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Launch Date UIN Status
10/1/2018  117N097V03 Active

About PNB MetLife Guaranteed Income Plan

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

  • Flexibility in choosing the premium payment term
  • Life cover for the entire policy term
  • Tax benefits under Section 80(C)

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)

How Does This Plan Work?

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:

  • Guaranteed Income Benefit that has already been paid to Aditya in the 11th year, which amounts to Rs 59,583. Guaranteed Income Benefit will cease on the death of the lifeassured.
  • Lump sum benefit equal to the sum assured on death, that is, Rs 5,25,000 is paid to hisnominee and the policy terminates.

In these scenarios, the sum assured on death is the highest among:

  • Annualised premium x 10
  • 105% of all premiums paid as on date of death

Basic sum assured and sum assured on maturity

Why Should You Buy This Plan?

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:

  • Accidental death rider
  • Serious illness rider

Lastly, the policyholder can avail tax benefits on premiums paid and benefits received asper prevailing tax laws.

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Who Should Buy This Plan?

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.

Company Overview

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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