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PNB MetLife Launches 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.

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.

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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