PNB MetLife 10 Years Plan

What is the PNB MetLife 10-Year Plan?

PNB MetLife has been an insurance provider to several Indians for decades and is a trusted company in the insurance sector. They have many products that, like the PNB MetLife 10 Year Plan, are one. This plan is also known as PNB MetLife Bachat Yojana, and it holds investments for 10 years. This plan guarantees that the policyholder and their loved ones do not need to compromise when uncertainties in life surround them. One of the key features of the plan is that it provides insurance coverage at an affordable price and covers the policyholder for 15 years, while premiums are payable only for 10 years. If you want to compare, the PNB Met Mera term plan is a pure protection plan that doesn’t include savings but offers higher coverage at affordable rates.
If you prefer a pure protection plan instead, you can also explore the PNB MetLife Mera Term Plan, which offers high life cover without savings components, ideal for those focusing purely on family protection.

Eligibility Criteria of PNB MetLife 10-Year Plan:

An eligibility criterion is established to benefit the company and its customers. To be considered eligible for the PNB MetLife 10 Year Plan, a policyholder must fulfil the criteria mentioned below.  

• The minimum age at entry is 20 years.

• The maximum age at entry is 60 years.

• The maximum age at maturity is 75 years.

• The policy term is for 15 years.

You may also like to read about : Term Insurance

Key Features of PNB MetLife 10 Year Plan

The following are the key features offered under PNB MetLife 10-Years Plan:

• Coverage for 15 years while paying premiums for only 10 years, perfect for short-term payment commitment with long-term benefits.

• Lump-sum payout on maturity, including sum assured and bonuses.

• Affordable premium options that suit a wide range of income groups.

• Death benefit ensures the nominee receives the full sum assured along with any accumulated bonus in case of the policyholder’s demise.

• Eligible for loans against policy value after 3 years of premium payment.

Benefits of PNB Metlife 10 Year Plan

PNB MetLife 10 Year Plan is a non–linked, endowment–type plan. It is considered a good option for those looking for both long-term investment and life insurance. Below are the plan's features that make it a good investment.

• Death Benefit
  The Sum Assured, any reversionary bonuses that the policyholder might have accumulated, and terminal bonuses are payable to the policyholder's nominee as part of the plan's death benefit.

• Death Sum Assured
  The Death Sum Assured that is payable to the nominee on the death of the policyholder is calculated by determining whichever of the following is of highest value:

  • Annual premium multiplied by 10

  • Lowest Value of the Sum Assured at the time of maturity

  • Guaranteed Amount payable to the policyholder in case of his death

  • 105% of paid premiums

  • Whichever of the above values is highest gets converted into the Death Sum Assured.

• Policy Term
  The policy has a term of 15 years.

• Premium Paying Term
  The policyholder is expected to pay premiums for 10 years, but the coverage offered is for 15 years.

• Premium Payment Mode
  The premiums may be paid yearly, semi-yearly, or monthly. The policyholder may also pay premiums through the Payroll Savings Program.

• Maturity Benefit
  If the policyholder survives till the time of maturity of the policy, his maturity will be calculated by adding the following:

  • Base Sum Assured: Simple Reversionary Bonuses that have been amassed.

  • Terminal Bonus: The sum of these three values will constitute the Maturity Benefit.

• Simple Reversionary Bonus
  The policyholder will begin to amass this bonus three years after the initiation of the PNB MetLife 10-year Plan. This value is paid to the policyholder in the event of the policyholder's death, maturity, or surrender of the policy after it has been completed for three years.
  The simple reversionary bonus will automatically cease if the policyholder lapses or the policyholder dies.

• Terminal Bonus
  Once the PNB MetLife 10-year plan completes 5 years, it will accumulate the terminal bonus. This bonus is calculated as a percentage of the Simple Reversionary Bonus. It is paid in the event of the policyholder's death or maturity of the policy.

• Surrender Value
  Once the PNB MetLife 10-year plan has completed 3 years, the Surrender Value becomes available to be paid to the policyholder. It is determined by calculating the sum of the Guaranteed and Special Surrender Values. The policy, if surrendered, cannot be revived at a later date.

• Tax Benefits
  The policyholder may avail tax benefits on the policy per the governmental taxation laws.
  *Tax benefit is subject to changes in tax laws. Standard T&C apply.

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

How to Buy PNB Metilfe 10-Year Plan?

The PNB MetLife 10-year Plan may be purchased from the nearest PNB MetLife branch office or by requesting the company to send an advisor to the customer's home.

The following steps are to be undertaken by the policyholder to make an online purchase of the policy:

Step 1: Visit the official website of PNB MetLife.

Step 2: Click on the “Buy Insurance” tab.

Step 3: Locate the "Long Term Saving Solutions" tab and click on it.

Step 4: Select “PNB MetLife Bachat Yojana” from the drop-down menu.

Step 5: Once you have selected the policy, you will have to enter your username and password to log in to your account.

Step 6: Once done, you can then purchase the policy by making an online payment.

You can also contact a PNB MetLife advisor or visit the nearest branch to get personalized assistance and compare other plans like the PNB MetLife Mera Term Plan before finalizing your policy.

Documents Required To Buy PNB MetLife Bachat Plan :

Listed below are the documents required to purchase a PNB MetLife 10 year plan:

• Application/Proposal Form

• Proof of age of the customer

• Proof of residence

• Bank account details of the customer

• Medical History of the customer

• Any other KYC documents that may be requested

What are the Exclusions of the PNB MetLife 10-Year Plan?

If the policyholder commits suicide one year from the initiation of the policy, he will automatically be excluded from the policy. His nominees will not be liable to receive any death benefits except 80% of the premiums paid, excluding any interest.

If the PNB MetLife 10 Year Plan has been reinstated and the policyholder commits suicide within a year, only the GSV will be payable. The premiums will be reimbursed to the nominee, exclusive of any interest.

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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