fund value exceeds the prescribed ratio.
  • Under the Self-Managed Option, the policyholder manages his investments himself and he has a choice of 6 investment funds to choose from namely Protector II, Preserver II, Balancer II, Flexi Cap, Virtue II, Multiplier II.
  • Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000
  • 4 free annual switches are available and also the feature of premium redirection is available to redirect future premiums to a new fund than the actual chosen one
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

60 years

Policy Term

15 and 20 years

Premium amount

Rs.12, 000

Rs.120, 000

Sum Assured

10 times the annual premium

Premium Payment Term

Equal to policy term

Premium Paying Frequency

Yearly

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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Metlife Dhan Samriddhi

A unit linked plan with single pay option. The features and benefits of the plan are as follows:

  • Premium under the plan is payable once at the commencement of the plan under the Single Pay option of premium payment.
  • Premium paid net of charges is invested in a choice of 6 funds namely Protector II, Preserver II, Balancer II, Flexi Cap, Virtue II, Multiplier II.
  • Loyalty Additions are paid at the policy maturity @0.5% of the fund value if the premium is equal to and above Rs.10 lakhs
  • On maturity, the Fund Value is payable which can either be taken in lump sum or in instalments post maturity under the Settlement Option feature
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000
  • 4 free annual switches are available
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

8 years

70 years

Policy Term

10 years

Premium amount

Rs.5 lakhs

No limit

Sum Assured

5 times the single premium in the first year and thereafter 1.25 times the single premium paid

Premium Payment Term

Single Pay 

Metlife Smart One Plan

  • Premium under the plan is payable once at the commencement of the plan under the Single Pay option of premium payment.
  • The premiums net of charges can be either invested in a choice of 6 funds or invested under the Automatic Asset Rebalancing Strategy
  • Under the strategy, the net premium is invested in a specified ratio in the Flexi Cap Fund and Protector II Fund at a specified chosen ratio. The ratio rebalances itself if the fund value exceeds the prescribed ratio.
  • Under the Self-Managed Option, the policyholder manages his investments himself and he has a choice of 6 investment funds to choose from namely Protector II, Preserver II, Balancer II, Flexi Cap, Virtue II, Multiplier II.
  • Loyalty Additions are added from the 6th policy year to the 10th policy year @0.4% to 1% of the fund value depending on the amount of premium paid
  • On maturity, the Fund Value is payable which can either be taken in lump sum or in instalments post maturity under the Settlement Option feature
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000
  • 4 free annual switches are available
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

3 months

65 years

Maturity Age

18 years

75 years

Policy Term

10 years

20 years

Premium amount

Rs.18, 000

Rs.5 lakhs

Sum Assured

5 times the single premium in the first year and thereafter 1.25 times the single premium paid

Premium Payment Term

Single Pay 

MetLife Smart Child Plan

Applying for a Unit Linked Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For ULIPs through PolicyBazaar

    • On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
    • Click New Quotes to compare and choose from top insurance providers.
    • Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
    • Fill in your name, email address, city, country code, and mobile number. Click Continue.
    • You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
    • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
    • You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
    • This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

To know about Term Insurance  check at  PNB Metlife Term Insurance

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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

PNB MetLife ULIP Plans - FAQ

  • Q1. How to pay premium? What are the modes of payment available?

    Ans:. PNB Metlife provides the following modes for paying premium:
    • Online mode
    • Cheque deposit at branch office
    • Through courier
    • Drop Box facility
    • ECS or Auto Debit facility

    For online premium payment, login to your account with Client ID and password, and click on the ‘Pay Premium’ tab for completing the process.

  • Q2. How can I check policy status for PNB MetLife ULIP plans?

    Ans:. You can check your policy status by login in with your User ID and password on the e-portal. There is a policy details tab, wherein the status of the policy can also be checked.
  • Q3. What is the policy renewal process for PNB MetLife ULIP plans?

    Ans:. You need to submit the required documents along with renewal form at any of the nearest PNB Metlife branches in your city.
  • Q4. What is the company’s process to settle claim for PNB MetLife ULIP plans?

    Ans:. The company’s claim policy requires you to intimate the company about the claim policy by letter, fax, or email.
    • Directly through any of the PNB Metlife branch offices
    • Through Advisors
    • Through claims department in the head office
    • Through regional service team

    Once all the required documents are submitted (list of documents can be found on the website) and the same is verified the claims are settled within 30 days of receipt of the same.

  • Q5. What is the policy cancellation process for PNB MetLife ULIP plans?

    Ans:. The company’s cancellation process requires you to duly fill and submit a surrender form along with policy documents to any of the PNB Metlife branches in your city. After receiving the documents and the necessary amount for cancellation, the policy will be cancelled on record for the particular policyholder.
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