PNB MetLife Guaranteed Savings Plan

PNB MetLife Guaranteed Savings Plan is an individual, non-participating, non-linked savings plus life insurance policy. By serving dual purposes of creating a savings corpus while also ensuring a life cover, the Guaranteed Savings Plan ensures that your family's monetary needs are looked after even in your absence.

Key Features

• Death benefit is payable as a lump-sum amount.
• Life Assured can choose to pay premiums for a period of 5 years, 7 years, or 10 years.
• Guaranteed additions up to 10% of cumulative premiums are payable every year till the end of the premium payment term.
• Policyholders can enjoy life cover for the entire duration of the policy.
• Policyholders have the flexibility to pay premiums yearly, half-yearly, or monthly.

Benefits of PNB MetLife Guaranteed Savings Plan

It covers you and your family under unfortunate circumstances.

Let's briefly discuss the key benefits that one can avail.

1. Maturity Benefit

   The sum assured on surviving the policy term is calculated as a percentage of the basic sum assured, along with guaranteed additions on the cumulative premiums paid per year.

   Both the sum assured and the additional returns on premiums vary per the premium payment term chosen at inception.

   Premium Payment Term	5 Pay	7 Pay	10 Pay
   Sum Assured on Maturity (% of Basic Sum Assured)	70%	100%	130%
   Guaranteed Addition Rate	5%	7%	10%

2. Death Benefit

   The nominee is liable to receive death benefit plus accrued returns on premiums paid in case of unfortunate demise of the Life Assured. The lump-sum capital can be used by the Life Assured's family to pursue short-term and long-term goals.

   The death benefit is payable as 105% of total premiums paid or annualised premium*premium multiple (see eligibility criteria) or basic sum assured at inception, whichever is highest.

3. Discounts on High Sums Assured

   Policyholders are eligible to receive discounts on premiums if the sum assured is [i] Rs. 7 Lakhs and up in case of 5 Pay, [ii] Rs. 3.5 Lakhs and up in case of 7 Pay and [iii] Rs. 3 Lakhs and up in case of 10 Pay.

   

4. Loan Benefit

   Policyholders can avail up to 90% of the surrender value as a loan.

5. Tax Benefit

   Tax exemptions based on premiums paid and benefits received are applicable as per existing tax laws in the country.

Add-on Riders

Riders safeguard against unexpected events that could otherwise leave a dent in your finances. The riders can be added to the basic plan at nominal charges.

• PNB MetLife Accidental Death Benefit Rider Plus offers additional protection over the assured death benefit in the event that death occurs as a result of an accident.
• PNB MetLife Serious Illness Rider provides extra financial cover on top of the assured death benefit if the Life Assured gets diagnosed with any of the illnesses pre-defined by the company.

Eligibility Criteria

Sample Illustration

A Premium payment term - 10 Pay

Let us assume a healthy 35-year-old female who decides to purchase PNB MetLife Guaranteed Savings Plan for a basic sum assured (BSA) of Rs. 5,50,000.

• The policy term is 20 years.
• The annual premium payable is Rs. 50,000; therefore, the total premium paid at the end of 10 years will be Rs. 5,00,000.
• The sum assured on maturity will be calculated as 130% of BSA.
• Guaranteed additions will be calculated as 10% of the total premium paid.

B Premium payment term - 7 Pay

Let us now assume a healthy 35-year-old male who decides to purchase PNB MetLife Guaranteed Savings Plan for a basic sum assured (BSA) of Rs. 4,70,000.

• The policy term is 15 years.
• The annual premium payable is Rs. 50,000; therefore, the total premium paid at the end of 7 years will be Rs. 3,50,000.
• The sum assured on maturity will be calculated as 100% of BSA.
• Guaranteed additions will be calculated as 7% of the total premium paid.

Exclusions

In the event that the Life Assured dies by suicide within twelve months from the date of policy inception or from the date of revival of the policy, the beneficiary assigned by the policyholder will be entitled to 80% of the total premium paid till the date of death. Please note that the company is not liable to pay any interest on this amount.

Exclusions under PNB MetLife Serious Illness Rider

The rider benefits cannot be availed under the following circumstances:

• Pre-existing conditions at the time of policy inception
• Diseases occurring within 90 days of commencement of the policy
• Sexually transmitted diseases and associated complications

Exclusions under PNB MetLife Accidental Death Benefit Rider Plus

Benefits under this rider shall not be applicable if death occurs as a result of:

• Pre-existing conditions, ailments, injuries, or diseases
• Sexually transmitted diseases or as a result of associated complications
• Alcohol abuse or under the influence of drugs, narcotics, or psychotropic substances

Procedure to Purchase PNB MetLife Investment Plans

Claim Process at PNB MetLife

The claim process at PNB MetLife involves the following steps:

Apply For the Claim:

File a claim on the official website or on their KhUshi App. Alternatively, you could intimate them via email at claimshelpdesk@pnbmetlife.com, or send a claim request via post.

Submit Documents:

In case of death claims, nominees are required to submit important documents (as highlighted in the next section) in the correct format as stated by the company to ensure a smooth process.

Claim Payout:

Once the documents are received, the claims will be processed within 30 days if further investigation is not required. In cases that require further investigation, claims will be processed within 90 days from the date of receipt of documents.

Note: Depending upon the riders that were bought with the plan, you might be required to submit some additional documents. Please visit their official website for more details or check out the FAQ section at the end of this page.