PNB MetLife Genius Plan

What is the PNB MetLife Genius Plan?

PNB MetLife Genius Plan is an individual, non-linked, non-participating child education savings plan with life insurance benefits offered by PNB MetLife. The returns are not linked to the market performance and are fixed by the insurer.

This investment plan is designed to help parents save for their child's future education while providing life insurance coverage. The PNB MetLife Genius Plan allows you to choose from two plan options depending on who the life assured is.

Plan Options under PNB MetLife Genius Plan

The two plan choices offered under this best investment option offered by PNB MetLife Insurance cater to different needs:

1. Future Secure Option:

   • The parent is both the Policyholder and the Life Assured.

   • If the parent (Life Assured) passes away during the policy term:

     • All future premium payments are waived.

     • A death benefit is paid immediately, as outlined in the policy.

     • Scheduled income benefits continue to be paid out on time.

2. Child Secure Option:

   • The child is the Life Assured, and the parent, grandparent, or legal guardian is the Policyholder.

   • If the child (Life Assured) passes away during the policy term:

     • The sum assured on death is paid immediately, and the policy ends.

   • If the Policyholder passes away during the policy term (while the child is still alive):

     • All future premium payments are waived.

     • Scheduled income benefits continue to be paid out on time.

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Features of PNB MetLife Genius Plan

• Guaranteed Benefits: Enjoy the peace of mind that comes with knowing your child's future is secured through guaranteed financial benefits.

• Flexible Savings for Key Milestones: Save for your child's significant life events, whether it's their primary or higher education, marriage, or a combination of these, all within a single plan.

• Assured Goal Achievement with Waiver of Premium on Death: Ensure your child's goals are met even if you are no longer around. With our built-in waiver of premium on death, the benefits continue without interruption.

• Protection Against Accidental Total Permanent Disability: Gain additional coverage in case of accidental total permanent disability by opting for the Waiver of Premium (WOP) on ATPD benefit.

• Boost Your Wealth with Incremental Income: Experience increasing income benefits with "Wealth Booster" additions, which grow at a rate of 5% every five years.

• Extra Benefits for Girls with Dhanlakshmi: Get a higher income benefit for your girl child under the Child Secure Option with the Dhanlakshmi benefit.

• Special Perks for PNB MetLife Customers: Existing customers of PNB MetLife Insurance Company Limited can enjoy additional benefits as part of this plan.

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Eligibility Criteria for PNB MetLife Genius Plan

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Benefits of PNB MetLife Genius Plan

The key benefits offered by the PNB MetLife Genius Plan are listed below.

• Plan Options: Choose between the Future Secure Option for comprehensive life cover or the Child Secure Option for tailored child benefits.

• Income Benefit: Receive payouts as a lump sum or as regular income over a term of up to 20 years.

• Flexible Terms: Select different premium payment terms and policy durations to suit your requirements.

• Guaranteed Additions: Earn 15% of the total annualized premiums paid, accrued annually, during the premium payment term.

• Premium Waiver: Future premium payments are waived if the Policyholder dies or becomes totally and permanently disabled (ATPD).

• Protection Continues: Income benefits remain payable during the Income Payout Period, even after the Policyholder's death (Future Secure Option).

• Customizable Payouts: Align income benefit payouts with special dates like birthdays or anniversaries.

• Accumulation Option: Accumulate income benefits at a preset interest rate and make withdrawals as needed.

• Dhanlakshmi Benefit: A 1.5% increase in the Guaranteed Income Factor if the life assured is a female under the Child Secure Option.

• Existing Policyholder Benefit: An additional 1.5% increase in the Guaranteed Income Factor for those with other policies from the same company.

• Optional Riders: Enhance protection with Accidental Death or Serious Illness coverage.

• Loan Benefit: You can borrow money using your policy once it has a Surrender Value. The maximum loan amount is 80% of your policy's Surrender Value at the end of the policy year.

• Tax Benefits: Avail of tax advantages on premiums paid and benefits received under Section 80C and 10(10D), based on current tax laws.

Rider Options in PNB MetLife Genius Plan

PNB MetLife Genius Plan allows riders to enhance their basic policy coverage. These riders provide additional financial protection in case of unforeseen events. Here is what you need to know about rider options for the PNB Genius Plan:

1. PNB MetLife Accidental Death Benefit Rider Plus: 

   This is an additional coverage option that provides extra protection to your insurance policy. If the person insured under this policy dies due to an accident, this rider will offer an additional death benefit on top of the standard coverage provided by the main policy.

2. PNB MetLife Serious Illness Rider: 

   This add-on coverage option provides additional benefits if the person insured under the policy is diagnosed with a critical illness. The list of covered illnesses is specified in the rider document. This extra protection is in addition to the standard death benefit provided by the main policy.

NOTE: You can choose these riders either at the policy's inception or during any policy anniversary while the premium payment term is ongoing.

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Policy Details for PNB MetLife Genius Plan

1. Grace Period for Premiums

   • The time after the premium due date is when you can pay without penalties or loss of coverage.

   • It is 15 days for monthly premiums and 30 days for other payment schedules. 

   • The policy remains active with risk coverage during this period. 

   • Your policy lapses after the grace period is over, which stops all benefits. 

2. Revival of Lapsed Policy

   • You can revive a lapsed or paid-up policy within five years from the first unpaid premium's due date before policy maturity.

   • You need to pay all outstanding premiums with interest (commonly 8.0% compounded annually).

3. Surrender and Paid-Up Policies

   • You get guaranteed surrender value after paying all premiums for at least two consecutive years.

   • If surrendered, the policy ends after paying out the surrender value.

   • If the policy has a non-zero surrender value and you stop paying premiums, it becomes a reduced paid-up policy with lower benefits.

4. Free Look Period

   • The free look-up period is 15 days for regular policies and 30 days for electronic or distance-sold policies.

   • If dissatisfied, you can return the policy within this period for a refund, minus charges for risk coverage, medical exams, and stamp duty.

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How Does the PNB MetLife Genius Plan Work?

Step 1- Determine Your Child's Age and Future Needs 

Start by considering your child's current age and what their financial needs will be in the future, such as education or other major milestones.

Step 2- Set a Goal for Your Policy 

Decide on either the amount of money you want to accumulate for your child's future or the premium amount you are willing to pay regularly for the policy.

Step 3- Choose the Premium Payment Term 

Select how many years you are willing to pay premiums on your policy. This can range from a few years to the entire duration of the policy.

Step 4- Decide When and How Often to Receive Payouts 

Specify the age at which your child should start receiving the milestone income benefits and how many payouts you would like to receive.

Step 5- Calculate Your Premium or Benefit Amount 

Using the information from the previous steps, calculate either the premium amount you need to pay to achieve your goal or the benefit amount your policy will provide.

Suicide Exclusion Criteria for PNB MetLife Genius Plan

The PNB MetLife Genius Plan has a suicide exclusion clause that applies for the first twelve months from the policy's start date or from the date it's revived, if applicable. This means that if the insured person (life assured) dies by suicide within this period, the beneficiary will only receive a payout of 80% of the total premiums paid till the date of death. 

The payout will be the higher amount between this 80% and the surrender value available on the date of death. No interest will be paid on this amount.