PNB MetLife 10 Years Plan

PNB MetLife has been an insurance provider to several Indians for decades and is a trusted company in the insurance sector. They have a multitude of 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 a period of 10 years. This plan guarantees that the policyholder and his loved ones do not need to compromise when uncertainties in life surround them.

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One of the key features of the plan is that it provides an insurance cover at an affordable price and covers the policyholder for 15 years, while premiums are payable only for 10 years.

Eligibility Criteria:

An eligibility criterion is put into place for the benefit of the company as well as the customers. A policyholder must fulfil the below-mentioned criteria in order to be considered eligible for the PNB MetLife 10 Year Plan. 

  • 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.

Salient Features of PNB MetLife 10 Year Plan

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

  1. Death Benefit

    The Sum Assured, any reversionary bonuses that might have been accumulated by the policyholder, and terminal bonuses are payable to the nominee of the policyholder as part of the death benefit of the plan.

  2. 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.
  3. Policy Term

    • The policy has a term of 15 years.
  4. Premium Paying Term

    The policyholder is expected to pay premiums for a period of 10 years. However, the coverage offered is for a period of 15 years.

  5. Premium Payment Mode

    The premiums may be paid on a yearly, semi-yearly, or monthly basis. The policyholder may also pay premiums through the Payroll Savings Program.

  6. Maturity Benefit

    In the event that 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.
  7. Simple Reversionary Bonus

    The policyholder will begin to amass this bonus 3 year 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 of the policy, or surrender of the policy after it has been completed 3 years.

    If the policy lapses or the policyholder dies, the simple reversionary bonus will automatically cease.

  8. 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 death of the policyholder or maturity of the policy.

  9. 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.

  10. Tax Benefits

    The policyholder may avail tax benefits on the policy in accordance with the governmental taxation laws.

    *Tax benefit is subject to changes in tax laws. Standard T&C apply.

Advantages:

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

  • One of the significant advantages of investing in the plan is that the policyholder is covered for 15 years while premiums are only paid for 10 years.
  • The policyholder can be assured that this is a long-term investment as the Sum Assured and Bonus received on maturity are payable as lump-sum amounts.
  • The premiums are pocket-friendly and affordable.
  • In the event that the policyholder dies before the policy has completed its term, the beneficiaries will receive the entire Sum Assured along with any accumulated bonus.

The Process to Purchase the 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: Locate the official company website.

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 menu.

Step 5: Once the customer has selected the policy, he will have to enter his username and password to log in to his account.

Step 6: He can then purchase the policy by making an online payment.

Documents Required:

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 customer
  • Medical History of customer
  • Any other KYC documents that may be requested

Key Exclusions

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.

In the event that 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.

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Written By: PolicyBazaar
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