PNB MetLife Aajeevan Suraksha Plan

Let’s discuss the plan in detail:

Key Features of PNB MetLife Ajeevan Suraksha Plan

• Option to pay the premium amount as per your needs:

  • Pay for a limited time of 5 years/15 years

  • Pay only one time and stay secured for the complete term

  • Pay throughout the policy tenure by selecting Regular Pay

• Select to protect yourselves for your whole life/Fixed tenure

  • Whole Life Cover: choose a term coverage of up to the age of 99 years

  • Fixed Term Cover: choose a term coverage of 10-40 years

• You can alter your plan with 4 options of benefits:

  • Lump sum payment: Death benefit paid as a lump sum amount

  • Life Partner: can cover spouse under the same plan

  • Fixed Income: Receive level monthly income for a time of 10 years + instant lump sum payment equivalent to 100X of the selected monthly income.

  • Increasing Income: Receive increasing monthly income for a time of 10 years + instant lump sum payment equivalent to 100X of the selected monthly income.

• Choose ‘Return of Premium’ to receive your premium amounts back on survival till maturity

• You can choose to pay the premium in yearly, half-yearly, or monthly mode.

• Plan offers special premium rates for female lives

• Add-ons

  • Increase your cover through riders

  • Inbuilt Cover for Terminal Illness

• Tax savings benefits are available as per the prevalent laws of the Income Tax Laws.

Note: Know what is term insurance first and then buy a term plan for your loved ones.

Product Specifications

Benefits of PNB MetLife Aajeevan Suraksha Plan

1. Death Benefit or Terminal Illness Benefit

   Death/Terminal illness benefits (payouts) shall be payable as per the benefit chosen by life assured at policy inception. Benefic option i.e., chosen once, cannot be changed during the plan tenure.

   • Lump Sum Option: At the policy commencement, you have to select the lump sum amount payable instantly on death or first diagnosis of the policyholder’s terminal illness during the policy tenure. This one-time payment is equivalent to the SA on death. And, this option benefit can be opted with the Whole Life Cover and Fixed Term Cover options.

   • Life Partner Option: In this option, both the life assured and his/her partner are covered. (policyholder is considered to be 1st life and spouse as 2nd life)

   At policy commencement, you have the option to select the lump sum amount paid instantly on death or first identification of terminal illness (of 1st life) throughout the plan tenure. The term cover of the 2nd life shall be equal to or less than 50 percent of the lump sum payment selected for the 1st life, subject to a minimum amount of 25 Lacs and a maximum of 1 Crore.

   • Fixed Income Option: At policy commencement, you get the option to select the amount of monthly income. Upon the death or first terminal illness diagnosis, SA on demise shall be payable. SA on death is equivalent to the lump sum payment payable instantly along with fixed monthly income that is payable for 10 years in installments. The plan terminates after the payment of the last monthly income installments.

   This option of benefit can be opted with both Whole life cover and fixed term cover.

   • Increasing Income Option: At policy commencement, you get the option to select the amount of monthly income. Upon the death or first diagnosis of terminal illness, SA on death shall be payable. SA on death is equivalent to the lump sum payment payable instantly along with increasing monthly income payable for 10 years in installments. The plan terminates after the payment of the last monthly income installments.

   This option of benefit can be opted with both Whole life cover and fixed term cover.

   • Death Benefit For Option 1: Lump Sum, Option 3: Fixed Income, and Option 4: Increasing Income

     • Sum assured amount on death is defined as higher of:

     • 10X of Annualized premium for Regular/Limited Pay and 125% of the single premium for single pay

     • Basic SA (the absolute amount assured to be paid on demise)

     • 105% of total premium/single premium received up to the death date or diagnosis of a terminal illness

   • Death Benefit For Option 2: Life Partner

     • SA on death in relation to 1st life is defined as the higher of:

     • 10X of the annual premium for 1st life of Regular/Limited pay and 125% of the single premium for 1st life of the single pay option

2. Return of Premium

   If you opt for ‘with Return of Premium’ option at the commencement of the plan, then upon survival till policy maturity, you will get a maturity benefit equivalent to the guaranteed SA on maturity. And, this option is available on additional premium payment and with the option of Fixed term cover.

   Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

3. Maturity Benefit

   The maturity benefit will be ‘0’ if the option of ‘without return of premium’ is chosen under the plan.

   Maturity Benefit is payable only ‘with ROP’ option selected

   For option 1: Lump sum, option 3: Fixed Income, and Option 4: Increasing Income, Guaranteed Sum Assured Amount on maturity is the absolute assured benefit amount guaranteed to be paid on maturity i.e., 100 percent of the total premium amount paid under the plan.

   For option 2: Life Partner:

   • Upon the survival of both lives till the maturity: GSV on maturity for both lives, is the absolute benefit amount guaranteed to be paid on maturity and is equivalent to 100% of the total premium amount paid for both life cover.

   • Upon the death or diagnosis of terminal illness of the 1st life, and on the survival of 2nd life till the maturity: GSV on the maturity of 2nd life is the absolute benefit amount guaranteed to be paid on maturity, and is equivalent to the total extra premium amount paid i.e., premiums which are paid and waived by the insurer, for the 2nd life.

   • Upon the death or diagnosis of terminal illness of the 2nd life and survival of the 1st life till the maturity: GSV on the maturity of 1st life, is the absolute benefit amount guaranteed to be paid on maturity and is equivalent to the total amount of premium paid for 1st life cover.

   The total premium paid is the premium, excluding taxes and underwriting additional premium amount paid (if any). The plan terminates with the maturity benefit payment.

Riders

• PNB MetLife Accidental Death Benefit Rider Plus: In case of accidental death, the rider sum assured can be a minimum of 50,000 (Regular Pay and 10 years Limited Pay) & 1.5 Lacs (5 years Limited Pay and Single Pay) and maximum equal to the basic life cover under the base term insurance plan i.e., up to 1 Crore, subject to certain T&Cs.

• PNB MetLife Serious Illness Rider: The rider sum assured can be a minimum of 50,000 and maximum equal to the basic life cover under the base term plan i.e., up to 50 Lacs, subject to certain T&Cs.

Rider SA shall be subjected to a sum assured amount of based plan. The premium for all the riders combined shall be subjected to a maximum limit of 30% of the premium amount of the base plan. These riders will only be available with the Single/Regular and Limited Pay with premium payment terms of 5, 7, 10, 12, and 15 years. Riders will not be provided if the outstanding tenure under the base plan is less than 5 years. Riders can only be attached at the start of the policy.

Policy Details

1. Loans

   No Policy loan is available under this plan

2. Grace Period

   In case premiums are not paid on the due date, 30 days of the grace period (and 15 days for the monthly premium payment mode) from the due date of the not-paid premium will be applicable for premium payment without any interest.

3. Discontinuance of Premiums

   For Limited Pay Option: If all the due amounts of premium for 1st two years consecutively are not paid, the plan lapses at the last of the grace period, and risk cover terminates.

   For Regular Pay: If the ‘without ROP’ option is selected and if the installments premium is not paid either within the grace time or on the premium due date, the plan lapses at the last of the grace time, and risk cover will terminate.

4. Revival

   A policy may be revived during the 5 years of the revival period and before the maturity date by paying all outstanding installment premiums as full with a specified interest rate. A plan that has been surrendered cannot be revived.

5. Termination

   The plan will be terminated on the happening of earliest of the below conditions:

   • Upon cancellation during free look time

   • The payment date of surrender value

   • Upon the expiry of revival time, if the plan has not been revived and the mentioned plan has not obtained any paid-up value.

   • Upon the payment of the death benefit, maturity benefit, or terminal illness benefit

6. Free Look Period

   If you are not satisfied with the terms and conditions of the policy, you have the option to return the plan within 15 days from the receiving date of the policy (30 days in case of distance or electronic plans) by providing written notice to the company, mentioning the reasons for cancellation. You will be eligible to receive a refund of the installment premium amount paid.

7. Surrender Benefit

   • For Single Pay: The plan will attain GSV instantly after a single premium payment

   • For Limited Pay: If all due amounts of premium have been paid for at least 2 consecutive years of the policy, the plan shall acquire a GSV.

   • For Regular Pay: If the ‘without ROP’ option is selected, there is no surrender value.

Exclusions

If the policyholder commits suicide within 12 months (1 year) from the commencement risk date or revival date of the plan, the nominee will be eligible to receive at least 80 percent of the full premium amount paid under the plan till the death date or the available Surrender value as on death date, whichever is higher.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.