PNB MetLife Guaranteed Future Plan

What is PNB MetLife Guaranteed Future Plan?

The PNB MetLife Guaranteed Future Plan is an individual, non-linked, and non-participating guaranteed return plan that helps you save money in a regular way while providing 100% assured returns. This life insurance plan protects you from unexpected events and also provides you the flexibility to tailor your savings plan to fit your needs and budget.

This investment plan also allows you to decide how and when you want to receive your payout to suit your life plans, such as in regular income, lump sum, or a mix of both.

Features of PNB of PNB MetLife Guaranteed Future Plan

The key features of the MetLife Guaranteed Future Plan are as follows:

• You can ensure your future is secure with the guaranteed benefits provided by this plan.

• You have the flexibility to choose how you receive your benefits, whether as a lump sum or as a steady guaranteed income.

• Your savings can grow further with the guaranteed additions and extra wealth boosters included in the plan.

• You will receive additional payouts at fixed intervals when you opt for the Income + Boosters Option.

• You can customize your income payouts to start on a special date, such as your birthday or anniversary, making it more personal and convenient.

• If you choose to pay higher premiums, you will be rewarded with additional benefits.

• Your family’s future is safeguarded with life coverage that lasts for the entire term of the policy.

Eligibility Criteria of PNB MetLife Guaranteed Future Plan

*The maximum Annualised Premium is subject to the Basic Sum Assured as per Board Approved Underwriting Policy.

Premium Payment Term (PPT) and Policy Term (PT) Combinations:

Benefits of PNB MetLife Guaranteed Future Plan

Some of the key benefits offered by PNB MetLife Guaranteed Future Plan are listed below:

• Survival Benefits: If the Life Assured survives until the end of the Premium Payment Term, and the policy is active with all premiums paid, the following benefit will be payable:

  • Endowment Option (Option 1): No survival benefit will be paid under this option.

  • Income Option (Option 2): After the premium payment term, you will receive guaranteed income annually, which is calculated as the sum of your total premiums and the guaranteed additions.

  • Income + Lumpsum (Option 3): You will receive regular income after the premium payment period, which will be the sum of your total premiums and the guaranteed additions.

  • Income + Boosters (Option 4): You will receive regular income along with extra Booster payouts at specific times, calculated based on the sum of your total premiums, guaranteed additions, and Booster amounts.

• Income Payout Period: This is the time when you will receive your Guaranteed Income payments. It begins after you finish paying premiums or after any chosen Deferment Period. During this period, the applicable Wealth Additions are also added at the start of each year, and survival benefits will be paid out at the end of the year.

• Maturity Benefit:

  • Option 1 – Endowment Option: If the Life Assured survives until the Maturity Date and the policy is active, you will receive the Guaranteed Maturity Benefit, which includes:

    • Total Premiums Payable

    • Accrued Guaranteed Additions (which start from the 1st policy year until the end of the Premium Payment Term, based on a percentage of the Annualised Premium)

    • Accrued Wealth Additions (which start after the Premium Payment Term and continue until the end of the Policy Term, based on a percentage of the Total Premium Payable)

• Option 3 – Income + Lumpsum Option: If the Life Assured survives until the Maturity Date and the policy is active, you will receive the Guaranteed Maturity Benefit, which is the Accrued Wealth Additions. These accrue during the Income Payout Period and are calculated as a percentage of the Total Premiums Payable.

  • Note: No maturity benefit is available under Option 2 and Option 4.

• Death Benefit: In the unfortunate event of the Life Assured's death during the policy term, and if the policy is active, the nominee will receive the Death Benefit, and the policy will terminate.

• Flexibility to Choose the Benefit Payout Date: By default, benefits are paid on policy anniversaries. However, you can choose a specific date after the policy is issued to receive your survival benefits. The Guaranteed Income payout will grow at a compound interest rate, based on the 10 year G-Sec yield at the default payout date, minus 200 basis points.

Rider Benefits of PNB MetLife Guaranteed Future Plan

PNB MetLife Guaranteed Future Plan offers the following two riders for additional benefits:

1. PNB MetLife Accidental Death Benefit Rider:

   It provides additional financial protection to your family in case of the death of life assured due to an accident. Your nominee receives an additional sum assured in addition to the base death benefit.

2. PNB MetLife Serious Illness Rider:

   This rider benefit offers financial support to the policyholder on diagnosis of a serious illness covered under the rider. It pays a lump sum amount to cover medical expenses and other financial needs. 

Policy Details of PNB MetLife Guaranteed Future Plan

• Loans: You can borrow money against your policy once it has a Surrender Value. The maximum loan you can take is 90% of the Special Surrender Value after subtracting any unpaid premiums and interest if there's already a loan. 

• Grace Period: If you miss a premium payment, you get a grace period to pay it without any penalty. During this time, your policy stays active, and you are still covered. The grace period is 15 days if you pay premiums monthly, and 30 days for other payment options.

• Premium Discontinuance: If you do not pay premiums for the first two years, your policy will lapse, and all coverage will stop. You can revive a lapsed policy within a certain time, but it ends permanently if you don’t revive it.

• Surrender Value: After paying premiums for at least two years, your policy gains a Guaranteed Surrender Value. If you decide to surrender the policy, it will end, and you will receive a higher amount between the Guaranteed Surrender Value or the Special Surrender Value.

• Revival: If your policy lapses, you can bring it back to full coverage within five years by paying all the missed premiums plus interest, which is currently 8% per year. Reviving your policy will restore all the benefits as if it had never lapsed.

• Termination: Your policy will end if you cancel it during the free-look period, receive the Surrender Value, let it lapse without revival, or when a death or maturity claim is paid out. It will also end under the suicide clause.

• Free Look Period: If you are not happy with your policy’s terms, you can cancel it within 15 days (30 days if bought through distance marketing) of receiving it. You will get a refund of the premium you paid, minus deductions for the risk cover, stamp duty, and any medical exam costs.

• Tax Benefits: You can get tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, for the premiums you pay and the benefits you receive.

How the Plan Works?

Step 1: Choose Your Plan Options: Select the policy term, premium payment term, and how you want to receive your benefits.

Step 2: Pay Premiums: Make regular premium payments throughout the chosen payment term.

Step 3: Receive Guaranteed Benefits: Get your guaranteed benefits either as a lump sum or regular income after the policy matures.

Suicide Exclusion Criteria

If the policyholder dies by suicide within 12 months of the policy starting or being revived, the nominee will receive 80% of the total premiums paid or the Surrender Value, whichever is higher, but no additional interest will be paid on this amount.