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The PNB MetLife is one of the foremost insurance companies in India. It offers an array of insurance products and services. The POS Suraksha is the individual savings insurance plan offered by PNB MetLife. PNB MetLife- POS Suraksha offers financial security and strength to the policyholder.
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Note: Know more about what is term insurance first before reading this article.
This plan focuses on family security and financial security. Under this plan, in case of the policyholder’s unfortunate demise, the family will receive a timely monthly income. In the case of survival, all premiums till maturity are paid back.
One can choose to pay premiums for 5 or 10 years with a 10/15 years policy term. One can also opt for a lump sum or monthly income as a death benefit. The PNB MetLife- POS Suraksha is flexible, promising, and easy to understand.
Term Plans
The table below shows the eligibility criteria of PNB MetLife- POS Suraksha:
|
Age at Entry |
Premium Paying Term |
Policy Term |
Minimum Age |
Maximum Age |
|
|
5 |
10 |
18 |
55 |
||
|
10 |
10 |
||||
|
10 |
15 |
50 |
|||
|
15 |
15 |
||||
|
Maximum Age at maturity (years) |
65 |
||||
|
Premium Paying Term (years) |
5/10/15 |
||||
|
Policy Term (years) |
Premium Paying Term (years) |
Policy Term (years) |
|||
|
5 |
10 |
||||
|
10 |
10 |
||||
|
10 |
15 |
||||
|
15 |
15 |
||||
|
Maximum Instalment Premium |
As per maximum Basic Sum Assured of Rs 25,00,000 |
||||
|
Minimum Basic Sum Assured |
Rs 50,000 |
||||
|
Maximum Basic Sum Assured |
Rs 25,00,000 ( in multiples of 50,000) |
||||
|
Premium Payment Modes |
Monthly / Half-yearly/ Yearly |
||||
|
Income Payment Period |
10 years or 120 months |
||||
Let us now understand some of the key features offered under the POS Suraksha plan:
One can get a discount if the sum assured under the POS Suraksha plan is high. For example, if one selects a sum assured amount above Rs 5, 50,000 for the policy paying term of 10/15 years, he will get a 3% discount. Other terms and conditions need to be fulfilled to avail of this discount.
If payment of instalments of premium of POS Suraksha plan is not made on the due date, the grace period is given for the payment too without charging any interest for such delay. The policy status remains in force. One must not delay the payment beyond the grace period.
It comprises factors like policy in lapsed status and policy in paid-up Status. Policy in lapse status means the policy will lapse if one fails to pay the premiums on time. Or even before the policy acquires surrender value towards the grace period end. The death benefit will immediately be ceased. Moreover, no further benefits will be paid in case the policy is in lapsed status. Policy in paid-up/ reduced paid-up status means the policy has acquired surrender value, and no further payment of instalment premiums is made. One can continue the policy as a paid-up policy with reduced benefits or opt to surrender the policy.
According to the POS Suraksha plan, if all due premiums for a minimum of two complete policy years are paid, the policy acquires a surrender value. This value is the maximum of guaranteed and special surrender value.
A policy plan that has been lapsed may be revived by paying all dues and interest during the Revival period and before the maturity date. One must meet all the terms and conditions for a revival of the POS Suraksha Plan accordingly first.
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The POS Suraksha plan is hassle-free, easy to understand, simple to enrol, offers guaranteed pay-outs, and is flexible. Here is a rundown of the key benefits of PNB MetLife- POS Suraksha.
If the life assured survives until the policy's maturity, he will receive the sum assured on maturity provided that the policy is in force. This amount payable is the total of all premiums paid timely till the maturity of the policy. After the payment of the maturity benefit, the policy will terminate.
If the life assured dies during the policy term, the sum assured will be payable to the nominee, provided that the policy is in force and all the premiums are paid on time till the date of death by the life assured. The Sum Assured on Death is highest of:
1) Basic Sum Assured
2) 10 times the Annualized Premiums
3) 105% of the total amount of premiums paid till the date of Death.
This benefit has the option of choosing between death benefit payment options. One can choose if they want monthly instalments or a lump sum. This option is selected at the inception of the policy, and it cannot be changed during the policy term.
One can avail of the tax benefits on premium paid and benefits received under the POS Suraksha plan.
Note: Tax benefit is subject to changes in tax laws. Standard T&C apply.
The following are the important documents that would be required to buy PNB MetLife- POS Suraksha:
Follow the steps below to buy the POS Suraksha online:
One can also opt for a call back option available on the site; this will allow one to speak with the customer services, support cell and they can guide and provide further details and procedures to follow.
If the Life Assured dies due to Suicide within 12 months from the start of risk coverage or the date of revival of the policy, the Nominee will get 80% of the Total Premiums Paid or Surrender Value, whichever is higher, provided the POS Suraksha Policy is in force.
Also, various other nominal exclusions are available under POS Suraksha Policy regarding the terms and conditions of the policy, policy status, and other factors. Alteration at different modes of premium is allowed only at Policy Anniversary.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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