PNB MetLife Guaranteed Savings Plan

life insurance
Protect your loved ones against death, disability and Illness
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PNB MetLife Guaranteed Savings Plan

PNB MetLife Guaranteed Savings Plan is an individual, non-linked, and non-participating savings cum life insurance plan. It helps you secure your future with guaranteed returns at plan maturity and death of the life assured along with guaranteed annual additions of up to 10% of cumulative premiums. The plan comes with 3 premium payment term options of 5 years, 7 years, and 10 years.

Moreover, the plan provides the facility of policy loans, where loans can be availed against the policy of up to 90% of the special surrender value of the policy. You can further enhance the coverage of the plan with the help of 2 available rider options.

Best Features of PNB MetLife Guaranteed Savings Plan

PNB MetLife Guaranteed Savings Plan comes with the following key features - 

  • Guaranteed Additions- Guaranteed additions of 5% to 10% of the cumulative premiums are made at the end of each policy year during the premium payment term to provide substantial increment to your savings.
  • High Sum Assured Discount- Policies with a sum assured of more than INR 3 Lakh are eligible to receive a high sum assured discount of up to INR 10 per INR 1,000 basic sum assured.
  • Policy Loans-  The policy allows you to avail policy loans of up to 90% of the special surrender value to meet unplanned financial requirements. 
  • Rider Options-  The plan comes with 2 rider options namely Accidental Death Benefit Rider Plus and Serious Illness Rider to help you keep your family financially secured in case of any mishappening. 
  • Paid-up Policy- If you fail to pay the premiums after the payment of at least 2 consecutive years’ premiums, your policy will automatically get converted into a paid-up policy and will continue with reduced benefits. 
  • Policy Revival- The revival of a lapsed or paid-up policy can be done within 5 years starting from the date of the first unpaid premium. 

Benefits of PNB MetLife Guaranteed Savings Plan

Following are the benefits offered by the PNB MetLife Guaranteed Savings Plan - 

     1.Maturity Benefit

In case of survival of the life assured till the maturity of the policy, an aggregate of sum assured on maturity and accrued guaranteed additions shall be paid as the maturity benefit.

The sum assured on maturity is equivalent to a certain percentage of the basic sum in accordance with the premium payment term opted by you. 

Premium Payment Term

Sum Assured on Maturity (% of Basic Sum Assured) 

5 pay

70%

7 pay

100%

10 pay

130%

Guaranteed Additions are payable at the end of each policy year during the premium payment term to enhance your savings. The guaranteed additions are equivalent to up tp 10% of the cumulative premiums received till the date of payment.

Premium Payment Term

Guaranteed Additions(% of Cumulative Premiums) 

5 pay

5%

7 pay

7%

10 pay

10%

     2.Death Benefit

In case of an unfortunate demise of the life assured, an amount equivalent to the sum assured on death plus accrued guaranteed additions is payable as the death benefit to the nominee. The sum assured on death is equivalent to the highest of the following - 

  1. Annualised premium x multiple of annual premium as per the Multiple Option chosen
  2. 105% of total premiums paid up to the date of death 
  3. Basic Sum Assured 

The 2 Multiple Options are as follows and can only be chosen at the time of policy inception - 

Age at Entry

Multiple

Multiple of Annual Premium Applied

Less than 45 years

10X

10

45 years and above 

7X or 10X

7 or 10

PNB MetLife Guaranteed Savings Plan Eligibility

PNB MetLife Guaranteed Savings Plan comes with the following eligibility conditions -

 

Eligibility Criteria For PNB MetLife Guaranteed Savings Plan

Minimum Age at Entry


 

Premium Payment Term

Age 

5 Pay

8 years

7 Pay

For 12-year term: 6 years

For 15-year term: 3 years

10 Pay

3 years


 

Maximum Age at Entry

60 years

Maximum Age at Maturity


 

Premium Payment Term

Age 

5 Pay

70 years

7 Pay

For 12-year term: 72 years

For 15-year term: 75 years

10 Pay

80 years


 

Policy Term 


 

Premium Payment Type

Policy Term

5 Pay

10 years

7 Pay

12/15 years

10 Pay

20 years


 

Premium Payment Term

5, 7, 10 years

Premium Payment Frequency

Yearly / Half-yearly / Monthly

Minimum Annual Premium Amount 


 

Premium Payment Term

Annual Premium

5 Pay

INR 46,480

7 Pay

For 12-year term: INR 24,970 

For 15-year term: INR 21,068

10 Pay

INR 14,178


 

Maximum Annual  Premium Amount

No limit, subject to underwriting

Minimum Sum Assured


 

Premium Payment Term

Sum Assured

5 Pay

INR 4 Lakh

7 Pay

INR 2 Lakh

10 Pay

INR 1.5 Lakh


 

Maximum Sum Assured

No limit, subject to underwriting

PNB MetLife Guaranteed Savings Plan Review

PNB MetLife Guaranteed Savings Plan is a combination of a savings plan and a classic life insurance plan. The plan provides guaranteed additions of up to 10% of the cumulative premiums throughout the premium payment term. One of the salient features of the plan is high sum assured discount where discount can be availed on policies having sum assured more than 3 Lakh. 

Moreover, PNB MetLife Guaranteed Savings Plan provides the flexibility to choose between 2 rider options namely accidental death benefit rider plus and serious illness rider to further enhance your plan coverage and protect your family in case of any uncertainty. This savings plan is suitable for individuals looking for a plan with certain increments and additional features like riders and policy loans. PNB MetLife Guaranteed Savings Plan

PNB MetLife Guaranteed Savings Plan is an individual, non-linked, and non-participating savings cum life insurance plan. It helps you secure your future with guaranteed returns at plan maturity and death of the life assured along with guaranteed annual additions of up to 10% of cumulative premiums. The plan comes with 3 premium payment term options of 5 years, 7 years, and 10 years.

Moreover, the plan provides the facility of policy loans, where loans can be availed against the policy of up to 90% of the special surrender value of the policy. You can further enhance the coverage of the plan with the help of 2 available rider options.

PNB MetLife Guaranteed Savings Plan FAQs
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