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PNB MetLife Super Saver Plan

PNB MetLife Insurance is among the best private life insurers of India for the fiscal year 2019 as per CRISIL. The company has launched a new participating, non-linked life insurance plan, known as PNB MetLife Super Saver Plan. In a few decades, the economy of India has gone up at a rapid pace and the disposable salary of a common Indian has increased significantly. In this way, with improved lifestyle and increased income, people are planning to invest in their life goals.

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One of the policies that PNB MetLife Insurance Company has launched is PNB MetLife Super Saver Plan. This policy is designed to save for their goals of life regularly. The coverage of life insurance with a premium waiver option safeguards the policyholder's family in a situation of unfortunate death of the policyholder. In addition to this, plan comes with a cash bonus feature that offers intermediate liquidity. In this way, this plan provides a dual benefit of wealth creation and protection.  

Talking about the launch, PNB MetLife’s Head of Products Mohit Garg, said that PNB MetLife has designed its products in a way that it caters to different financial requirements of its customers. To help its customers in different life stages, the company has launched various Family protection, child education, retirement, and long-term savings products. The Super Saver product of PNB MetLife addresses various uncertainties of life and hence offers dual benefits of wealth creation and life insurance.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

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Features of PNB MetLife Super Saver Plan

The key features of this plan are:

  • Flexible Option of Premium Payment: The plan offers premium payment option of five, seven, 10, 12, or 15 years.
  • Guaranteed Maturity Benefit: This plan provides sum assured upon maturity as a lump sum on the end of the term of the policy.
  • Flexibility for Selecting Options of Bonus Payout:
    • Accumulation: Provides simple revisionary bonus, however, if there is any, it is accumulated across the term of the policy and it is paid upon maturity or
    • Offers Liquidity via Cash Bonuses: Offers a simple revisionary bonus, if there is any, then it grows during the term of premium payment and paid at the time of maturity with a cash bonus, it is paid every year after completion of the premium payment term.
  • Protection:
    • The plan provides life cover for the entire term of the policy.
    • The future protection of the family even at the time of unfortunate death of the policyholder without the payment of the future premiums after policyholder’s demise through the option of ‘Savings + Family Care’.
    • Additional cover is provided through serious illness riders and premiums that are paid at a very nominal cost.
    • Financial goal protection against illness with a premium waiver on 35 illnesses that are considered 'Critical'.
  • Benefit on Tax: Tax benefits are available on the paid premiums and the benefits that one receives according to existing tax laws.

What does it cover?

PNB MetLife Super Saver Policy accumulates the savings of the policyholder and offers financial protection for the long term to the family of the policyholder. Also, it as well offers a waiver of premium for ensuring that policyholder’s goals are not compromised in the situation of untimely demise or critical illness.

  • The policyholder gains financial strength for fulfilling his/her goals and aspirations.
  • This plan safeguards the financial requirements even after retirement.
  • Safeguards the goals of the policyholder from his/her unexpected illnesses when benefits of maturity are paid according to schedule after the demise of the life assured and hence no future premiums are paid after the death.
  • Ensures the financial protection for the protection of the family of the policyholder with family cover + savings option in which maturity benefit is given as per the schedule even after the life insured dies and the family/ nominee does not have to pay the premium after the death of the policyholder.

Product Benefits

The benefits of PNB MetLife Insurance Super Saver Plan are:

  • Option to Save: Under this option, one gets a lump sum benefit upon the maturity or death of the policyholder. Here, the benefit of the lump sum is the sum of the basic sum assured, accumulated simple revisionary benefit, and if there is any terminal bonus.
    • Family Care + Savings Option: Addition to the option of the savings, the plan also offers family care benefits. Under this benefit, the family/ nominee does not have to pay the remaining premium in the situation of the death of the policyholder. In addition to this, the maturity benefits will be paid as per they are mentioned in the Maturity Benefit Section.
    • Savings Plus Health Care Option: With savings option, this feature offers premium waiver upon critical illness occurrence. In this case, all the future premiums are waived off if any of the mentioned 35 critical illnesses occur to the policyholder.
  • Option for Bonus: The insured has the option to select the below-mentioned bonus at the time of policy inception:
    • Accumulation: The revisionary bonus, if there is any will be accumulated throughout the term of the policy death or maturity of the policy, whichever occurs first. For savings plus family care features, after the insured's death, the maturity benefit will be paid along with Revisionary Bonus.  
    • Liquidity:
      • Any accumulated simple revisionary bonus during the term of premium payment and is paid upon death or at the maturity date, whichever occurs early.
      • If there is any cash bonus, then it will be paid at the end of the year of policy and after the premium payment term expires till the death or maturity date of the policy, whichever comes first.
    • Death Benefit: In the situation of the unfortunate death of the policyholder provided that the policy is still in the status of in-force:
      • If the policyholder has selected ‘Savings plus Healthcare’ option, then the beneficiary receives:
        • Sum assured on death and the acquired simple reversionary bonus, if there is any, with terminal bonus, which is subject to a minimum of 105% of all the premiums that one has paid upon the death date and the policy will be terminated.
      • If ‘Savings + Family Care’ option is selected, then the nominee will receive:
        • Sum assured upon death
        • All the future premiums, if any, that will otherwise have been payable in the base policy is waived off for the remainder of the payment of premium term and
        • Upon the policy term’s end, the following benefits are paid:
          • Sum Assured upon maturity and acquired a simple reversionary bonus if there is any.
          • Additionally, If Bonus option two – Liquidity is selected, the cash bonus, if any payout, if any, should continue to be paid till the time of maturity.
        • Maturity Benefit: If the policy is in-force status and all the due installment premiums are received by the company:
          • The maturity benefit payable is the sum of:
            • Acquired Simple Revisionary bonus, if any.
            • Sum assured upon maturity.
            • Terminus bonus, if there is any.

Eligibility

Specification of Product
Plan Options Option 1: Savings Option 2: Savings + Family Care Option 3: Savings + Health Care
Bonus Options Option 1: Accumulation Option 2: Liquidity
Maximum Entry Age
Plan Type Mode of Premium Payment
Annual Other
Savings 60 55
Savings + Health Care For PPT: 5,7,10 and 12 Pay – 55 years For Regular Pay and PPT 15 – 50 years For PPT: 5,7,10 and 12 Pay – 50 years For Regular Pay and PPT 15 – 45 years
Savings + Family Care 50 45
Minimum Entry Age
Plan Type Entry Age
Savings+ Health Care+ Family Care 18
Savings 0 (30 days)
Maximum Maturity Age
Plan Type Maturity Age
Savings 80
Savings + Health Care For PPT Five, Seven, 10 and 12 Pay: 75 For Regular Pay and 15 Pay: 70
Savings + Family Care 70
Policy Term (Years)
Premium Payment Term Maximum Policy Term Minimum Policy Term
Five and Seven 20 10
10 20 11
12 20 13
15 20 16
Regular Pay 10, 15, and 12
 
PPT (Premium Payment Term) Five, Seven, 10, 12, Regular Pay, 15 Years
Minimum Annualized Premium in Rupees
 PPT (Years) Premium (Rs.)
Five 50, 000
Seven 35, 000
Ten 25, 000
Regular Pay, 10, and 15 20, 000
Maximum Annualized Premium in Rupees As per the Basic Sum Assured accepted according to the Board’s approved underwriting policy
Maximum Sum Assured Based on the underwriting policy approved by the board.
Minimum Sum Assured (in Rs.) 2, 20, 000
Mode of Premium Payment Monthly/ Yearly/ Half Yearly

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