PNB MetLife Guaranteed Savings Plan

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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 TermSum Assured on Maturity (% of Basic Sum Assured) 
5 pay70%
7 pay100%
10 pay130%

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 TermGuaranteed Additions(% of Cumulative Premiums) 
5 pay5%
7 pay7%
10 pay10%

 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 EntryMultipleMultiple of Annual Premium Applied
Less than 45 years10X10
45 years and above 7X or 10X7 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 Entry60 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 Term5, 7, 10 years
Premium Payment FrequencyYearly / 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 AmountNo 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 AssuredNo 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

  • 1. Does the plan come with a free-look period?

    Yes, the policy provides a free-look period of 15 days (30 days if policy is bought online) from the date of its receipt, during which you can return the plan if you are not happy with its terms and conditions. The premium paid by you is refunded after deduction of stamp duty charges and medical expenses.  

  • 2. Are there any tax benefits available with the plan?

    Yes, the PNB MetLife Guaranteed Savings Plan qualifies for a tax deduction of up to INR 1.5 Lakh under Section 80C of the Income Tax Act. The maturity and death proceeds also qualify for a tax exemption under Section 10(10D) of the income tax act if the premium paid is at least 10% of the sum assured or if the sum assured is at least 10 times of the premium paid.

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