Launch Date | UIN | Status |
10/1/2018 | 117N097V03 | Active |
PNB MetLife Guaranteed Income Plan is a non-linked, non-participating life insurance plan that gives Guaranteed Income Benefits, Guaranteed Maturity Benefits, and also protects the insured for the entire policy term.
Let’s have a bird’s eye view of the plan:
Modes of Payment |
5, 7, 10, and 12 years |
Claim Settlement Ratio of the Insurer |
85% |
USPs of the Policy |
|
Bonus Rate |
- |
Illustration with Premium of INR 50,000 |
On an investment of INR 50,000 annually for a premium payment term of 10 years and a policy term of 20 years, the maturity benefit received will be INR 8,47,923 (on surviving the entire policy term) |
Let’s understand how this plan works with an illustration.Aditya, who is aged 30 years, opts for the PNB MetLife Guaranteed Income Plan. He selects premium payment term of 10 years with policy term of 20 years. He chooses annual premium of Rs 50,000.
In this case, the basic sum assured is Rs 4,58,337. After paying regularly for 10 years, from the 11th year onwards till maturity, he starts receiving Guaranteed Income Benefits, which is equal to 13% of basic sum assured, that is, Rs 59,583.
Additionally, he would also receive Guaranteed Maturity Benefit on survival till theend of term. Guaranteed Maturity Benefit is equal to 55% of basic sum assured. In the unfortunate event of his demise, his nominee receives a lump sum amount asdeath benefit.
Scenario 2
In case of the unfortunate demise of Aditya in the sixth policy year, his nomineereceives a lump sum benefit equal to the sum assured on death, that is, Rs 5,00,000 and thepolicy terminates.
Scenario 3
In case of the unfortunate demise of Aditya in the twelfth policy year:
In these scenarios, the sum assured on death is the highest among:
Basic sum assured and sum assured on maturity
With the PNB MetLife Guaranteed Income Plan, you are empowered to create a second income to support your family and secure their future. You can also plan your goals with a lump sum at maturity. With the second income, you can meet important milestones of your child’s education, fund your annual vacations, or simply invest in an FD for later.
This plan allows you to pay as you like, with flexible premium payments terms of 5, 7, 10, or 12 years. This plan also offers attractive Guaranteed Income Benefits and Guaranteed Maturity Benefits. Apart from this, your family’s financial future is also secured in case you meet an untimely end
The plan also offers the following nominally-charged riders:
Lastly, the policyholder can avail tax benefits on premiums paid and benefits received asper prevailing tax laws.
Those looking to invest money today to earn a second income and live a more relaxed life later should opt for this plan. This plan is ideal for those who have fewer liabilities now and foresee their liabilities increasing in the future. This plan can be used as an ideal retirement plan or legacy planning plan.
The potential policyholder is advised to choose the policy term carefully.
PNB MetLife India Insurance Company is a joint venture between MetLife International Holdings, Punjab National Bank Limited, Jammu & Kashmir Bank Limited, M. Pallonji and Company Private Limited and other private investors. With the help of its banking partners, the company has an advantage of having access to a large number of customers and distribution networks.
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